Progress report on ‘Review of the Effectiveness of the Combined Code’, plus launch of second consultation

The Financial Reporting Council (FRC) has published a progress report on its review of the effectiveness of the Combined Code, together with copies of all first stage consultation responses received.  At the same time it has launched its second consultation on the subject.

Of particular note in the report is the statement by the FRC that “There is a recognition that the quality of corporate governance ultimately depends on behaviour not process, with the result that there is a limit to the extent to which any regulatory framework can deliver good governance.”

The FRC would welcome any additional comments or other evidence on the issues identified in its progress report by 9 October 2009. If you have already given your views on these issues as part of the initial consultation, there is no need to do so again as those comments will be taken into account when assessing the overall evidence gathered as part of the review.

Comments should be sent by e-mail to or by post to the address provided in the progress report.

Download the progress report here.

Responses to the 2009 consultation on the review of the Combined Code can be accessed here.

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