The Financial Reporting Council has issued consultation documents on the UK code of corporate governance, the role of audit committees and the UK Stewardship Code.
The governance and audit committee codes are not directly applicable to public sector bodies but may be of importance when establishing partnership arrangements with a company or other body using the UK code. They are also of interest as showing the 'direction of travel' on governance and audit matters.
As institutional investors, public sector pension schemes are recommended to adopt the UK Stewardship Code, and many have formally done so, so this is of interest to auditors of pension schemes.
Financial Reporting Council website
Diana Melville, Advisor
T: +44 (0)1722 349398
T: +44 (0)20 7543 5805