Gather Around – Issue 20 – March 2021

31 March 2021

The big news this month is that BEIS has finally issued its long-awaited audit and corporate governance reform white paper outlining its proposed implementation of the Kingman, Brydon and CMA audit market reviews.
The importance and impact of this package of some 140 reforms should not be underestimated and will require co-operation from companies, auditors, investors and the regulator over a phased multi-year implementation programme. It will see the creation of a new regulator with greater monitoring and enforcement powers and a significant number of new governance and reporting requirements being introduced. The FRC has welcomed the whitepaper and will running a series of webinars and roundtables to gather feedback.
The movement towards the creation of a unified set of global sustainability standards also gains momentum this month with news that the IFRS Foundation and European Commission will move forward at pace with their respective projects. The FRC has also released advice for companies on how to improve ‘comply or explain’ governance reporting, and the Chartered Governance Institute has issued guidance for AGMs as the pandemic becomes a little less uncertain. For this week’s best practice showcase, we take a look at Lloyds Banking Group’s 2020 annual report as an example of how to approach a change in strategy, be it as a result of the impact of Covid-19 or otherwise. And don’t miss our latest article on the Gather website on how the revised UK Stewardship Code can provide an opportunity for refocusing brand strategies.


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