Why has the FSC published this paper?

The FSC is committed to transparency and open regulation.  It is therefore important that our stakeholders are aware of how we seek to ensure that key principles of good governance are applied within the Commission.

One method of achieving this is by publishing our self assessment on the extent to which we comply with the “UK Corporate Governance Code” (the Code).  Whilst the Code is primarily aimed at companies rather than regulators and therefore is not directly applicable to the FSC, it nevertheless contains many useful principles which do have an application within the Commission. We are not the only regulator to adopt this approach.  The Financial Services Authority in the United Kingdom produces a statement of compliance with the Code in its annual report.  We do however believe that we have gone further by detailing our level of compliance with each principle. 

The UK Corporate Governance Code (formerly the Combined Code) sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholders In May 2010 the Financial Reporting Council issued a new edition of the Code. This follows a review of the Code carried out during 2009.

The Code is not mandatory, other than for UK listed companies, it is rather a statement of best practice.

Date Issued	Description	Format
20/01/2012	FSC's Compliance with the Combined Code (will open in a new window)