As the Prime Minister challenged businesses to address gender diversity on FTSE company boards, the Financial Reporting Council announced its decision to amend the UK Corporate Governance Code to strengthen the principle on boardroom diversity, first introduced by the Code in June 2010.
The amendments the FRC have announced will require listed companies to report annually on their boardroom diversity policy, including gender, and on any measurable objectives that the board has set for implementing the policy and the progress it had made in achieving the objectives. The FRC will also update the Code to include the diversity of the board, including gender, as one of the factors to be considered when evaluating its effectiveness. The new provisions on diversity will apply to financial years beginning on or after 1 October 2012.
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