The UK Corporate Governance Code needs greater emphasis on people
In our response to the UK Financial Reporting Council consultation, we highlight the importance of HR and people expertise on boards
In our response to the UK Financial Reporting Council consultation, we highlight the importance of HR and people expertise on boards
The UK Financial Reporting Council (FRC) is consulting on proposed changes to the UK Corporate Governance Code, which applies to publically listed companies. The CIPD’s response focused on proposals relating to:
• equality, diversity and inclusion (EDI)
• environmental, social and corporate governance (ESG)
• succession planning
• remuneration.
“We would like to see greater emphasis on the importance of people governance as well as financial governance, and greater recognition of the role that HR can play in supporting boards.”
In our submission to the FRC, we highlight the key importance of HR expertise on boards, as developed in our report on The Value of People Expertise on Boards 2023, which was based on interviews with chief people officers among our senior HR members. We also see a need for director training on EDI.
We support the overall direction of the consultation, but we have reservations regarding:
This factsheet explores corporate responsibility and putting it into action in the workplace
Examines the origins, aims and framework of corporate governance as it exists in the UK
Explore the CIPD’s point of view on responsible business, including recommendations for employers
Explore the CIPD’s point of view on executive pay packages, including actions for regulators and recommendations for employers