The UK’s secretary of state for business and trade, Kemi Badenoch, has issued the Financial Reporting Council (FRC) with a new remit letter updating the government’s priorities for the FRC’s work.
The FRC welcomes the government’s recognition of the progress made to modernise as a regulator and the role of the FRC in making the UK the best place in the world to start, grow and invest in a business.
The new remit letter sets out the FRC’s core responsibility to enhance public trust and confidence in the quality of audit, corporate reporting and governance whilst supporting the UK’s economic growth and international competitiveness.
Commenting on this, FRC CEO, Richard Moriarty, said: “I welcome the Government’s updated remit for the FRC, which reflects our important role in upholding high standards of corporate governance, reporting and audit across corporate Britain, whilst supporting the UK’s economic growth and international competitiveness.
“To support the Government’s vision of making the UK the best place in the world to start, grow and invest in a business, we will ensure our growth duty is appropriately embedded across all our work.
“Our initial priority is to conclude our review of the UK Corporate Governance Code followed by a fundamental review of the UK Stewardship Code. Our focus is to ensure these globally respected Codes achieve good governance and stewardship outcomes, are proportionate and any unnecessary or disproportionate requirements are removed or streamlined.”
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