Board chairs offered extension on nine-year terms in new code

New corporate governance code tackles independence of chairs, remuneration committee responsibilities and corporate culture.

Board chairs have been offered flexibility to serve beyond a nine-year term in the UK’s new corporate governance code.

Released on Monday this week, an earlier draft had been notable for provisions that appeared to impose on chairs a nine-year limit, a period that would include time as a non-executive director. There had been concern when the draft code was released that this would affect a large number of existing chairs, including 19 in the FTSE 100.

However, as revealed by Board Agenda last week, the Financial Reporting Council, the UK watchdog for corporate governance, has changed the code to offer flexibility. Read more...

Search ICSA