09 October 2018
Our seventh CPD event of the year was held on 9th October in the offices of Mason Hayes and Curran in Dublin to discuss the recent changes to the UK Corporate Governance Code. A large group of members and delegates attended and heard David Styles, Head of Corporate Governance at the Financial Reporting Council in London, explain the rationale for the Code update in July 2018, in particular explaining the UK Framework for Corporate Governance and the drivers for change since the original Cadbury report 25 years ago.
David described the key changes within the Code and elaborated on the changes/additions to the 2016 version of the Code that impacted in the areas of stakeholder engagement, purpose & culture, workforce, significant votes against, tenure & independence, succession & diversity, audit & risk and the remuneration committee.
Justin McKenna, Partner in Mason Hayes and Curran, presented on the AGM reporting season and the impact that certain aspects of the Code had on large PLCs in 2018 in areas such as overboarding, independence, diversity and workforce engagement. Justin also shared some key statistics relating to re-election of directors, share related resolutions and executive remuneration before closing with guidance on key skills required for the boardroom.
President of the ICSA Irish Region, Ruairí Cosgrove facilitated a question and answer session where Peter Swabey, Policy Director at the ICSA: The Governance Institute joined the two speakers for a panel session. Among the topics discussed were the importance of board evaluation, the contrast between US and European remuneration policy for directors and reputation of companies in the light of the Code.
The ICSA Irish Region would like to thank David, Justin and Peter for speaking at the event and a sincere thank you to Mason Hayes and Curran for hosting the event.
A copy of the slides used by David Styles and Justin McKenna can be found here.
Further information on the changes to the UK Corporate Governance Code is available on this link.