On November 26, 2009
Walker Report Will Shake Up Non-Finance Companies Too
If you think the Walker Report applies only to banks, think again. Much of what Sir David Walker is recommending today will apply to all companies tomorrow. Corporate governance codes are a reaction to crises: Cadbury produced the original rulebook after Maxwell’s collapse, Higgs revised it after Enron and Walker is the response to the banking collapse. But the Financial Reporting Council, custodian of the Combined Code, is currently rewriting the rules and Walker has produced a readymade set of new regulations that will be pasted into the updated code. The new code for all companies will be published in December and will apply to all accounting period starting after June 2010. And there will be codes within the code…
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