During the first half of 2011 the Financial Reporting Council held a series of meetings with companies, investors and advisers to discuss how companies were implementing the new Principle in the UK Corporate Governance Code that boards were responsible for determining the nature and extent of the significant risks they were willing to take in achieving their strategic objectives. As a result of those discussions, the FRC concluded that the guidance should be reviewed to ensure that it properly reflects the role of the board. This review will be carried out during 2012, and further information will be made available in due course.
In August 2011 the FRC published a report summarising the main issues to emerge from these discussions. The report is not guidance, but is an attempt to capture comments from participants in the belief that they may be helpful to other companies in thinking about their own approach to risk.
Source: Financial Reporting Council
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