'Code in Itself is Not Enough' Says ICSA

LONDON, May 28, 2010 - The Institute of Chartered Secretaries and Administrators (ICSA) very
much welcomes the FRC's changes to the UK Corporate Governance Code,
particularly the increased accountability of directors, the improvement of
risk management and the continuation of the comply or explain model.

ICSA is currently chairing a Steering Group on behalf of the FRC to
update the Higgs Guidance. The new guidance is designed to provide assistance
to boards in implementing and understanding the purpose of the Code and will
be published this autumn. It will provide practical advice to enhance board
effectiveness, emphasising the role of the chairman, the roles of other board
members including the senior independent director, the executive director and
the company secretary and relationships between the individuals on the board.
Key areas will include high quality decision-making, board composition
(including diversity) and the board working as a team.

Commenting, Seamus Gillen, Director of Policy at the ICSA said:

'The new Code will increase the prospects of success for companies if
they observe its principles. However, the Code in itself is not enough. Our
guidance will help boards, especially the Chair, aim for good practice
governance within the boardroom to maximise the chances of implementing the
Code successfully'

ICSA

The Institute of Chartered Secretaries and Administrators (ICSA) is the
professional organisation that trains and supports company secretaries and is
a leading authority on corporate governance. It publishes guidance notes and
best practice guides and, through its subsidiaries, provides events,
information and training, boardroom performance evaluation and dedicated
software. The ICSA has 36,000 members worldwide and is represented in over 70
countries.

The ICSA was commissioned by the FRC in December to lead a steering group
and review the Higgs Guidance. A full list of members of the steering group
is as follows:

    Nilufer von Bismarck, Partner, Slaughter and May
    Andrew Campbell Director, Strategic Management Centre, Ashridge Business
      School
    John Coombe, Chairman, Hogg Robinson plc
    Sir John Egan, Chairman, Severn Trent Plc
    Philippa Foster Back OBE, Director, Institute of Business Ethics
    Chris Hodge, Head of Corporate Governance, FRC
    Simon Lowe, Partner, Grant Thornton
    Ben Mathews, Company Secretary, Rio Tinto plc
    Peter Montagnon, Director Investment Affairs, ABI
    David Wilson, Chief Executive, ICSA
    David Paterson, Head of Corporate Governance, NAPF

For further information please contact Rosie Hamilton on
+44(0)20-7612-7062 or pressoffice@icsa.co.uk

For further information please contact Rosie Hamilton on +44(0)20-7612-7062 or pressoffice at icsa.co.uk