ICSA Given Leading Role in Combined Code Review

LONDON, December 1 - The Institute of Chartered Secretaries and Administrators (ICSA) has been
commissioned by the Financial Reporting Council (FRC) to lead work to update
the good practice guidance from the 2003 Higgs Report. The announcement was
made in the Final Report and consultation document published today by the FRC
on its proposals to reform the UK's Corporate Governance Code (formerly the
Combined Code). The Higgs Guidance focuses on matters such as the role of the
chairman, and non-executive directors in promoting company performance. ICSA
was one of the major contributors to the Higgs Guidance when it was first
published and will establish a working group to develop the updated Guidance
on the FRC's behalf.

ICSA welcomes the Report and consultation and very much supports the
changes of emphasis that underlie many of the FRC's proposals.

ICSA's submissions to the FRC on its review of the Combined Code, and
ICSA's report on Boardroom Behaviours (June 2009), have been reflected in
many of the FRC's proposals for reform, as has ICSA's policy of promoting
greater transparency and disclosure by listed companies through the
Transparency in Governance Awards, a joint initiative between ICSA and Hermes
Equity Ownership Services.

David Wilson, ICSA's Chief Executive comments:

'The results of the important work ICSA has been commissioned to
undertake for the FRC on updating the Higgs Guidance will form a key part of
the FRC's overall package of proposals. The revised Code will undoubtedly
help restore confidence in some listed British companies and improve business
critical processes around decision-making, boardroom behaviour and
transparency. This in turn will restore and enhance trust in the markets,
which can only be to the benefit of the British economy.'

Editors' notes

ICSA's Boardroom Behaviour report can be found here
www.icsa.org.uk/assets/files/pdfs/consultations/09.04%20ICSA%20Policy%20Report%206.pdf

(Due to the length of this URL, it may be necessary to copy and paste
the hyperlink into your Internet browser's URL address field. Remove the
space if one exists.)

Chartered Secretaries work as company secretaries in a range of companies
(including the leading public companies in Britain), share registrars,
charity secretaries, senior managers, sometimes as board directors, and in
many other roles at senior or operational level in the private, public and
not-for-profit sectors of the economy. In large companies the role of the
company secretary (many of whom are Chartered Secretaries qualified by ICSA)
encompasses a considerable number of responsibilities that collectively
facilitate the efficient running of the board and the organisation and its
compliance with all applicable law and regulation.

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