ICSA's Review of Higgs Gets Underway

LONDON, February 3 - High-profile chairmen from the FTSE100 and FTSE250 are among the list of
members in the ICSA Higgs review steering group, announced today by the ICSA
(Institute of Chartered Secretaries and Administrators). Sir John Egan,
Chairman of Severn Trent Plc and former Chief Executive of BAA is joined by
John Coombe, Chairman of Hogg Robinson Group plc and a non-executive director
at HSBC Holdings plc and Home Retail Group plc. Other members of the steering
group include Peter Montagnon from the ABI and Philippa Foster Back from the
Institute of Business Ethics. The full list of members 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

The ICSA was commissioned by the Financial Reporting Council to undertake
the review on its behalf as part of 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 Report when it was published in 2003, and many of
the key findings in the Institute's boardroom behaviours study published last
summer were reflected in the Walker Report and the FRC's Combined Code
review.

'The Walker and Combined Code reviews concluded that the
quality of corporate governance ultimately depends on behaviour not process'
says Seamus Gillen, ICSA's Policy Director. 'Boardroom behaviours has been a
constant backdrop to the discussions and commentary on the financial crisis,
and the wider debate on governance. As an issue which impacts on directors at
a personal level, it is important that the guidance identifies a practical
way forward.'

'The quality of the guidance attached to the Code will have a material
impact on the Code's effectiveness,' says Sir Christopher Hogg, FRC Chairman.
'I am very grateful to ICSA and the members of the powerful and experienced
steering group they have assembled for undertaking this important task on
behalf of the FRC.'

ICSA will issue a consultation document at the end of February - those
wishing to receive a copy should register their interest by 26 February 2010
by emailing: policy@icsa.co.uk. Respondents are invited to submit comments
and responses - to policy@icsa.co.uk - by 26 March 2010. The revised guidance
will be issued by the FRC when the Corporate Governance Code is published in
June.

ICSA's Boardroom Behaviours report can be found at www.icsa.org.uk

Editors' notes

The Institute of Chartered Secretaries and Administrators (ICSA) is the
professional body for Chartered Secretaries and a leading authority on
corporate governance. Chartered Secretaries are high-ranking professionals
with a broad base of skills unique among the professions. Trained in law,
finance and accounting, strategy, governance and ethics, Chartered
Secretaries provide a focal point for independent advice and guidance about
the conduct of business, governance and compliance.

Through its thought leadership in the areas of boardroom behaviour,
reporting and risk management, its influence with government and regulators,
and the work of its members, ICSA is helping to shape the governance agenda
and promote the best practice essential to achieve enhanced board
performance.

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