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Corporate governance best practice

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBL Exams › Corporate governance best practice

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by Ken Garrett.
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  • May 31, 2022 at 1:19 pm #656959
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    sir as per corporate governance best practices which committees are required on comply or explain basis?

    I believe separate audit committee is required for listed companies,

    not sure about nomination, risk and remuneration…

    May 31, 2022 at 4:27 pm #656983
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 9997
    • ☆☆☆☆☆

    The UK Corporate Governance Code specified: nomination, remuneration and audit committee.

    The code applies on a comply or explain basis only to listed companies.

    To quote the Code with regard to a risk committee:

    “The board should establish an audit committee of independent non-executive directors…… The main roles and responsibilities of the audit committee should include:……

    …reviewing the company’s internal financial controls and internal control and risk management systems, unless expressly addressed by a separate board risk committee composed of independent non-executive directors, or by the board itself;

    That’s the only mention of the risk committee in the Code.

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