The Financial Reporting Council has published an updated version of the Combined Code on Corporate Governance, which applies to financial reporting periods beginning on or after 29 June 2008. The revised Code includes the following changes, resulting from the FRC's 2007 review of the Code:
- The removal of the restriction on an individual chairing more than one FTSE 100 company
- For listed companies outside the FTSE 350, allowing the company chairman to sit on the audit committee where he or she was considered independent on appointment.
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