UK: developments in corporate governance affecting the responsibilities of auditors of UK companies

The Auditing Practices Board has today published Bulletin 2009/4: Developments in Corporate Governance Affecting the Responsibilities of Auditors of UK Companies: see here (pdf). The bulletin considers the directors' statement on going concern, the corporate governance statement required by the Disclosure Rules and Transparency Rules, and changes to the structure of the listing regime.

UK: FSA quarterly consultation

The Financial Services Authority has published its quarterly consultation document: see here (pdf). This contains several governance related matters, including: an amendment to clarify the operation of DTR 7.2 (corporate governance statements) to overseas issuers; a proposal to change the status of LR 1.6.1G from guidance to a rule; and amendments concerning share capital reflecting the implementation of the Companies Act (2006).

Europe: corporate governance statements and the auditors' assurance role - FEE discussion paper

The Federation of European Accountants (FEE) has published a a discussion paper concerning the auditor's assurance role in respect of corporate governance statements: see here (pdf). The paper presents, inter alia, the results of a survey carried out by the FEE during 2007/08 regarding governance codes in the Member States. The FEE found (to quote from the paper):  

.... despite the range of legal systems, institutional frameworks and traditions, there is considerable convergence across Europe in the elements of national corporate governance codes. Most of these codes are closely related to the OECD’s Principles of Corporate Governance – either by making explicit reference, or by incorporating the principles within the national code, supplemented by local rules and guidance".

UK: Deloitte survey of narrative reporting and Combined Code compliance

Deloitte has published a report titled "A telling performance" which contains the the results of its study of narrative reporting (including corporate governance statements) in the annual reports of 130 listed companies (including 30 investment trusts). The reports consulted were those published between 1 August 2008 and 31 July 2009. A summary of the report is available here. Deloitte found that 35% of companies in its sample complied fully with the Combined Code on Corporate Governance.