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1005628

	registered interest
	date	12/11/2018
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Companies: Codes of Practice
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government by what process and criteria they will evaluate companies’ explanations for non-compliance with the revised UK Corporate Governance Code of July 2018; and what steps they plan to take when they deem explanations for non-compliances not to be satisfactory.
	tabling member printed	Lord Mendelsohn
	uin	HL11399
	answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The UK Corporate Governance Code is the responsibility of the Financial Reporting Council. It is the responsibility of investors to assess the quality of reporting and engage with companies accordingly.</p><p> </p><p>The 2018 Code is a substantial revision and comes into force for accounting periods beginning on or after 1 January 2019. Reporting against the revised Code will therefore not be required until 2020 when companies publish their annual reports and accounts for the preceding year. However, the FRC intends to evaluate the extent of early adoption of the new Code in terms of reporting on the application of its Principles and compliance or otherwise with its Provisions and to publish its findings at the end of 2019.</p><p> </p><p>The FRC is the subject of an independent review being led by Sir John Kingman which is expected to report before the end of the year.</p><p> </p> answering member printed Lord Henley question first answered 19/11/2018 15:43:10 answering member 2616 label Biography information for Lord Henley
	tabling member	4286 label Biography information for Lord Mendelsohn

1005627

	registered interest
	date	12/11/2018
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Companies: Codes of Practice
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what proportion of companies they estimate will (1) appoint a director appointed from the workforce, (2) establish a formal workforce advisory panel, (3) appoint a designated non-executive director, and(4) do none of these, as a result of the UK Corporate Governance Code of July 2018.
	tabling member printed	Lord Mendelsohn
	uin	HL11398
	answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Government did not set out a preferred option and has not made an estimate of how it anticipates companies will respond. It is for companies to decide which option, or combination of options, will work best in their particular circumstances.</p><p> </p><p>The Government is aware that boards are already giving careful consideration to their employee engagement arrangements and intends to monitor closely how companies respond to the new provisions.</p><p> </p> answering member printed Lord Henley question first answered 19/11/2018 15:42:23 answering member 2616 label Biography information for Lord Henley
	tabling member	4286 label Biography information for Lord Mendelsohn