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Booklet
The UK Corporate Governance Code: BSA Guidance for Building Societies
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Contact: Brian Morris Date: 26 Jul 2008 |
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A revised UK Corporate Governance Code (formerly the Combined Code) was issued in June 2010 and applies to reporting years starting on or after 29 June 2010. The Code is addressed to publicly quoted companies. but building societies are encouraged by the Financial Services Authority to have regard to the Code.
This BSA guidance is intended to assist building societies in having ‘regard to’ the Combined Code. It does not prescribe any particular course of action. Nor is the Combined Code itself prescriptive. Rather, it follows a ‘comply or explain’ approach, whereby listed public companies are encouraged to comply with the Combined Code and, where applicable, to explain in their annual report why they have not complied with a particular provision.
The guidance for building societies follows a ‘by exception’ approach, in that it refers only to those elements of the Code which are either not considered to be relevant to building societies, or which raise particular issues for building societies considered worthy of discussion. The guidance is in the form of text boxes, such as this one, inserted within the relevant sections of the Code.
The BSA Guidance on the UK Corporate Governance Code can be accessed via the link below.
