Improvements to director induction, training, development and awareness of business issues

Assurance of dedicated support and/or separate advice for NEDs in addition to that from normal board processes

Increased time commitment from NEDs FRC review of Combined Code and/or guidance

Enhanced supervisory oversight of the balance, experience and qualities of the board, and of board access to appropriate induction and development programmes

Strengthening the FSA’s interview process for NEDs assessments

Ensuring NEDs have the capacity to challenge strategic proposals and access to the necessary information for informed decision-making

Ensuring the Chair commits an appropriate amount of time to the role

Ensuring the Chair is appropriately qualified for the role

Ensuring the Chair is responsible for leadership of the board and the adequacy of the information it receives

Chair to be elected on an annual basis FRC review of Combined Code and/or guidance

Ensuring that the SID is responsible for supporting the chair, evaluating the chair and serves as a trusted intermediary

Board to undertake an evaluation of its performance, with external facilitation every second or third year

Enhanced reporting of the board evaluation, the process for identifying the board’s skill requirements, and the Chair’s communication with shareholders

Board responsibility to be aware of and respond to material changes in ownership of the company’s shares

Recommendation deleted

Development of a Code of Stewardship for institutional investors and fund managers

Regulatory sponsorship of the Stewardship Code

Regulatory oversight of the process for updating the Stewardship Code

Monitoring adherence to the Stewardship Code

Ensuring comply-or-explain reporting of commitment to the Stewardship Code

Regulatory oversight to ensure clarity of comply-or-explain reporting of commitment to the Stewardship Code

Ensuring the adequacy of interpretation and guidance provided to minimise regulatory impediments to collective engagement

Improving collective investor engagement To be taken forward by FRC, institutional investors and fund managers

Best practice in exercising voting powers and disclosure of voting

Requirement for and enhancing the remit of a board risk committee

Strengthening the role and independence of the chief risk officer

Ensuring that the board risk committee has appropriate access to external risk information

Due diligence by the board risk committee on significant acquisitions and disposals

Improving the annual reporting of risk management Government to consider options

Enhancing the remit of the board remuneration committee

Ensuring that the board remuneration committee has oversight of senior staff remuneration

Enhancing external reporting of the process for setting the performance objectives for senior staff

Reporting of senior staff remuneration (aggregated in bands) by domestic firms

Ensuring comparable disclosure of senior staff remuneration (aggregated in bands) by the UK subsidiaries of foreign companies

Changes to the structure of senior staff remuneration

Senior staff to maintain minimum shareholdings in the firm

Ensuring the board risk committee provides advice on risk adjustments to performance objectives

Re-election requirement for board remuneration committee chair if the remuneration report fails to secure 75% support

Disclosure of enhancement of termination benefits or the power to do so Government to take powers in the Financial Services Bill

Code of conduct for remuneration consultants and its use by remuneration committees