The focus will be on directors' responsibilities for internal control, risk, audit and corporate reporting, and more transparency about director clawback arrangements, following a string of audit and accounting scandals at major listed companies including Carillion, Thomas Cook and Patisserie Valerie in recent years.

The move also reflects some of the concerns about the quality of governance flagged in the government’s long delayed plans for audit reform.

The FRC consultation stated that this ‘limited revision of the Code was the first for five years and it aims to enhance the Code's effectiveness in promoting good corporate governance’.

In a bid to provide greater transparency about malus and clawback arrangements the FRC is planning to change the disclosure rules on when remuneration can be withheld or recovered from directors for misconduct, misstatements, and other serious failings.