It has also committed to five priority areas of review as it continues its revision the Code. Together, they ensure that the Code supports UK capital markets, reduces reporting burdens and drives better stewardship outcomes.

Richard Moriarty, CEO of the FRC, said: ‘It is right that we continue to challenge ourselves to ensure that the Code is operating in a way that is proportionate and minimises reporting burdens on signatories and supports the growth and effectiveness of the UK capital markets.’

The FRC is making five immediate changes to the Code to significantly reduce the reporting burden on existing signatories. These changes will: