While legislation is required for a number of reform measures, the FRC has outlined its plans in a position paper, providing clarity for stakeholders on how the work of reform will be delivered ahead of government legislation.

The priority will be an overhaul of the Corporate Governance Code and development of minimum standards for audit committees, due to come into effect from 2024. It will also extend Corporate Reporting Review powers to investigate the quality of remuneration reporting and corporate governance disclosures.