FCA has published the Review of Board Effectiveness it commissioned from Boardroom Review Limited, covering the period from June to October 2015. The Review identifies strong chairmanship, efficient meetings and high quality of information as the Board’s key strengths. It also identifies a number of challenges, against which recommendations have been made to increase the Board’s effectiveness. These include:

  • the management of stakeholders;
  • the Board composition planning;
  • maintaining the effectiveness of internal audit;
  • the focus on resource allocation;
  • the attention to corporate culture;
  • executive development and succession;
  • the balance and prioritisation of the Board and Committee agendas; and
  • some fine-tuning of the relationship between the Non-Executive Directives (NEDs) and the Chief Executive Officer.

Of the recommendations, FCA says six will require new arrangements to be established, 24 will entail a refinement to existing arrangements, 11 are already in progress and one will be considered further once the new Board members currently being recruited have taken up their positions. FCA has also published the results of a review carried out during 2014. (Source: FCA Review of Board Effectiveness)