The FRC has initiated a review of the implementation of the Combined Code on Corporate Governance. The purpose behind the review is to consider whether the Combined Code is assisting UK listed companies to be led in a way which promotes “entrepreneurial success and the management of risk”. Views are sought on key issues such as the impact of the Code on smaller listed companies, whether the Code has worked to improve Board performance and the effectiveness of the “comply or explain” approach. The closing date for submissions is 20 July 2007.