In December 2007, the Financial Reporting Council issued a consultation paper in relation to two amendments which it proposes to make to the Combined Code on Corporate Governance. The two amendments which have been proposed are:
- to remove the restriction on an individual chairing more than one FTSE 100 company, and
- to allow the chairman of a smaller listed company (that is, a company outside the FTSE 350) to be a member of the audit committee where he or she was considered independent on appointment.
Responses to the consultation are to be submitted by 14 March 2008. It is envisaged that the changes will apply to financial periods beginning on or after 29 June 2008.
The consultation paper can be viewed here