The PRA has issued a consultation paper on corporate governance, focusing on board responsibilities and seeking views on a draft supervisory statement (CP18/15). The statement will identify some of the key issues for boards of all PRA-regulated firms. However, it is not intended to be a comprehensive guide to corporate governance like, for example, the Financial Reporting Council’s corporate governance code. The statement is to provide guidance on the collective responsibilities shared by board members as well as the accountabilities of individuals introduced by the Senior Managers regime (SMR) and the Senior Insurance Managers regime (SIMR) in relation to a comprehensive list of corporate governance issues.
Comments are invited until 14 September 2015 and the finalised supervisory statement is expected to be published at a later date.
Further details can be found here.