The FRC’s analysis, together with assessments by third parties, shows that the objective of too many companies is to claim full compliance with the

Code, which has led to the ‘tick-box’ practices we have tried to discourage.Too often companies who are not compliant with the Code, do not declare non-compliance but offer vague explanations, and continue this pattern year on year. This approach demonstrates a disregard for implementing good practice and questions whether the leadership of the company is fully committed to good governance and transparency.

This report was developed by the Financial Reporting Council

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