The Financial Reporting Council’s (FRC) latest updates to its UK Corporate Governance Code, and associated guidance, make clear the increased priority boards must give to building an effective organisational culture. The FRC said that, in 2015, it will focus on how well boards are doing at assessing this area and will look closely at practices firms use to embed good corporate behaviour throughout their organisation. For insurers, the requirements of Solvency II have underlined the necessity of having an appropriate culture in place.
This article was published in The Actuary.
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