The Institute of Chartered Secretaries and Administrators (ICSA) has argued that gender requirements, as outlined by Lord Davies in his recent review, should be immediately added to the UK Corporate Governance Code, reports leading corporate and legal support firm London Registrars (http://www.london-registrars.co.uk/).
ICSA is calling for an immediate update of the UK Corporate Governance Code to more accurately reflect current corporate gender issues. ICSA argues the case that doing so would ensure UK company compliance with the recommendations on gender set out in the The Davies Review, the UK government’s recently published report into women in the boardroom.
In addition, updating the Code with these gender requirements would bring the UK in line with current thinking EU-wide. ICSA referred to the European Commissions Strategy for Equality between Women and Men 2010-2015 and the possibility of further action by the EU following a review of progress in March 2012, stating, “We believe it is important for the UK to be seen to be taking action on this matter ahead of the EU review of progress and think that inclusion of a Code provision (and thereby a requirement for UK companies to report on progress) would demonstrate that the UK is taking the matter seriously and making progress towards the aspirations of the EU.”
ICSA believes that the proposed changes to the UK Corporate Governance Code should be made immediately so that UK companies can report on them in their 2012 annual reports. Seamus Gillen, ICSA Director of Policy, stated, “We very much support the recommendations of the Davies Report and agree that significant change is needed in order to accelerate the current rate of progress in increasing the number of women in the boardrooms of UK companies”.
London Registrars, a leading provider of company secretarial services, advises UK companies on corporate and legal affairs, from company formations to all aspects of company and board compliance. Find out more at http://www.london-registrars.co.uk/.