We look at the key issues company boards should be aware of with regards to corporate governance and reporting in the midst of the COVID-19 crisis
The UK government and by extension the financial regulators have taken steps to show that they are cognisant of the fact that there will be a clear impact on UK companies’ ability to display the ‘normal’ forms of corporate governance and reporting in light of the COVID-19 disruption. While there is no suggestion that this period will be viewed as some kind of amnesty for poorly-governed businesses or for inappropriate reporting, the notion that there may be some flexibility in what is expected is beginning to filter through to company boards.
In order to seek to assist boards to focus on what the general expectations are of them at this time, the Financial Reporting Council have published a number of guidance reports.
Of particular note in relation to governance, the FRC have advised that boards carefully consider the following: