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Insight - Compliance is not enough.
(From Financial Director)
Byline: Andrew Sawers.
Corporate governance is probably one of the top-three concerns that any finance director has to consider, but many FDs are not convinced that either they or their board of directors have a strong enough grasp of the subject, or know how to deal with such issues as they arise.
This is one of the most significant findings from a survey conducted in February by Richmond Events, consultancy Article 13 and Financial Director, in which we sought the views of the delegate FDs who will be coming on board the Aurora in June for the Finance Directors' Forum.
More than 60% of respondents say the board has overall responsibility for corporate governance, but a third say the FD has specific responsibility.
Almost 40% of FDs say they spend between 10% and 25% of their time on corporate governance matters.
Ironically - given how the current corporate governance bandwagon got rolling in the first place - 96% of FDs say they find out about all the new rules and regulations from their auditors. (Specialist publications and periodicals are the next favourite source, ranked even ahead of the company secretary.)
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