CFO World quotes Dr. Ruth Sealy, author of a recent boardroom study, in stating that overseas-based companies are not as likely to adhere to the U.K. corporate governance code as British corporates. According to the publication, “the only four companies in the FTSE 100 index that have executive chairmen — which is contrary to current corporate governance requirements — also rank lowly on gender diversity.” All four — Antofagasta, Carnival, Kazakhmys, and Vedanta — are headquartered overseas. Carnival has one female board member out of a possible 14, while the other three have no women on their boards. The requirement for female board representation is to be included in the Financial Reporting Council’s corporate governance code this October.
Non-U.K. companies are ‘less focused’ on governance, research shows
Companies overseas are less likely to adhere to the U.K. corporate governance code as British companies.
March 30, 2012