Higgs report on non-executive directors - a summary
In April 2002 Derek Higgs was appointed by the Secretary of State for Trade and Industry to head the above review. His report, 'Review of the Role and Effectiveness of Non-Executive Directors', was published in January 2003. The Financial Reporting Council intends to issue a revised version of the Combined Code following a short period during which commentators are invited to identify any "fatal flaws" in the proposals. It is expected that the revised Combined Code will come into effect on 1 July 2003.
There are virtually no concessions for smaller listed companies.