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In April 2002 the Secretary of State, Patricia Hewitt, and the Chancellor, Gordon Brown, appointed Derek Higgs to lead a short independent review of the role and effectiveness of non-executive directors. Derek Higgs published his report on 20th January 2003.
The report includes: guidance for non-executive directors, guidance for the chairman and a proposal for a revised combined code. The full report can be accessed by clicking on the appropriate document link on the right of the screen or alternatively you can click on the link for the relevant section of the report you are interested in.
The Government warmly welcomed the recommendations of the Higgs Review. To view the Government's press release responding to the Higgs Review please click on the appropriate link on the right of the screen.
Financial Reporting Council's revision of the Combined Code
The Higgs Review included suggested revisions to the Combined Code which incorporate the recommendations of the Review. Following consultation on the proposed changes, the Financial Reporting Council (FRC) - which is responsible for the Combined Code. The resulting revised Code was published July 2003. To view the code please click on the FRC link on the right of the screen.
The Tyson Report
Following a recommendation in Chapter 10 of the Higgs Review, Professor Laura Tyson, Dean of the London Business School, was asked to lead a group to look at how companies might draw on broader pools of talent with varied and complementary skills, experience and perspectives to enhance board effectiveness. To view the Tyson Report, published in June 2003, please click on the London Business School link on the right of the screen. To obtain hard copies of the report, please contact the London Business School on 020 7262 5050.