As the consultation recounts, the primary duty of directors is to promote the long-term success of the company. In this they have been supported by core components of the UK's approach to corporate governance - the unitary board, strong shareholder rights, the role of stewardship and the flexibility afforded through the ?comply and explain? provision.

In proposing revisions to the UK Corporate Governance Code ('the Code?), the FRC has sought to:

• Shorten and sharpen the revised Code, by making a clearer distinction between Principles and supporting Provisions, and separating guidance on Board effectiveness; and
• Place greater emphasis on the openness and accountability essential for a healthy culture, including the demonstration of good governance through the way in which a company conducts business and engages with stakeholders.