The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders.
All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. Overseas companies listed on the Main Market are required to disclose the significant ways in which their corporate governance practices differ from those set out in the Code.
The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the principles of the Code, and either to confirm that they have complied with the Code's provisions or - where they have not - to provide an explanation.
Source: Financial Reporting CouncilThe rule is principle based (voluntary) to encourage the companies to follow the best practises.
Source: Path of Glory
As a finance professional do you any best practise for yourself. I feel the best practices for Finance Professionals would be:
- Follow the Ethics and Standards of your Accounting Body and IFAC.
- Participate in Workplace and Forum (both physical and virtual), question intelligently, debates constructively and challenge rigorously.
- Support Executives in their leadership of the business.
- Listen sensitively to the views of others
- Continually develop and refresh knowledge and skills. Share knowledge with others.
- Plan your work and deliver as per schedule.
- Actively Network with Accounting Fraternity and with the business.
- Set career goals and work towards achieving it.
- Promote myself as a professional so that people around and the world know that I exists. Volunteer for tasks that are challenging.
- Take 25 holidays every year and go places to see something new places. This is a good way not to get burn out by following the above 9 points. More important.... Have Fun.
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