This research assessed a sample of FTSE 350 companies to determine the extent to which they have applied requirements set by the updated UK Corporate Governance Code in 2020.

The research found that FTSE 350 companies are disclosing more information on remuneration and that a majority of companies report linking individual rewards to strategy and long-term performance.

The study also found that a lack of detail on the application of the Code principles and provisions remains within the financial sector.

The FRC is pleased that the findings support those from the Review of Corporate Governance Reporting published in November 2020.

Overall, the report showed that the Code requirements on directors’ remuneration have had a positive impact on reporting. However, many company reports lacked detail and outcomes so whilst companies are giving more information there is still a danger of boilerplate disclosures.

This is part of a series of research commission by FRC to support future policy and improve guidance for companies when reporting against the UK Corporate Governance Code.