On 2 October 2019 the Financial Reporting Council (FRC) published its final report following independent research into the views of the public on its work on corporate reporting, corporate governance and audit. The research was undertaken with the aim of better understanding the views of the general public who, as investors, have a stake in the work of the regulator. The research was collected from citizens' juries of 18-20 members of the public reflecting the local population in London, Edinburgh and Coventry. The findings will be used by the FRC to inform its board discussions and decision-making, and to feed into current projects.
The citizens' initially tended to have negative views of corporations, but these usually changed when considering the impact companies can have on the UK, particularly on the economy and local areas. Employment, production of products and services and investment were positive perceptions which citizens tended to hold in relation to companies.
The results showed the citizens believed the FRC should have more power to hold companies to account, but any increase in regulation should not affect companies' ability to operate and flourish. They believed the FRC should hold individuals and companies to account to deter wrongdoing and that it should operate in the public interest, considering the views of wider audiences. The citizens also believed it should improve diversity on boards and should maintain its independence from those it regulates at all costs.
The press release can be found here and the final report can be found here.
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