UK - More than 80% of financial companies claim corporate governance will be on their agenda for the "foreseeable future", a new survey shows.
The study – commissioned by financial systems and tools provider CODA Group – found that 85% of senior finance professionals said governance was more than a “fad” and would be a key concern for at least the next 18 months.
More than half of the 147 companies surveyed from the UK, US, France, Germany and the Netherlands said the issue was “at the forefront” of their agenda.
The majority (80%) saw professional ethics and corporate responsibility as the key components of governance, with six out of 10 companies saying they were making “real and significant changes to business processes” to bring about good governance.
The majority of UK companies gave the responsibility for implementing governance within a company to risk management directors, while most US firms put the chief financial officer in charge.
Half of respondents said they were likely to employ accountancies to help implement governance changes, with 46% looking to hire a management consultancy for assistance with risk management.
CODA group marketing manager David Turner said governance would remain at the top of the management agenda for the foreseeable future.
He said: “Market volatility, political pressure, shareholder pressures and the demands of globalisation have left many organisations facing a difficult governance environment.”
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