Code for investment trust boards

Investment trusts can ignore key sections of a government review into UK corporate governance, including recommendations on the inclusion of independent senior directors to boards. The Combined Code on corporate governance, released by the Financial Reporting Council last week, includes concessions for investment trusts. The code grew out of the Higgs Review of corporate governance, first released in draft form in January, and includes measures intended to ensure board independence. These include provisions for at least half the board members to be independent, non-executive directors...