Press Release

    ICSA's review of Higgs gets underway

    3 February 2010

    High-profile chairmen from the FTSE100 and FTSE250 are among the list of members in the ICSA Higgs review steering group, announced today by the ICSA (Institute of Chartered Secretaries and Administrators). Sir John Egan, chairman of Severn Trent Plc and former chief executive of BAA is joined by John Coombe, chairman of Hogg Robinson Group plc and a non-executive director at HSBC Holdings plc and Home Retail Group plc. Other members of the steering group include Peter Montagnon from the ABI and Philippa Foster Back from the Institute of Business Ethics.

    The full list of members is as follows:

    Nilufer von Bismarck, Partner, Slaughter and May
    Andrew Campbell, Director, Strategic Management Centre, Ashridge Business School
    John Coombe, Chairman, Hogg Robinson plc
    Sir John Egan, Chairman, Severn Trent Plc
    Philippa Foster Back OBE, Director, Institute of Business Ethics
    Chris Hodge, Head of Corporate Governance, FRC
    Simon Lowe, Partner, Grant Thornton
    Ben Mathews, Company Secretary, Rio Tinto plc
    Peter Montagnon, Director, Investment Affairs, ABI
    David Wilson, Chief Executive, ICSA

    The ICSA was commissioned by the Financial Reporting Council to undertake the review on its behalf as part of its proposals to reform the UK's Corporate Governance Code (formerly the Combined Code). The Higgs Guidance focuses on matters such as the role of the chairman and non-executive directors in promoting company performance. ICSA was one of the major contributors to the Higgs Report when it was published in 2003, and many of the key findings in the Institute's boardroom behaviours study published last summer were reflected in the Walker Report and the FRC's Combined Code review.

    'The Walker and Combined Code reviews concluded that the quality of corporate governance ultimately depends on behaviour not process' says Seamus Gillen, ICSA's policy director. 'Boardroom behaviours has been a constant backdrop to the discussions and commentary on the financial crisis, and the wider debate on governance. As an issue which impacts on directors at a personal level, it is important that the guidance identifies a practical way forward.'

    'The quality of the guidance attached to the Code will have a material impact on the Code's effectiveness.' says Sir Christopher Hogg, FRC chairman. ' I am very grateful to ICSA and the members of the powerful and experienced steering group they have assembled for undertaking this important task on behalf of the FRC'.