It may become known as Kingman Syndrome — a rare but aggressive condition when a regulatory body, under attack from all sides, strains every sinew to appease its oppressors.

That's not far off a perfect diagnosis of the state of the Financial Reporting Council (FRC), the beleaguered guardian of British corporate governance standards. Just as it reviews the UK codes defining acceptable boardroom conduct, its attempts at self-preservation are raising valid questions about its own behaviour.