The UK's Financial Reporting Council has approved and incorporated the recommendations of the Higgs review of boardroom practice have into the UK's Combined Code on corporate governance, after redrafting it to allow companies greater flexibility in implementing its provisions.

Following the publication of the Higgs report in January, company leaders and business groups criticised the proposals as too prescriptive. It was argued that this would lead to a "box-ticking" mentality among institutional investors and do nothing to improve corporate governance.