DISCUSSION Private equity: Corporate Culture and the Role of Boards

The Financial Reporting Council (“FRC”) has published the results of its study on the relationship between corporate culture and long-term business success in the UK.   The report explores the importance of culture to long-term value and how corporate cultures are being defined, embedded and monitored. It also sets out the FRC’s observations on the key elements which boards should be considering in order to create a culture that delivers sustainable good performance. The report is based on the findings of a research project conducted by the FRC in collaboration with a number of partners (including the City Values Forum, the Institute of Business Ethics, the Chartered Institute of Management Accountants, the Chartered Institute of Personnel and Development and the Chartered Institute of Internal Auditors.  Each of the FRC’s partners in the collaboration have also published separate reports which focus on particular aspects of the culture project, including stakeholder engagement (by the IBE), embedding and assurance (by the IIA), business models (by the CIMA), people issues (by the CIPD) and board leadership in purpose, values and culture (by the City Values Forum working with Tomorrow’s Company).

Read the full article here.