Brian Windram
Non-Executive Directors & Changing Nature Of Audit Committees
Windram, Brian; Song, Jihe
Authors
Jihe Song
Abstract
In this paper we provide a descriptive summary of a postal survey of FT 500 UK company audit committee chairman on the operations of UK audit committees. The survey represents an “insider view” of the activities of audit committees and the characteristics of non-executive directors and contributes to the continuing debate on corporate governance reforms. In particular we report on company boards and their composition, audit committee chairman and their outside directorships, financial literacy and remuneration and various aspects of audit committee activity. Our survey shows that UK audit committees and corporate boards have undergone many changes in the last decade since the last comprehensive survey reported in Collier (1992). Our study on the current level of activity within major UK corporate audit committees deepens understanding of the roles and characteristics of non-executive directors and the operation of UK audit committees. In particular our survey shows that there is a significant shift in audit committee activities from the traditional financial reporting role to a greater focus on internal control and risk management. Independence is overwhelmingly seen as the most significant attribute of an audit committee member. Lack of time is perceived to be the greatest impediment to audit committee effectiveness but pressure from executives and an unclear remit are surprisingly prevalent problems even after ten years of corporate governance reforms.
Citation
Windram, B., & Song, J. (2004). Non-Executive Directors & Changing Nature Of Audit Committees. Corporate Ownership & Control, 1(3), 108-115. https://doi.org/10.22495/cocv1i3p10
Journal Article Type | Article |
---|---|
Publication Date | 2004 |
Deposit Date | Aug 23, 2019 |
Publicly Available Date | Aug 23, 2019 |
Print ISSN | 1727-9232 |
Peer Reviewed | Peer Reviewed |
Volume | 1 |
Issue | 3 |
Pages | 108-115 |
DOI | https://doi.org/10.22495/cocv1i3p10 |
Keywords | non-executive directors; audit committees; director fees; financial literacy |
Public URL | http://researchrepository.napier.ac.uk/Output/1168318 |
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