Watchdog Gets Tough On Governance After BP Revolt

The corporate governance watchdog is toughening guidelines on board succession plans as HSBC and other FTSE 100 firms face fresh investor criticism over a failure to bring in proper steps to replace chief executives and chairmen. The Financial Reporting Council (FRC) is poised to publish the findings of an inquiry in the next fortnight. Top institutional investors believe it could bring in guidelines that govern how firms manage executive and board level appointments, raising the pressure on governance in a stormy AGM season.