Plans to tighten boardroom rules on diversity and ESG have been dropped by Britain’s accounting watchdog.
The Financial Reporting Council said it would drop “over half” of the 18 changes proposed in a consultation in May.
The scrapped plans include increased requirements for diversity reporting and new audit committee responsibilities for environmental, social and governance issues — as well as regular engagement with large shareholders.
The new code will be published in January.
The government has said it wants the FRC focus to be on competitiveness instead.
