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The Independent Review of Non-Executive Directors

Derek Higgs was appointed to lead an independent review of the role and effectiveness of non-executive directors in April 2002. The final report was published on 20th January 2003. The FRC published good practice suggestions from the report in June 2006; this guidance has since been withdrawn and replaced by the FRC Guidance on Board Effectiveness.

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The report

Independent Review of Non-Executive Directors
The final report which contained guidance for non-executive directors, guidance for the chairman and proposals for revisions to the combined code.

The Financial Reporting Council published the guidance document Good practice suggestions from the Higgs report in June 2006, based on annexes C to J from the report. The guidance has since been withdrawn and replaced by the FRC Guidance on Board Effectiveness (updated 2018). 

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Corporate Governance - Higgs and Smith
  • 2007
  • Sonia Mckay, Andrea Oates, Glynis Morris
  • CIMA Publishing
  • Finance Directors Handbook
Guide to the duties of modern finance directors. Chapter 6 looks at corporate governance and summarises the Higgs and Smith reports.
Exclusive Impact of the Higgs review
  • 2006
  • Margaret Exley, Belinda Hudson
  • Jossey-Bass
Presents practical advice on how to build better boards. The Higgs Review is looked at in detail in Chapter 13 on UK corporate governance.
Exclusive Introduction and background
  • 2017
  • ICSA Publishing
  • ICSA Publishing
  • The ICSA Corporate Governance Handbook
Chapter 1 looks at the development of corporate governance and specifically the history of corporate governance in the UK.
Exclusive Overview of corporate governance - Higgs and Smith
  • 2008
  • Alexander Davidson
  • Kogan Page
  • How the City Really Works
The key institutions, products and professions of the City of London. Chapter 25 is a overview of corporate governance and summarises the Higgs report and the Smith Report.
Exclusive Review of the combined code: Higgs, Smith and Tyson
  • 2008
  • Alan Calder
  • Kogan Page
An introduction to governance for directors and executives. Chapter 5 looks at corporate governance in the UK and summarises the Higgs, Smith and Tyson reports and the review of the Combined Code.
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Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

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Useful links

A non-executive decision
The Higgs Report promises the rise and rise of the non-executive director. Tim Russell asks whether they are up to the task - June 2003 post on The Lawyer website.

Higgs report on non-executive directors - a summary 
A March 2003 AccountingWEB article summarising the main matters and recommendations covered by the Higgs report.

ICSA Review of the Higgs Guidance
ICSA consultation from March 2010 for submission to the FRC to "update as necessary the good practice guidance from the 2003 Higgs Report".

The role of the non-executive director: making corporate governance work
A CIMA report published in April 2003 in response to the continuing controversy over the Higgs' report on non-executive directors. Emphasises the role that finance professionals have to play in ensuring good governance.

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