The UK Financial Reporting Council (FRC) has published updated guidance advocating for greater board flexibility in corporate governance. Chief Executive Stephen Haddrill argues that boards should feel empowered to deviate from the UK corporate governance code's detailed provisions when circumstances warrant, rather than adhering rigidly. This stance comes after Marks and Spencer extended its chairman's tenure beyond the nine-year limit recommended in the code, a move Haddrill supported as demonstrating necessary judgment.

The FRC's guidance emphasizes that boards should transparently explain departures from code provisions if they believe a different approach better serves the company and its investors, rather than treating such deviations as failures.