Codes of Practice: THE COMBINED CODE


The Combined Code, consolidating the Cadbury and Greenbury Codes, was laid out as part of the Hampel Report. There is no statutory requirement for companies to comply with the Code, and the UK Listing Rules (to which the Combined Code has been appended, but of which it is not part) do not require listed companies to comply either, merely to state whether they have complied, and, if not, to explain why compliance has not been achieved.

Additional Information:

Last updated 2006

The most recent update was published in 2008, and will be loaded subject to obtaining permission from the copyright holder. The 2003 and 2006 editions are available to view. The 2006 edition applies to reporting years beginning on or after 1 November 2006.


1. Combined Code was revised in 2003 to take account of the Higgs Report on Non-Executive Directors and the Smith Report on the Regulatory Regime of the Accountancy Profession.

2. The 2006 version of the Combined Code (also available to view) is the result of a review of the 2003 version of the Code. This latest version is not changed substantially, although it does contain a number of minor amendments. Principally:

the company chairman will be allowed to sit on the remuneration committee if considered independent at the time of his/her appointment, although it is recommended that he/she should not chair the committee;

shareholders voting by proxy will be able to withhold their vote on a resolution; and

companies will be encouraged to publish details of proxy votes where resolutions are voted on by a show of hands.

The Financial Services Authority will carry out a consultation later in 2006 on the revised Code, but has recommended that listed companies should adopt it for reporting years beginning on or after 1 November 2006.

As at July 2006


 Alex Miller Editor
 Andrew Trinder Editor
 Hampel, Higgs and Smith Committees Author