The Foundation for Governance Research and Education is a not-for-profit (company limited by guarantee) research and education Foundation, established in 2002 as the Foundation for Independent Directors, with a two-fold purpose

• To research into corporate governance including producing a body of case studies for use in education and development programmes for executives, non-executive directors and boards, operating in the private and public sectors.
• To apply its research through publishing and education, coupled with its standing as an independent authority in corporate governance, to influence debate, contribute to policy making and to promote the highest levels of professional standards amongst boards of directors.

The Foundation works in partnership with Bristol Business School , where the Foundation's founder and Chairman, Dr John Mellor , is Visiting Professor in Corporate Governance.

Foundation Update

We are pleased to announce that the Foundation has entered into a partnership with The Institute of Chartered Accountants of Scotland (ICAS) to work together on corporate governance research on small and medium sized quoted companies in the European Union.

The full text of the announcement by ICAS is below.

ICAS has entered into a partnership with the Foundation for Governance Research and Education to work together on Corporate Governance Research on small and medium sized quoted companies in the European Union. The Foundation, formerly known as the Foundation for Independent Directors, was founded by Professor John Mellor in 2002. It is also supported by the Department for Business Enterprise and Regulatory Reform, the Quoted Companies Alliance (QCA), the Financial Reporting Council (FRC), Standard Life Investments and the Co-operative Insurance Society.

The Foundation's research will have a strong focus on EU countries' governance regimes. Further information on the Foundation and its publications may be obtained from the Foundation's website at www.foundationgre.com.

David Spence, Convener of the ICAS Research Committee, welcomes the new initiative, “Promoting high quality and effective governance is a key aim of the work that ICAS carries out. As a body with members who work across Europe at the highest levels of business, we are delighted to have the opportunity to share expertise to develop governance in small and medium sized listed companies in the EU. Our commitment to support the Foundation recognises the strength and focus of its work in the area of corporate governance.”

ICAS' own extensive research programme has a strong focus on governance. Two

important projects are due to be completed within the next few months. One, led by Professor Mike Page from the University of Portsmouth sets out to examine the relationship between corporate governance and corporate performance. The other is an enquiry into corporate governance in AIM companies led by researchers from the University of Birmingham .

Professor John Mellor, Chairman of the Foundation and a Visiting Professor in Corporate Governance at Bristol Business School , welcomes ICAS' involvement with the Foundation, “The Foundation's purpose is research and education in corporate governance, focusing on practical relevance to business, investors, policy makers and regulators. The particular research on European smaller quoted companies is an important initiative with implications for economic development amongst EU member states. The Foundation welcomes the involvement and support of ICAS and looks forward to capitalising on the strengths of both our organisations.”

NOTES

•  David Spence, a Past-President of ICAS, and convener of the ICAS research committee, will join the Steering Group of the Foundation, which sets the scope of the research programme, and monitors its progress in order to maintain its relevance to business. The work builds on work previously undertaken by John Mellor, sponsored by the QCA, which led to the publication of an initial report in January 2006. It is expected that the Foundation's next report will be published in November 2007. The work leading to that report is being made available to the FRC's current consultation on the Combined Code.

•  The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of accountants, receiving its Royal Charter in 1854. ICAS has 16,000 members worldwide and in the UK the CA designation is reserved exclusively for their use

•  ICAS is the fastest growing accountancy body in the UK in terms of worldwide student numbers with latest figures (Source: Professional Oversight Board (POB) - Key Facts and Trends in the Accountancy Profession –November 2006) showing a student growth rate of nearly 60% from 2000 to 2005. It is the only UK professional accountancy body to both educate and examine all of its students. The CA qualification is known around the world for consistency and high standards and ICAS enjoys a widely recognised reputation for providing the 'gold standard' in accountancy education

•  ICAS is a member of The Global Accounting Alliance (GAA) – an alliance of the world's leading professional accountancy bodies, which was formed in 2005. The GAA is intended to promote quality services, share information and collaborate on important international issues. It works with national regulators, governments and stakeholders, through member-body collaboration, articulation of consensus views, and working in collaboration, where possible with other international bodies, especially IFAC.