The Financial Reporting Council, following feedback from its consultation paper, Gender Diversity on Boards, announced changes to the UK Corporate Governance Code (“Code”) aimed at promoting greater gender diversity at board level. As a result of the changes, listed companies will be required to include in their annual report a description of their board’s policy on diversity, including gender, any measurable objectives that it has set for implementing the policy, and progress on achieving these objectives. Companies must also now consider diversity of the board, including gender, when evaluating board effectiveness. The changes will be incorporated into an updated version of the Code and will apply to financial years beginning on or after 1 October 2012.