CIMA welcomes the consultation document. We remain committed to principles based regulation and we are therefore pleased that the review has concluded that the Combined Code remains fit for purpose and that the main deficiencies in governance relate to patterns of behaviour rather than organisation. This conclusion was mirrored by a recent CIMA business breakfast on ‘Effective Boards’ comprising executive and non-executive directors from FTSE350 companies. The discussion considered both the structural and behavioural aspects of good governance and the participants were in no doubt that while structures are useful, it is culture and behaviour that are the crucial differentiating factors. (PDF 202KB)