The board should explain what actions have been or are being taken to remedy any significant failings or weaknesses." The positive statement about effectiveness suggested in this report represents a clear statement of intent from the FRC around direction of travel. The UK Corporate Governance Code and its underpinning guidance is already demanding of boards, but reporting in annual reports is not as comprehensive as the FRC would like. In recent speeches Sir Jon Thompson has indicated that the FRC could use the Code as a vehicle for raising the bar on internal controls if the government decides not to legislate. The FRC now expects companies to report on the outcome of their reviews, moving the bar up from current practice where most companies just describe that they have undertaken the annual review, without giving detail of the process followed and outcomes from the review.