The Financial Reporting Council plans to press for European Union policies on governance and audit to serve the interests of investors.
Setting out its draft priorities for 2012/13, the corporate governance regulator said it wanted to make sure the UK's approach to corporate governance and reporting in terms of its codes and standards and oversight work was 'properly understood and appreciated' in the EU and further afield.
It also plans to build on the StewardshipCode to further strengthen the quality of investor engagement. It aims to implement changes to the wording of the Corporate Governance Code to reflect previously-announced decisions on matters such as diversity.
And it will make sure that UK codes and standards remain 'fit for purpose' in all areas and that planned changes are introduced at the right time. In particular, the FRC will aim to introduce a new accounting framework - UK generally accepted accounting principles - with a view to it coming into effect in 2015.
Work will also be undertaken on 'reinforcing the effectiveness of its monitoring, oversight and disciplinary work, ensuring it is responsive to emerging risks, joined up, transparent and proportionate,' the regulator said.
It will further review the scope of its work and try to enhance the speed and effectiveness of its disciplinary work, it added.
These priorities are set out for consultation alongside a draft budget for 2012/13 in this document. The FRC will hold its annual open meeting on March 20 and then plans to finalise its 2012/13 plan and levy proposals at the end of April.