It reviewed the role and effectiveness of non-executive directors and of the audit committee, aiming at improving and strengthening the existing Combined Code.
Higgs strongly backed the existing non-prescriptive approach to corporate governance: "comply or explain".
Higgs viewed the earlier scandals, which led to the Cadbury Report could have been avoided had a Code been in place.
The Robert Maxwell debacle[further explanation needed] could have been avoided in his view because many firms already refused to deal with him, and disclosure of his company's governance practices would have led to more pressure for change.
In December 2009, the Financial Reporting Council commissioned the Institute of Chartered Secretaries and Administrators to update the Higgs guidance with the assistance of a Steering Group.