The FT has reported on Grant Thornton's latest research on corporate governnance code compliance in the FTSE 350. The results are not encouraging. As they note:

[O]f the 125 companies claiming full compliance, only 11 had fulfilled the disclosure requirements of the code.

That means 35% claim compliance, but only 3.1% succeed.

Worse, as the also note:

[T]he number of companies aspiring fully to comply has increased from 34 per cent in 2006 to 41 per cent last year.

Since there must be an overlap in these populations it is likely that more than 50% do not think they comply and are not seeking to do so.

So much for ethical business. It really is a hollow joke. The only good news is this:

Disclosure on corporate responsibility reporting moved up the agenda, rising from 8 per cent in 2006 to 42 per cent referring to external validation such as a benchmark or index last year.

The increase is due to growing investor pressure and wider stakeholder interest, said Grant Thornton.

That's why I and others keep on bashing away.