According to the Torygraph the FRC has bitten the bullet and will make annual election of directors part of the Corporate Governance Code. I assume this will be a 'comply or explain' thing, rather than a tweak to the Companies Act or something, though the report does not make this clear.
This is a big win for investors, most of whom wanted to see the reform enacted. Personally I think it's a sensible way forward, and some of the arguments deployed against were Hirschman Specials, as well as lacking any evidence. I'm quite encouraged!
Hat-tip: Corporate Law and Governance