UK Corporate Governance Code and associated guidance

The UK Corporate Governance Code sets out standards of good practice in relation to matters such as board leadership and effectiveness, remuneration and accountability. There is then associated guidance published by the Financial Reporting Council to assist companies in applying the principles of the UK Corporate Governance Code. The current version of the UK Corporate Governance Code was published in April 2016 and it applies to financial years beginning before January 1, 2019. A revised 2018 UK Corporate Governance Code was published in July 2018 and it applies to financial years beginning on or after January 1, 2019. Updated Guidance on Board Effectiveness was published by the Financial Reporting Council in July 2018. Guidance for directors in relation to risk management, internal control and related financial and business reporting and supplemental guidance for directors of banks on solvency and liquidity risk management and the going concern basis of accounting was published in September 2014.

UK Corporate Governance Code

• UK Corporate Governance Code 2024 – January 2024 (applies to accounting periods beginning on or after January 1, 2025, save for Provision 29 which will apply to accounting periods beginning on or after January 1, 2026)
• UK Corporate Governance Code – July 2018 (applies to accounting periods beginning on or after January 1, 2019) 
• UK Corporate Governance Code – April 2016 (applies to accounting periods beginning on or after June 17, 2016 and before January 1, 2019)

Consultations in relation to UK Corporate Governance Code and guidance

• FRC: Policy update statement concerning UK Corporate Governance Code – November 2023
• FRC: UK Corporate Governance Code – Consultation document – May 2023
• FRC Feedback Statement: Consulting on a revised UK Corporate Governance Code – July 2018
• FRC Proposed revisions to the UK Corporate Governance Code – December 2017
• House of Commons: BEIS Committee’s report on corporate governance – April 2017
• BEIS Corporate Governance Reform Green Paper – November 2016
• FRC Feedback Statement and Impact Assessment on proposed revisions to the Ethical Standard, Auditing Standards, UK Corporate Governance Code and Guidance on Audit Committees – April 2016
• FRC Enhancing Confidence in Audit – September 2015
• FRC Feedback statement: Revisions to the UK Corporate Governance Code – September 2014
• FRC consultation on proposed revisions to the UK Corporate Governance Code – April 2014
• FRC consultation on draft guidance to the director of companies applying the UK Corporate Governance Code and associated changes to that Code – November 2013
• FRC Consultation document on directors’ remuneration – October 2013
• FRC feedback statement on implementing the recommendations of the Sharman Panel – November 2013

Associated guidance

• FRC: Corporate Governance Code 2024 Guidance published – January 2024
• FRC: Annual review of Corporate Governance reporting – November 2023
• FRC: Annual review of Corporate Governance reporting – November 2022
• FRC: Annual Review of Corporate Governance reporting – November 2021
• FRC Improving the quality of ‘comply or explain’ reporting – February 2021
• FRC Annual review of the UK Corporate Governance Code – January 2020
• FRC 2018 UK Corporate Governance Code FAQs – November 2018 
• FRC Guidance on Board Effectiveness – July 2018
• FRC Guidance on Audit Committees (relating to Section C.3 of UK Corporate Governance Code) – April 2016
• FRC Guidance on risk management, internal control and related financial and business reporting (relating to Sections C.1 and C.2 of UK Corporate Governance Code) – September 2014
• FRC Guidance for directors of banks on solvency and liquidity risk management and the going concern basis of accounting (relating to Sections C.1 and C.2 of UK Corporate Governance Code) – September 2014

Financial Reporting Council reviews

• FRC Review of Corporate Governance Reporting – November 2020
• FRC Annual Review of Corporate Governance and Reporting 2018/2019 – October 2019
• FRC Developments in Corporate Governance and Stewardship 2016 – January 2017
• FRC Corporate Culture and the Role of Boards: Report of Observations – July 2016
• FRC Developments in Corporate Governance and Stewardship 2015 – January 2016
• FRC Developments in Corporate Governance and Stewardship in 2014 – January 2015
• FRC Developments in Corporate Governance 2013: The impact and implementation of the UK Corporate Governance and Stewardship Codes – December 2013
• FRC Developments in Corporate Governance 2012: The Impact and Implementation of the UK Corporate Governance and Stewardship Codes – December 2012

Other guidance

• ICSA: Review of the effectiveness of independent board evaluation in the UK listed sector – January 2021
• Tomorrow's Company Tomorrow’s Good Governance Forum: Improving board evaluation to achieve greater board effectiveness – September 2016
• IoD 2016 Good Governance Report – September 2016
• Tomorrow's Company Governing culture: risk and opportunity? – A guide to board leadership in purpose, values and culture – July 2016
• ICSA/EY The Nomination Committee - Coming Out of the Shadows – May 2016
• FRC Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks: Guidance for directors of companies that do not apply The UK Corporate Governance Code – April 2016
• IIRC Creating value – Value to the board – November 2014
• ABI Report on improving corporate governance and shareholder engagement – July 2013
• ABI Report on Comply or Explain: Investor expectations and current practices – December 2012
• ABI Report on board effectiveness – Updating progress, promoting best practice – December 2012

Our briefings

• Changes proposed to UK Corporate Governance Code – Potential implications for listed issuers – June 2023
• The new shorter and sharper 2018 UK Corporate Governance Code – July 2018
• Consultation on “shorter and sharper” UK Corporate Governance Code – December 2017