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UK Corporate Governance Code

Updated 22 January 2024, The UK Corporate Governance Code (formerly known as the Combined Code) sets out standards of good practice for listed companies on board composition and development, remuneration, shareholder relations, accountability and audit. The code is published by the Financial Reporting Council (FRC).

The Code

On the 22 Jan 2024, the FRC published an updated code in the press release 'FRC revises UK Corporate Governance Code'. The Code is applicable to all UK premium listed companies.

The main change in the 2024 Code is a new requirement under Provision 29 for a declaration of effectiveness by the board in relation to material controls which will come into force on 1 January 2026. Until then, existing Provision 29 of the 2018 UK Corporate Governance Code applies. The other, less substantial, changes to the Code will take effect from 1 January 2025.

The updated code was accompanied by Key changes to the UK Corporate Governance Code and UK Corporate Governance Code 2024 mythbuster The full Corporate Governance guidance was published on 29 January 2024. This new guidance consists of a single, digitally accessible resource that the FRC plans to update as and when required.  

History of the Code

The development of the code is outlined in our UK Corporate Governance Code timeline which traces the evolution of the code through past consultations and revisions. You can also view a timeline of the UK's Corporate Governance journey

The Code has been revised in 2003, 2008 (The Combined Code on Corporate Governance), 2010, 2012 and 2018 (The UK Corporate Governance Code).

The FRC announced the consultation into the latest revision of the Code on 24 May 2023.

FRC guidance


FRC Guidance on Audit Committees
The guidance, updated in April 2016, is 'intended to assist company boards when implementing the sections of the UK Corporate Governance Code dealing with audit committees and to assist directors serving on audit committees in carrying out their role.' Formerly known as the Smith Guidance.

FRC Guidance on Board Effectiveness
Guidance published by the FRC in July 2018 ''to stimulate boards’ thinking on how they can carry out their role and encourage them to focus on continually improving their

FRC Guidance for Directors of Banks on Solvency and Liquidity Risk Management and the Going Concern Basis of Accounting
This September 2014 guidance provides supplementary considerations for the banking sector, and should be read in conjunction with the Risk Guidance.

FRC Guidance on Risk Management and Internal Control and Related Financial and Business Reporting (the Risk Guidance)
Updated in September 2014, the guidance is an amalgamation of the 2005 Turnbull and 2009 Going Concern guidance notes, revised to reflect the finalised requirements of the Code and in the light of comments from consultation in November 2013 and April 2014.

Improving the quality of 'comply or explain' reporting
FRC document intended to help companies improve transparency when reporting against the 2018 UK Corporate Governance Code and advise them on how to achieve good quality explanations when departing from the Code. February 2021.

Further guidance and reports

Briefings and summaries

UK Corporate Governance Code – guidance for boards
Briefing from the KPMG Board Leadership Centre

Overview of the UK Corporate Governance Code 2024
Update from law firm Ashurst published in January 2024


Annual review of the UK Corporate Governance Code 
FRC report from November 2023, which gauges the quality of reporting against the Principles and Provisions of the UK Corporate Governance Code. 100 FTSE 350 and Small Cap companies are assessed.

Corporate Governance Review 2023
Annual survey and report conducted by Grant Thornton of FTSE 350 companies, assessing compliance with disclosure requirements of the UK Corporate Governance Code.

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