The Financial Reporting Council (FRC) has announced important revisions to the UK Corporate Governance Code (the Code).
The revisions aim to enhance transparency and accountability of UK plc and deliver on the FRC’s intentions following the FRC’s largest ever stakeholder consultation on the Code in 2023.
The FRC has kept changes to the Code to the minimum that are necessary. The FRC is conscious that the expectations for effective governance must be targeted and proportionate.
In addition the FRC has published guidance to the Code. The purpose of this guidance is to support those who use the Code by providing advice, further detail and examples but it is not intended to be prescriptive. To make the guidance user-friendly, the FRC has included links in the Code to relevant sections of the guidance, and links in the guidance to other materials which may be of interest.
The FRC will be keeping the guidance under regular review to ensure it is relevant and up to date.
The revised code can be accessed here.
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