The Financial Reporting Council has published a revised UK Corporate Governance Code on Monday 23rd January. The publication followed the largest ever consultation conducted by the FRC, which ran from May to September 2023. For details of the NEDonBoard response, please see our post here.
In November 2023, the FRC announced that the revised Code would be (significantly) scaled back from the proposals we are asked to review during the consultation.
We interviewed Kate O’Neill, Director Stakeholder Engagement and Corporate Affairs at the FRC for a short interview to go through the changes. We invite you to listen to her for a summary of the key changes.
Note that the 2024 Code will apply to financial years beginning on or after 1 January 2025. However, companies will benefit from an additional year to comply with the new disclosure requirements in relation to internal controls (Provision 29).