UK Corporate Governance Code: Proposed changes and do they go far enough?

The first changes to the UK Corporate Governance Code in five years have been proposed following last year’s consultation on Restoring Trust in Audit and Corporate Governance.

The government has invited the Financial Reporting Council (FRC) to strengthen specific areas of the UK Corporate Governance Code. In response the FRC has launched a public consultation on the proposed revisions.

Join us at our upcoming webinar, hosted in conjunction with the Centre for Corporate Governance, to learn how these changes could affect your responsibilities and duties as a company director. The FRC’s proposed revisions include:

• Setting out a revised framework of prudent and effective controls to provide a stronger basis for reporting on and evidencing their effectiveness
• Improving the functioning of comply-or-explain, taking account of recently published FRC research and reports
• Making necessary revisions to reflect the responsibilities of the board and audit committee for sustainability and ESG reporting, and associated assurance in accordance with a company’s audit and assurance policy
• Updating the Code to ensure that it aligns with changes to legal and regulatory requirements as set out in the Government’s response to the White Paper, including strengthening reporting on malus and clawback arrangements.

Our event on 26 July will consider the FRC’s proposed revisions which aim to enhance the Code’s effectiveness in promoting good corporate governance. We will also examine what action is needed in the face of changes within the business environment over the past five years.