Guernsey Legislation - What’s Coming Up in 2010

New Corporate Governance Code

The Guernsey Financial Services Commission (the "Commission") is consulting with financial services businesses on a proposed corporate governance code (the "Code"). The Code comprises a set of outcomes, best practice provisions, guidance and a "comply or explain" methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission's current intention is for those aspects of the Code to be formally issued this month for implementation by the end of 2010. The Commission intends to work with finance sector associations before consulting on the remainder of the Code, the intention being for it also to be issued and implemented by the end of 2010.