Guernsey’s Finance Sector Code Of Corporate Governance Is Now In Force

Guernsey's Finance Sector Code of Corporate Governance came into force on 1 January 2012.

It replaces the Guidance on Corporate Governance in the Finance Sector issued in December 2004 by the Guernsey Financial Services Commission (GFSC).

The Code applies to all companies holding licences from the GFSC under relevant regulatory laws such as banks, captive insurance managers and fiduciaries. The Code does not cover Guernsey branches of foreign companies, insurance companies governed by the Licensed Insurers Corporate Governance Code or companies reporting against the UK Combined Code or the AIC Code.

The Code consists of eight principles. Each principle is supplemented by more detailed guidance on how the principle should be applied.