Refresh, Not Reform: Consultation On Changes To The UK Corporate Governance Code

The Financial Reporting Council ("FRC") recently published a consultation on its proposals to revise the Corporate Governance Code (the "Code"), following the Government's response to the consultation "Restoring Trust in Audit and Corporate Governance".

However, unlike the wide-ranging review in 2018, these proposed changes are targeted and aim to:

• provide a more robust framework of effective risk management and internal controls;
• achieve greater transparency on malus and clawback arrangements in directors' remuneration;
• make other improvements to the current Code, including in relation to environmental, social and governance ("ESG") considerations, directors' time commitments and reporting on diversity; and