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ARTICLE · 14 FEBRUARY 2024

Revised UK Corporate Governance Code: Focus On Internal Controls

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Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code").

United KingdomCorporate/Commercial Law
Travers Smith LLP
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What is happening and when?

Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code"). As expected from its policy statement in November 2023, the FRC has dropped many proposals that were originally floated, in light of both the Government's withdrawal of the Companies (Strategic Report and Directors' Report) Amendment Regulations 2023 and feedback received during the consultation. As a result, the revised Code is, in the FRC's words, a "limited revision", with the key changes focusing on internal controls.

The revised Code will apply to accounting periods beginning on or after 1 January 2025 except for the new requirement for a board declaration on internal controls, which will apply to accounting periods beginning on or after 1 January 2026 - please see below for further details.

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