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ARTICLE · 23 APRIL 2024

Updated Corporate Governance Code: What You Need To Know

Shepherd and Wedderburn
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The Financial Reporting Council (FRC) recently released the first update to the Corporate Governance Code since 2018. Here we've summarised what you need to know about the upcoming changes.

United KingdomCorporate/Commercial Law
Robbie Callander
Robbie Callander
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The Financial Reporting Council (FRC) recently released the first update to the Corporate Governance Code since 2018. Here we've summarised what you need to know about the upcoming changes.

The Financial Reporting Council (FRC), the regulator for the UK audit industry, recently released the first update to the Corporate Governance Code ("the Code") since 2018. The Code is applicable to all premium listed companies and is the UK's key benchmark for best corporate governance practice.

What's changing?

The FRC describes the 2024 revision of the Code as "limited", with a particular focus on internal controls. The key change is the amendment of Principle O in the audit, risk, and internal control section of the Code to reflect that the board is responsible not only for establishing but also for maintaining the effectiveness of the risk management and internal control framework.

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