FRC Publishes The Revised UK Corporate Governance Code

On 22 January 2023, the Financial Reporting Council (FRC) published a revised version of the UK Corporate Governance Code (the 2024 Code) with the aim of supporting growth and encouraging investment in the UK market (see FRC announcement). The UK Corporate Governance Code applies to all UK premium listed companies, regardless of place of incorporation, and such companies must state in their Annual Report how they have complied with its principles.

The FRC has taken a targeted approach to the revisions, with particular focus being paid to company practice related to risk management and internal controls. The FRC has stated that updates have been kept to the minimum necessary to ensure that a balance is struck between enhancing trust and confidence in UK public companies for investors while ensuring that unnecessary burden is not placed on businesses.