As previously reported here on 22 January 2024 the Financial Reporting Council (the “FRC”) published the amended UK Corporate Governance Code (the “Code”). To accompany this, on 29 January 2024 the FRC has further published its Guidance: UKCG Code 2024 (the “Guidance”).

Much like the updated Code, the Guidance is organised around the following principles:

  1. Board leadership and company purpose.
  2. Division of responsibilities.
  3. Composition, succession and evaluation.
  4. Audit, risk and internal control.
  5. Remuneration.

The Guidance is not mandatory but aims to support companies and advisors in their understanding and interpretation of the updated Code by setting out advice, additional details, and examples of correct application of the Code. The Guidance seeks to make the Code more user-friendly and accessible by consolidating previously published FRC guidance into a single document. It has also updated the online Code to include hyperlinks to relevant sections of the Guidance or other materials that may be of interest.

The Guidance can be accessed via link within the Code itself or on the FRC website here: https://www.frc.org.uk/library/standards-codes-policy/corporate-governance/corporate-governance-code-guidance/.

Edwin Coe’s Corporate team frequently advises on corporate governance issues for both public and private companies. If you or your business require any assistance with corporate governance matters, please do not hesitate to contact Daniel Bellau, Katie Braddell or any other member of the Corporate team.

Please note that this blog is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of this blog.

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