The UK Corporate Governance Code (“the Code”) sets out the Principles the board of directors should apply in order to promote the purpose, values and future success of the company. The Code sets out expected standards of good practice in relation to issues such as board leadership and company purpose, division of responsibilities, composition, succession and evaluation, audit, risk and internal control, and remuneration.
The 2018 Corporate Governance Code (the Code) was updated in January 2024 following a limited consultation which concentrated on a limited number of changes. The 2024 Code will apply to financial years beginning on or after 1 January 2025. The 2018 Code remains in place until this time.
The Code is applicable to companies with a premium listing on the London Stock Exchange, regardless of where they are incorporated and it will be applied from the date when a company becomes premium listed. The 2024 Corporate Governance Code will apply to financial years beginning on or after 1 January 2025. However, Provision 29 will apply to financial years beginning on or after 1 January 2026.
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Source: FRC UK