FRC’s Proposed Revisions of the UK Corporate Governance Code

In May 2023, The Financial Reporting Council released the UK Corporate Governance Code consultation document (the “Consultation“). The Consultation presents proposed changes to the UK Corporate Governance Code (the “Code“). The launch of the Consultation was prompted by the government’s request to improve certain aspects of the Code, which was initiated after last year’s consultation on Restoring Trust in Audit and Corporate Governance. Although listed companies are generally required to follow the Code, private companies are encouraged to voluntarily adopt it. The Code can offer valuable guidance to other organisations seeking to strengthen their governance procedures.

We’ve created a handy guide below, outlining the main proposals by the FRC with the aim to strengthen the effectiveness of the Code in promoting good corporate governance. These proposals aim to ensure that the Code remains in line with the changing expectations and standards in the business and regulatory environment.