Boards and committees

STOP PRESS: A new version of the UK Corporate Governance Code (UKCG Code) was issued on 22 January 2024 (2024 UKCG Code) and makes limited changes to the current version of the UKCG Code, which was issued in 2018 (2018 UKCG Code). The 2024 UKCG Code applies to companies with accounting periods beginning on or after 1 January 2025 (with the exception of Provision 29 relating to the requirement for a board declaration in relation to internal controls, which will apply to accounting periods beginning on or after 1 January 2026). For further information, see News Analysis: UK Corporate Governance Code 2024 published—what’s changed?..

The UK Corporate Governance Code (UKCG Code) of the Financial Reporting Council (FRC) applies to companies with a listing of equity shares in the equity shares (commercial companies) category or the closed-ended investment funds category, regardless of whether they are incorporated in the UK or elsewhere, and sets out standards of good practice, including in relation to leadership and effectiveness of the board of directors.

Section 1 of the UKCG Code deals with the role of the board in promoting the

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Corporate News

Companies House announces timeline for changes to company registers

Companies House has announced that, from 18 November 2025, companies will no longer be required to maintain statutory registers for directors, directors' residential addresses, secretaries, and people with significant control (PSC). However, companies must continue to register this information with Companies House. Additionally, companies will no longer need to provide directors' business occupations when registering their appointments with Companies House. The option to hold officer information on the central register will also be removed. Companies must still maintain a register of shareholders at their registered office or single alternative inspection location (SAIL). Those that previously used the central register for member information will now need to create and maintain their own register, hold it at their registered office or SAIL address, include a statement about their previous use of the central register, and make it available for public viewing.

Corporate weekly highlights—7 August 2025

This week's edition of Corporate weekly highlights includes the announcement by Companies House that mandatory identity verification under ECCTA 2023 will begin on 18 November 2025. Also included are news of publication of the FCA’s Handbook Notice No. 132, the European Commission’s recommendation for a voluntary sustainability reporting standard for SMEs, and EFRAG’s revised European Sustainability Reporting Standards Exposure Drafts with significant simplifications. The edition also covers the Privy Council’s decision in Jardine Strategic Ltd v Oasis Investments II Master Fund Ltd, which ruled that the ‘shareholder rule’ on legal professional privilege should no longer apply under English and Welsh law.

FCA publishes multi-firm review findings on share buybacks in UK listed equities

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review into share buybacks conducted by UK listed equity issuers. The review focused on how banks structure, market and execute buybacks, particularly for FTSE 350 issuers and assessed the outcomes delivered to issuers and the conduct of banks involved. The FCA analysed 165 buybacks worth £40bn executed by seven banks over an 18-month period, alongside engagement with issuers, investors and trade associations.The review found that buybacks have become a more prominent method of capital return, especially post coronavirus (COVID-19), and that banks generally delivered fair outcomes. However, the FCA identified areas for improvement in how banks educate issuers and disclose product features and potential outcomes. The FCA will consider feedback on UK Listing Rules and Market Abuse Regulation (MAR) in future regulatory reviews.

Companies House announces mandatory ID verification timeline starting November 2025

Companies House has announced that mandatory identity verification requirements under the Economic Crime and Corporate Transparency Act 2023 will commence from 18 November 2025. New directors must verify their identity for incorporation or appointment, while existing directors need to verify at their next confirmation statement. People with significant control (PSCs) must verify within a 12-month transition period. The requirements affect 6-7m individuals who must complete verification by November 2026. Companies House will implement verification through GOV.UK One Login or Authorised Corporate Service Providers, with acting as an unverified director becoming an offence once requirements commence.