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

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