This is the first time in five years that revisions have been proposed to the Corporate Governance code, designed to strengthen corporate governance reporting in the UK.
There have been no changes to the structure of the Code and the five sections remain as they were; the revisions are focused on selected areas which, amongst others, include:
The FRC’s intention is that the revised Code will apply to accounting years commencing on or after 1 January 2025 to allow sufficient time for implementation.
Black Sun will be discussing this revisions with Kate O’Neill, the FRC’s Director Stakeholder Engagement and Corporate Affairs, along with leading corporate governance practitioners from Tesco, British Land and NatWest on 14 June at 11am – 12pm.
Finding early reporters to follow will of course provide a clearer direction of travel for those who fall into scope for later disclosure obligations. For ISSB that may be in 2026 for general disclosures and for CSRD as late as 2029.
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