The new UK Corporate Governance Code has arrived

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On 16 July 2018 the Financial Reporting Council (FRC) published the 2018 UK Corporate Governance Code. It will apply to financial years starting on or after 1 January 2019.

As previously reported, the FRC has been busy for the last year or so drafting and consulting on a revised UK Corporate Governance Code and Guide on Board Effectiveness (2018 Code).

The 2018 Code was finally published during the summer and will come into effect for accounting periods starting on or after 1 January 2019. The FRC states that the 2018 Code “puts the relationship between companies, shareholders and stakeholders at the heart of long-term sustainable growth in the UK economy.” To read the full 2018 Code click here.

The 2018 Code is shorter and more succinct than the previous code and emphasises the importance of applying the Principles effectively. The final version of the 2018 Code has changed little following the consultation and takes the same form as we described in our previous publication.

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If you need help navigating around the 2018 Code or need advice regarding practical application of the code, please contact the Corporate team and we will be happy to help.