FRC issues new guidance to support the 2024 UK Corporate Governance Code
30 Jan, 2024
The Financial Reporting Council (FRC) has issued new guidance to support the 2024 UK Corporate Governance Code ("the Code").
The new guidance aims to bring together the most relevant content from previous publications into a single, condensed, digitally accessible and user-friendly resource. The FRC is keen to reiterate that the guidance is not part of the Code but a separate collection of information designed to help the application of the Code to different companies’ needs. The FRC confirms that it will be updated from time to time to reflect, where appropriate, other reporting or regulatory requirements that may develop in the UK from other regulators.
The 2024 Code has now been updated to include hyperlinks to all the relevant elements of this new guidance. This new guidance has been designed specifically for the content of the 2024 Code. Until the 2024 Code comes into effect for periods commencing on or after 1 January 2025, the 2018 Code applies and continues to be supported by: The Guidance on Board Effectiveness; The Guidance on Audit Committees; and The Guidance on Risk Management, Internal Controls and Related Financial Business Reporting.
The press release and the 2024 Code Guidance are available on the FRC website.
