Jurisdiction(s):
United Kingdom

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Key definition

UK Corporate Governance Code definition

What does UK Corporate Governance Code mean? In legal practice, the UK Corporate Governance Code describes the governance principles that premium listed companies must report against on a comply or explain basis in their annual report. It is a non-statutory code issued by the Financial Reporting Council, not defined in legislation. Compliance is driven by the FCA Listing Rules, which require a statement on application of the Principles and compliance with, or explanations for departures from, the Provisions. It covers board leadership and purpose, division of responsibilities, board composition and succession, audit, risk and internal controls, remuneration, stakeholder engagement and reporting. It shapes practice on independent non-executive directors,...

Audit, Risk and Internal Control under the UK Corporate Governance Code: legal and practical guide to audit committees, controls, reporting (going concern, viability, TCFD), rules and guidance, with 2024 update

Published by a LexisNexis Corporate expert

Practice notes

STOP PRESS: A new version of the UK Corporate Governance Code (UKCG Code) was published on 22 January 2024 (2024 UKCG Code).

It introduces only limited amendments to the current UKCG Code, first released in 2018 (the 2018 UKCG Code). The 2024 UKCG Code takes effect for accounting periods starting on or after 1 January 2025, except Provision 29, concerning the requirement for a board declaration on internal controls, which applies to accounting periods commencing on or after 1 January 2026. In parallel, the supplementary best practice guidance to the 2018 UKCG Code has been unified into a single digital source to sit alongside the 2024 UKCG Code. For further details, see News Analysis: UK Corporate Governance Code 2024 published—what’s changed? This Resource Note sets out the principal provisions in Section 4 (Audit, risk and internal control) of the UK Corporate Governance Code (UKCG Code) and flags pertinent third-party materials, guidance, commentary and analysis, alongside our own resources, to offer practical pointers on applying it...

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Web page updated on 21/05/2026

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