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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,...

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UK Corporate Governance Code Section 5: Remuneration—Principles, Committee Responsibilities, Investor Expectations and Reporting (2018 Code with 2024 Update)

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The latest UK Corporate Governance Code (2024 UKCG Code) was issued on 22 January 2024, introducing modest updates to the version released in 2018 (2018 UKCG Code). The 2024 UKCG Code will apply to accounting periods starting on or after 1 January 2025, except for Provision 29, which concerns a board declaration regarding internal controls and will take effect for accounting periods beginning on or after 1 January 2026. In parallel, the best practice guidance that supported the 2018 UKCG Code has been merged into a single digital source to accompany the 2024 UKCG Code. For more detail, see News Analysis: UK Corporate Governance Code 2024 published—what’s changed? This Resource Note sets out the key provisions in Section 5 of the UK Corporate Governance Code on ‘Remuneration’, and points to relevant third party materials, guidance, commentary and analysis, alongside resources, to offer practical support on applying the Code...

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Web page updated on 22/05/2026

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