Jurisdiction(s):
United Kingdom

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,...

Going Concern and Viability Statements under the UK Corporate Governance Code: Requirements, FRC Guidance, Investor Expectations and Companies Act 2006 Safe Harbour (2018–2024)

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Practice notes

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STOP PRESS: This Practice Note cites a previous iteration of the uk corporate governance code, not the latest edition issued on 22 January 2024. For more details, see Practice Note: The UK Corporate Governance Code. In the wake of the 2007–2008 worldwide financial turmoil, significant debate arose over the type and calibre of disclosures companies give investors about their financial health and capacity to endure pressures in the short to medium term. Consequently, the Financial Reporting Council (FRC) commissioned an inquiry chaired by Lord Sharman (the Sharman Inquiry), commencing in March 2011. The FRC’s objectives in initiating the inquiry were to capture the lessons of the crisis, spread leading practice widely, and develop, as needed, its guidance on going concern and liquidity risks. The Sharman Inquiry’s remit was to pinpoint lessons for companies and auditors addressing going concern and liquidity risks and to recommend measures to enhance the existing reporting framework and guidance concerning those risks. It produced five recommendations, and the FRC considered how best to implement them through consultation papers published in January 2013, November 2013 and April 2014, all relating to going concern and liquidity risks within company reporting and audit practice under the FRC’s oversight throughout...

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Web page updated on 21/05/2026

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