Jurisdiction(s):
United Kingdom

Key definition

Board definition

What does Board mean? In legal practice, the board is the group of directors who collectively manage and supervise a company’s business and affairs. In the UK and Ireland the term is descriptive rather than statutory: company legislation (Companies Act 2006; Companies Act 2014 (Ireland)) generally refers to “the directors” and does not define “board”. The board is the company’s primary decision‑making body in a unitary governance model and typically includes executive and non‑executive directors. Acting subject to the company’s articles or constitution and directors’ statutory duties, it takes decisions at duly convened board meetings or by written resolutions, and may delegate authority...

Board Reserved Matters under the UK Corporate Governance Code: Drafting Schedules, Approval Thresholds, Signatures, Urgent Procedures and Committee Delegation for Listed Companies

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Practice notes

The UK Corporate Governance Code (UKCG Code)

Issued by the Financial Reporting Council (FRC), the UK Corporate Governance Code sets out benchmarks of good practice for Board leadership and effectiveness, remuneration, accountability, and how companies engage with their shareholders. The Code applies to companies with a listing of equity shares in the equity shares (commercial companies) category, irrespective of whether they are incorporated in the UK or elsewhere, although other companies may choose, on a voluntary basis, to adopt some or all of its provisions. Under the Financial Conduct Authority’s UK Listing Rules (UKLR), all companies with a listing of equity shares in the equity shares (commercial companies) category must either comply with the provisions of the UKCG Code or set out in their next annual report to shareholders the reasons for any departure from it—reflecting the ‘comply or explain’ principle. For a broad overview of the Code’s application, purpose and provisions, see Practice Note: The UK Corporate Governance Code...

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Web page updated on 21/05/2026

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