Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Corporate governance definition

What does Corporate governance mean? Corporate governance describes the system by which a company is directed and controlled: how the board, management and shareholders exercise authority, make decisions, manage risk and ensure accountability, transparency and long-term success. In practice it covers board composition (including independent non-executive directors), division of responsibilities, audit and internal controls, remuneration, shareholder rights, stakeholder engagement and reporting. The term is descriptive rather than a single statutory concept. In the UK, expectations are set mainly by soft-law codes (notably the UK Corporate Governance Code on a “comply or explain” basis, and the Wates Principles for large private companies) alongside companies legislation (for...

UK corporate governance: UK Corporate Governance Code 2024 overview, 'comply or explain', DTR and UKLR disclosures, and listed, AIM and large private company obligations; UK Stewardship Code and investor bodies

Published by a LexisNexis Corporate expert

Practice notes

The UK benefits from a mature Corporate governance framework. Companies with strong Governance policies are widely regarded as more likely to nurture trust, transparency and accountability, and to contribute to a more inclusive society by balancing the interests of all stakeholders. Effective governance is also thought to support robust corporate performance and enable businesses to drive growth, long-term investment, financial stability and business integrity.

What is corporate governance?

Corporate governance describes the rules, practices and processes put in place to steer and oversee a company. In response to a number of high-profile corporate scandals, the Committee on the Financial Aspects of Corporate Governance was formed in May 1991 to examine UK governance in relation to financial reporting and accountability. Chaired by Sir Adrian Cadbury, its final report, The financial aspects of corporate governance (commonly known as the Cadbury report), set out what has become the widely accepted definition of corporate governance: the system by which companies are directed and controlled, with boards of directors responsible for the governance of their companies, and the shareholders’ role...

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Web page updated on 22/05/2026

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