Jurisdiction(s):
United Kingdom

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...

2023 QCA Corporate Governance Code: scope, ten principles, board composition and responsibilities, and reporting/disclosure for AIM and other UK quoted companies

Published by a LexisNexis Corporate expert

Practice notes

The Quoted Companies Alliance (QCA) is an autonomous membership body advocating for the interests of small and mid-sized quoted businesses. A core objective is to foster high-quality Corporate governance across quoted entities. On 13 November 2023, the QCA issued an updated edition of its corporate governance code (QCA Code), the first revision since 2018. The QCA Code distils essential aspects of sound Governance and applies them in a way that is practical for the varied requirements of growing enterprises. Tailored to the differing needs of developing companies across various stages.

Application

Unlike the UK Corporate Governance Code (which applies to companies with a listing of equity shares in the equity shares (commercial companies) category, or the closed-ended investment funds category), the QCA Code is not confined to any defined class of company. In practice, however, it is most often adopted by small and mid-sized quoted companies, including those with shares admitted to trading on AIM. Moreover, in light of the government’s moves to encourage larger private companies to follow a recognised corporate governance code, the QCA has indicated that its code can be tailored for privately owned businesses seeking strong governance practices, particularly those considering an IPO in due course...

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Web page updated on 21/05/2026

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