The most recent changes to the UK Corporate Governance Code are intended to strike a balance between ensuring UK competitiveness and achieving positive governance outcomes for companies, investors and the wider public.
The 2024 Code maintains the flexibility of ‘comply or explain’ reporting and continues to be split into five sections: Board Leadership and Company Purpose; Division of Responsibilities; Composition, Succession and Evaluation; Audit, Risk and Internal Control; and Remuneration.
In this article, BDO's experts outline key changes to each section, looking at the different principles and provisions that you need to know.
This includes explorations of:
- Risk Management and Internal Control Framework (Principle O and Provision 29)
- Culture (Provision 2)
- Audit Committee (Provision 25 and 26)
- Board Performance, Diversity and Inclusion (Principle J and Provision 23)
- Directors Remuneration and Contracts (Provisions 37 and 38)
- Comply or explain (Principle C)
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Read the full expertise here.