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FRC opens consultation on revisions for the UK Corporate Governance Code


Harriet Rumball


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On 24 May, the Financial Reporting Council (FRC) opened a consultation on proposed revisions to the UK Corporate Governance Code (2018) which will run until 13 September 2023.

This is the first time in five years that revisions have been proposed to the Corporate Governance code, designed to strengthen corporate governance reporting in the UK.

There have been no changes to the structure of the Code and the five sections remain as they were; the revisions are focused on selected areas which, amongst others, include:
 

  • The need for a more robust framework of prudent and effective risk management and internal control
  • The wider responsibilities of the board and audit committee for expanded environmental, social and governance reporting
  • Areas where reporting can be improved including the outcomes of governance activities

black sun blog 2017 corporate culture trust

The FRC’s intention is that the revised Code will apply to accounting years commencing on or after 1 January 2025 to allow sufficient time for implementation.


The FRC’s intention is that the revised Code will apply to accounting years commencing on or after 1 January 2025 to allow sufficient time for implementation.

Black Sun will be discussing this revisions with Kate O’Neill, the FRC’s Director Stakeholder Engagement and Corporate Affairs, along with leading corporate governance practitioners from Tesco, British Land and NatWest on 14 June at 11am – 12pm. 

Finding early reporters to follow will of course provide a clearer direction of travel for those who fall into scope for later disclosure obligations.  For ISSB that may be in 2026 for general disclosures and for CSRD as late as 2029.


About Black Sun

Black Sun is a global group of strategic advisors, consultants and stakeholder engagement specialists. We believe that brands and businesses can have a big impact on our society  – they can shape more ethical practices, build more inclusive communities and deliver more sustainable performance. Ultimately, they can spark positive change in the world.

We partner with visionary companies to define and communicate their purpose, strategy and culture and bring to life their value creation story. Our services and solutions directly address the business-critical concerns of today;  best-practice disclosure and accountability through reporting;  protecting reputation and building trust with digital communications and helping businesses to effectively communicate their long-term responsibility and sustainability story.





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