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The Financial Reporting Council (FRC) has published targeted and digitally accessible guidance to support companies applying the UK Corporate Governance Code 2024, launched earlier this month.
Following stakeholder feedback, the FRC approached the revision of the guidance through a focused and non-prescriptive lens of how it will be used by preparers, utilising its Stakeholder Insight Group which reflects the wide stakeholder universe that the FRC engages with.
The new guidance brings together the most relevant content from previous publications into a single, condensed, digitally accessible and user-friendly resource. It links to examples of good practice and questions to help boards effectively implement the Code’s Principles and Provisions, and aims to stimulate thoughtful discussions and decision-making, rather than prescribe mandatory actions.
The guidance is split into sections which align with the Code – namely Board Leadership and Company Purpose, Division of Responsibilities, Composition, Succession and Evaluation, Audit, Risk and Internal Controls, and Remuneration.
The FRC said it is keen to reiterate that guidance is not part of the Code but a separate helpful collection of information designed to help the application of the Code to different companies’ needs. It will be updated from time to time to reflect, where appropriate, other reporting or regulatory requirements that may develop in the UK from other regulators.
