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UK Corporate Governance Changes Proposed

The Financial Reporting Council’s (FRC) has proposed changes to the corporate governance code centred around providing a stronger framework for reporting on the effectiveness of internal controls and board responsibilities for expanded sustainability and ESG reporting. The changes from the FRC, the body responsible for setting the UK’s Corporate Governance and Stewardship Codes, would also deliver new guidance on enhanced resilience statements and fraud reporting by directors. The proposed changes were included in the FRC’s wider position paper as the body prepares to be replaced by the newly created Audit, Reporting and Governance Authority (ARGA). If approved, the revisions to the code should come into effect on or after 1 January 2024. Sir Jon Thompson, the FRC’s CEO, said: “While we await Government legislation, the FRC is pressing ahead with those changes to standards and codes which will improve and enhance the UK’s audit and corporate governance framework and to lay the groundwork for the creation of ARGA”. 

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