A recent development on the UK’s 2024 Corporate Governance Code revision became public on 7th November 2023. The Financial Reporting Council (FRC) has announced a noteworthy scaling back of the planned revisions for the document in question, as per their press release.[1]
Those who recall, the review of the Code was initiated in May this year and preliminary discussions and briefs were produced concerning the planned modifications. The FRC’s recent announcement suggests the Code’s update will not be as extensive as initially laid out.
The updated and finalized version of the Code is expected to be released in January 2024. A change in FRC’s approach signifies their reconsideration in proposing wider changes and embodies a more conservative approach towards the code’s modifications.
While the specifics of these changes are yet to be explicated, the legal professionals and corporations worldwide should keep a keen eye on this development, given the global influence of the UK’s Corporate Governance Code.