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FRC28 Mar 2026

FRC consults on changes to the UK Corporate Governance Code

The Financial Reporting Council has opened a consultation on targeted updates to the UK Corporate Governance Code, with a focus on internal controls reporting and audit committee effectiveness.

The Financial Reporting Council (FRC) has opened consultation on targeted amendments to the UK Corporate Governance Code, with comments due by 30 June 2026.

The consultation focuses on three areas:

  1. Internal controls — strengthening the board's annual declaration on the effectiveness of risk management and internal control systems.
  2. Audit committees — clarifying minimum standards for committee composition and tenure.
  3. Reporting — aligning narrative disclosures with forthcoming sustainability reporting standards.

The Code applies on a 'comply or explain' basis to premium listed companies. Private companies adopting the Wates Principles should monitor the consultation since it often shapes wider best-practice expectations.