The UK Corporate Governance Code 2024: Time to Get Ready
- Zenvest Partners
- 6 days ago
- 2 min read
The Financial Reporting Council’s latest update to the UK Corporate Governance Code is about to take effect — and its impact will reach far beyond compliance. For boards, CFOs and governance professionals, the coming months will define how confidently they step into 2026.
The new version of the Code applies to financial years beginning on or after 1 January 2025, but one key element — Provision 29 — takes effect a year later. This requirement introduces a board-level declaration on the effectiveness of material internal controls, representing one of the most significant developments in UK corporate governance in recent years.
What does this mean for companies? In short, the bar for transparency and assurance has been raised. Boards will need to be able to demonstrate that they understand, monitor and can evidence the effectiveness of the controls that underpin their reporting and operations. The period ahead is not only about compliance, but about readiness — ensuring that governance frameworks, documentation and assurance processes can stand up to scrutiny.
Over the past year, many organisations have been quietly preparing. Some have undertaken reviews of their governance arrangements, others have tested the resilience of their control environments or run “dry runs” of future disclosures. As the start of 2026 approaches, those efforts are moving from planning to execution.
The revisions to the Code also touch on broader themes. There is a sharper focus on outcomes and board accountability, on the link between culture, remuneration and purpose, and on clarity of reporting. Together, these changes reinforce the UK’s principle-based approach to governance while introducing a more evidence-driven expectation of performance.
For many businesses, 2025 will therefore be the year to refine, embed and test — and for some, to seek external advice on where further assurance is needed. The strongest performers will be those who turn preparation into opportunity: aligning governance with strategy, and using this transition to strengthen investor confidence and organisational resilience.
As the countdown to January 2026 continues, the question for boards is no longer whether they are affected by the new Code, but how ready they are to meet it.
Our latest article explores what the 2024 revision means in practice, what’s changing under Provision 29, and how boards and finance leaders can prepare for the new expectations. To read more and download the full piece, follow the link below.
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