Current edition
Autumn 2025
Audit and governance reform: Bill delayed until after current Parliament (spring 2026).
FRC Annual Review: Quality of FTSE 350 reporting maintained; gaps persist for smaller companies; thematic review on smaller listed companies due by end of 2025.
Payment practices: new reporting requirements for larger companies effective 1 January 2026; consultation on late payments closes 23 October 2025.
Modern slavery: Optional template introduced for UK, Australia, and Canada to streamline supply chain transparency reporting.
Identity verification (ECCTA): ECCTA requirements effective 18 November 2025 for directors, LLP members, PSCs; transition period up to 12 months.
Sustainability updates: UK drops plans for green taxonomy; EU introduces "quick fix" amendments to ESRS and voluntary SME reporting standard; emphasis on climate-related financial disclosures (CFD) compliance under Companies Act 2006; mandatory inclusion in reports.
Past editions
Summer 2025
Modern Industrial Strategy 2025: UK government plans to simplify corporate reporting and introduce a corporate re-domiciliation regime.
Revised UK Stewardship Code 2026: New structure with Policy & Context Disclosure (every 4 years) and Activities & Outcomes Report (annually); effective from January 2026.
Identity Verification (ECCTA): Mandatory for directors, PSCs, LLP members, and Companies House filers; phased rollout from Autumn 2025 to Spring 2026.
Directors' Duties case: Court of Appeal clarifies meaning of good faith under section 172 of Companies Act.
UK Sustainability Standards: Based on ISSB standards; consultation open until 17 September 2025; future legislation expected.
Digital reporting review: FRC highlights improvements but ongoing issues with iXBRL tagging and accessibility in annual reports.
Directors' remuneration changes: Regulations effective May 2025 remove certain EU-derived requirements; updated GC100 guidance issued.
IoD Commission on NEDs: Examining non-executive directors' role and effectiveness; findings due Autumn 2025.
Spring 2025
FRC climate disclosure review: First review of mandatory climate-related financial disclosures for AIM and large private companies found varied quality; common gaps include scenario analysis and climate-related targets.
UK Sustainability Standards: TAC recommended endorsement of IFRS Sustainability Disclosure Standards with minor amendments; public consultation on UK SRS expected soon.
EU sustainability simplification: Omnibus proposals aim to streamline CSRD scope to companies with over 1,000 employees; voluntary SME standard (VSME) introduced for non-CSRD companies.
Ethnic Diversity (Parker Review): 95% of FTSE 100 and 82% of FTSE 250 boards have at least one ethnic minority director; voluntary targets for senior management diversity set for 2027.
Gender balance: FTSE Women Leaders Review women hold 43% of FTSE 350 board roles and 36.6% of FTSE 100 leadership roles; progress toward 40% target continues.
Pay gap: Government launched consultation on mandatory ethnicity and disability pay gap reporting for large employers; closes 10 June 2025.
Modern slavery: Government response to House of Lords report emphasizes improving transparency; updated guidance published; IASC strategic plan pushes for stronger compliance.
FRC Going Concern: Revised non-mandatory guidance expands scope to UK Corporate Governance Code companies; focuses on risk and uncertainty disclosures.
Risk coalition principles: Eight principles introduced to strengthen risk governance and decision-making across sectors.
Other updates: FCA enhancements to National Storage Mechanism, new voting guidelines (PLSA & ISS), Payment Practices Regulations, and revised Walker Guidelines for private equity.
Winter 2024
FRC Annual Review: Emphasizes outcomes-based disclosures, the flexibility of the "comply or explain" approach, rigorous risk management and internal controls reporting, and clear explanations for any departures from the 2024 Corporate Governance Code.
Stewardship Code: Proposed changes include clearer principles, streamlined reporting, and tailored guidance for service providers.
Glass Lewis 2025 Guidelines: Updates on director tenure, gender and ethnic diversity, AI oversight, multi-class share structures, and SPACs.
Pre-emption group report: Increased use of enhanced authority for disapplication of pre-emption rights; most resolutions passed but dissent remains.
Non-financial reporting: Raises financial thresholds for company size and removes redundant directors' report requirements effective April 2025.
Sustainability reforms: TNFD draft guidance on nature transition plans, IFRS progress on climate disclosures, EC FAQs on CSRD
Autumn 2024
Audit Reform Bill: The King's Speech confirmed plans for a draft Audit Reform and Corporate Governance Bill, replacing the FRC with the Audit Reporting and Governance Authority for stronger oversight.
FRC Annual Review: Quality of FTSE 350 reporting remains strong, but gaps between companies within the FTSE 350 and other companies are widening; TCFD reporting issues are now a top concern.
FCA consultation: Proposed enhancements to the National Storage Mechanism aim to improve access to regulated information; consultation closed September 2024.
Investment Association Principles: New remuneration principles emphasize pay linked to performance for listed companies.
Wates Principles: Second review assessing disclosure against the Wates Principles by larger private companies. Slight improvement in governance disclosures; call for less boilerplate and more outcome-based reporting tied to strategy and culture.
Walker Guidelines: BVCA and PERG consulting on refreshing transparency guidelines for private equity; revised version due January 2025.
Stewardship Code: FRC announced major changes to reduce reporting burden and plans a formal consultation later in 2024.
Payment practices: Updated draft regulations effective 1 March 2025; new Fair Payment Code introduced to tackle late payments.
Summer 2024
General election & governance: UK general election announced for 4 July 2024; Parliament dissolved until 9 July, with King's Speech on 17 July outlining legislative priorities.
Sustainability disclosure requirements: UK Government progressing toward adopting ISSB standards (IFRS S1 & S2) as UK Sustainability Reporting Standards (UK SRS), with implementation targeted for 2026.
Transition Plan Taskforce (TPT): Final sector-specific guidance published for transition plans in high-emission sectors; expected to influence UK SRS transition planning requirements.
Diversity & ethnicity reporting: Parker Review shows 96% of FTSE 100 boards have ethnic minority representation; FTSE 250 progress ongoing, with targets due December 2024.
Gender balance: FTSE Women Leaders Review reports 42.1% female representation on FTSE 350 boards as of January 2024; leadership targets expected by end of 2025.
FCA ethnicity reporting update: FCA plans to align "Other Ethnic Group" category with ONS standards, offering broader self-identification flexibility.
Non-financial reporting: Government to raise company size thresholds by 50%, reducing reporting burdens; consultation open on exempting medium-sized firms from strategic reports.
Stewardship Code: FRC conducting a fundamental review of the UK Stewardship Code to balance global best practice with reducing reporting burdens; revised code expected early 2025.
Pre-emption rights monitoring: PEG's first report shows over half of FTSE 350 companies sought enhanced authority under 2022 principles for disapplying pre-emption rights.
Payment practices: Amendments require disclosure of retention clauses in construction contracts; new rules effective October 2024, with further reporting obligations from January 2025.
Spring 2024
2024 UK Corporate Governance Code: Updated guidance for boards, focusing on proportionate governance and flexibility. Most provisions effective for accounting periods starting 1 Jan 2025; internal control declaration from 1 Jan 2026.
FRC review of corporate governance reporting against the Corporate Governance Code: Encourages outcome-based reporting, better explanations for Code departures, and improved stakeholder engagement.
FRC private company reporting: FRC review of annual report and accounts of 20 largest private companies shows mixed quality; calls for clearer disclosures and tailored accounting policies.
New QCA Code: Updated governance code for growth companies, effective from April 2024, with focus on ESG and risk management.
Identity verification (ECCTA): Economic Crime and Corporate Transparency Act (ECCTA) introduces identity verification and other reforms to tackle financial crime.
Other Updates: Glass Lewis 2024 proxy voting guidelines, CGI ESG committee terms of reference, and amendments to Payment Practices Regulations for greater transparency.
