Embedding culture under the UK Corporate Governance Code 2024

1 July 2024

Under the UK Corporate Governance Code 2024, there is an obligation on the boards of premium listed companies to "assess and monitor... how the desired culture has been embedded." The previous version of the Code contained only a provision to assess and monitor culture, rather than also on how it has been embedded. Where it is not satisfied that policy, practices or behaviour throughout the business are aligned with the company’s purpose, values and strategy, the board should seek assurance that management has taken corrective action. The Annual Report should explain the board’s activities and any action taken. As with other Code requirements, reporting is on a 'comply or explain' basis. It applies to financial years beginning on or after 1 January 2025.

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