UK: revised corporate governance code

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The FRC has published a new version of the UK Corporate Governance Code applicable to accounting periods beginning on or after 1 January 2019. The changes include a requirement to have a board-monitored whistleblowing mechanism and a mechanism for workforce engagement, additional diversity reporting requirements and a greater focus on diversity in succession planning, and that remuneration committees should take into account workforce remuneration policies when setting director remuneration. See our corporate governance briefing here for more detail. Reporting requirements for some companies have also been amended by the Companies (Miscellaneous Reporting) Regulations 2018 applicable to financial years beginning on or after 1 January 2019, introducing mandatory reporting on employee and stakeholder engagement and information on the ratios between CEO and average staff pay.