UK governance codes set out a clear framework for how Non-Executive Directors should carry out their responsibilities. This boardroom rulebook helps set a benchmark of what good governance looks like, which organisations, boards and Non-Execs can measure themselves against. Without them, boardrooms could slip into a corporate ‘wild west’ with plenty of power and no rules and order.
Since a one-size fits all code would not be effective across the whole economy, the UK has a number of governance codes. Whilst they are not official laws, governance codes are universally accepted standards of good practice to ensure that NEDs have both the authority and the guidance to act as effective stewards. They help to strengthen accountability, protect shareholder interests and support sustainable long-term success. Ignoring them can have legal, regulatory or reputational consequences for Non-Executive Directors.
Whether you are a first-time NED, an experienced Non-Exec, Chair or Trustee looking for a refresher, or taking on a board role in an unfamiliar sector, we’ve compiled a handy reference list of the key Governance Codes used across the UK.
| Code | Applies To | Mandatory? | Issued By |
| UK Corporate Governance Code | Premium-listed companies (Main Market) | Yes (comply/explain) | FRC |
| Wates Corporate Governance Principles | Large private companies* | Yes (apply/explain) | FRC |
| QCA Corporate Governance Code | AIM-listed & small public companies** | AIM Rule 26 | Quoted Companies Alliance |
| NHS Code of Governance / NHS Provider Licence | NHS Foundation Trusts & Providers | Yes | NHS England / NHS Improvement |
| NHF Code of Governance (2020) | Housing associations and registered social landlords | Usually mandatory via regulatory requirement | National Housing Federation (NHF) |
| Code of Good Governance for English Colleges | FE Colleges | Strongly recommended | Association of Colleges / DfE |
| PRA/FCA Corporate Governance Expectations | Financial Services (Banks, insurers, and other regulated firms) | Yes | Prudential Regulation Authority / FCA |
| Pensions Regulator’s Codes of Practice | Pension scheme trustees | Some codes mandatory | The Pensions Regulator |
| Corporate Governance Code for Social Enterprises (2019) | Social enterprises and community interest companies | Voluntary | Corporate Governance Association / SEUK |
| Delivering Good Governance in Local Government Framework | Local authorities and councils | Voluntary, best practice | CIPFA & SOLACE |
| Charity Governance Code | Charities in England & Wales | Voluntary | Charity Commission and sector bodies |
| Code of Corporate Governance for Policing Bodies | Police and crime commissioners, chief constables | Voluntary | CIPFA / Home Office |
| CUC HE Code of Governance | Higher Education (UK Universities and HE institutions) | Not legally mandatory, but expected by regulators | Committee of University Chairs (CUC) |
** a small to mid-sized company quoted on a public stock exchange, such as the Alternative Investment Market (AIM) or Aquis Stock Exchange, which is not a FTSE 350 company
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