The Financial Reporting Council (FRC) UK Corporate Governance Code (2024) contains 18 principles (A-R).
These include key requirements, italicised below, which are readily delivered or enabled by an IMS.
SECTION 1 - BOARD LEADERSHIP & COMPANY PURPOSE
- A The board should ensure that the necessary resources, policies and practices are in place for the company to meet its objectives and measure performance against them;
- B The board should establish the company’s purpose, values and strategy, and satisfy itself that these and its culture are aligned;
- E The board should ensure that workforce policies and practices are consistent with the company’s values and support its long-term sustainable success. The workforce should be able to raise any matters of concern.
SECTION 2 - DIVISION OF RESPONSIBILITIES
- I The board, supported by the company secretary, should ensure that it has the policies, processes, information, time and resources it needs in order to function effectively and efficiently.
SECTION 4 - AUDIT, RISK & INTERNAL CONTROL
- M The board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of internal and external audit functions and satisfy itself on the integrity of financial and narrative statements;
- O The board should establish and maintain an effective risk management and internal control framework, and determine the nature and extent of the principal risks the company is willing to take in order to achieve its long-term strategic objectives.