Provision 29: The End of 'Good Intentions' in Corporate Governance
The 2024 UK Corporate Governance Code's Provision 29 is live. Boards can no longer hide behind policy documents. You must now declare—with evidence—that your material controls actually work.
The 2024 UK Corporate Governance Code is no longer a draft. Provision 29 is now the law of the land for financial years beginning January 1, 2026. Boards are now required to issue a formal declaration regarding the effectiveness of their material controls.
'Trust me, we have a policy' is no longer a valid audit response. You must now provide evidence-based assurance. This includes financial, operational, compliance, and reporting controls. For most UK boards, this is a wake-up call to the reality of their internal governance maturity.
Accountability is the new currency. Firms that can prove the efficacy of their risk frameworks enjoy lower insurance premiums and higher investor confidence. Those that cannot are facing a new era of personal liability for directors.
Provision 29 is not a compliance burden. It is a commercial opportunity to prove your business is well-run.
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