What you need to know about Provision 29 of the UK Corporate Governance Code
Provision 29: Practical guidance and market insights
The UK Corporate Governance Code was updated in 2024 to place a stronger emphasis on a company’s risk management and internal controls reporting. The new requirement for a "material controls declaration" under Provision 29 has prompted boards to take a closer look at their governance frameworks and processes around risk management and internal controls.
The revised provision means boards must make an annual declaration as to the effectiveness of all material controls as at the balance sheet date. This includes those related to financial and non- financial reporting, operational activities, and compliance. The declaration should be accompanied by a disclosure providing information on the basis for the board's review and assessment of control effectiveness, with a description of any material controls that were not effective at the balance sheet date and any planned or implemented actions to remedy these.
On this page, you’ll find practical guidance and market insights to help you navigate the requirements.
“I'm seeing across the market that the revisions to Provision 29 are encouraging companies to take a more active approach to strengthening their internal controls and risk management. This reinforces the importance of audit teams providing insight and challenge to clients, to strengthen their organisational resilience and build sustained confidence in their control frameworks.”
“Drawing on our extensive engagement with companies and boards, we've developed a deep understanding of how the market is responding to revised Provision 29, helping organisations confidently navigate these changes and compare their approaches with industry trends”
Explore our guidance and insights
Access our practical guidance on how boards might support their approach to Provision 29, and insights from our extensive engagement in the market.
Practical guidance
Restoring trust series
Our Restoring Trust series includes a number of guides that offer valuable, practical support to companies who might be considering implementing some of the principles relating to the Government’s previous proposals around fraud, resilience, audit and assurance, and internal control frameworks.
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