Governance & Compliance, episode 2: Internal controls and Provision 29 of the UK Corporate Governance Code

In the wake of corporate scandals, Provision 29 of the UK Corporate Governance Code has been revamped with implications for risk management and internal controls in many UK companies. With new rules set to apply for financial periods beginning on or after 1 January 2026, this podcast looks at how companies can prepare. In today’s episode Ashurst’s Will Chalk is joined by two people who were closely involved in industry consultations relating to the UK Corporate Governance Code; Ashurst risk expert Nisha Sanghani and ICAEW governance lead Peter van Veen. They consider what changes to Provision 29 will mean for regulated organisations in the UK. The episode includes a summary of what the new requirements involve and a practical road map for compliance, covering areas of greatest urgency, likely judgment calls, and the possible impacts for assurance. The trio also debate whether the description “Sarbanes-Oxley via the back door” is an apt one for revised Provision 29. To listen and subscribe to this podcast, search for ‘Ashurst Legal Outlook’ on Apple Podcasts, Spotify or your favourite podcast player. And to find out more about the full range of Ashurst podcasts, visit ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.