The Government is promising that 'far-reaching reform' to modernise corporate reporting and reduce the burden on businesses is on the horizon. However, the timing for that reform remains uncertain. In the interim, the 2025 annual report will mark the first year of reporting for many companies against the updated principles and provisions of the 2024 UK Corporate Governance Code (save for Provision 29 which we discuss in more detail below).

Both the updated 2024 UKCG Code and the themes coming out of the FRC's review of the most recent round of corporate governance reporting, encourage an enhanced focus on risk management and internal controls, a greater emphasis on outcomes-based reporting, and a more concise approach to reporting.

Against that backdrop, here are five key considerations for this year's reporting cycle, together with an annex setting the scene for what's on the horizon across the UK and EU.

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