General Code – nothing to fear for well-governed schemes

Helen Baker, partner, comments: “The long-awaited publication of the general code provides schemes with confirmation of TPR’s governance map so that they can chart their course for compliance. While its 171 pages make its length daunting, most of the changes, such as the inclusion of cyber security, were trailed in advance as part of the original consultation and so well-run schemes should have nothing to fear when it comes into force on 27 March. Schemes that have been focusing on governance can now take stock and put the finishing touches to their governance strategies, documents and processes.  For schemes with more to do, it is likely to make sense for them to review what they already do and focus on key areas in order to make the best use of time and scheme resources.

The general code is a key TPR publication and will become a crucial reference point for schemes.  That said, it is just one part of the evolution of scheme governance, which will continue to develop and should remain on the agenda.  A well-governed scheme adjusts and adapts to its regulatory landscape and the general code is the latest, but certainly not the last, addition to that.”