Provision 29 and the Trust Deficit: How UK Boards Can Convert a High-Stakes Declaration into Credible Assurance

Provision 29 of the UK Corporate Governance Code 2024 requires boards to monitor and review the company’s risk management and internal control framework, then state in the annual report how that review was performed, declare whether the company’s material controls were effective at the balance sheet date, and describe any material controls that were not effective and the remediation taken or planned. The Provision applies for financial years beginning on or after 1 January 2026 and covers material controls across financial, operational, reporting and compliance domains. There is no mandatory external assurance, and the requirement operates on a comply or explain basis.