Codes of Governance

Main Governance Codes operating in Republic of Ireland and Northern Ireland

All Codes listed provide a framework for the application of best practice in corporate governance. Each code is designed and tailored for a specific type of entity or sector, as outlined below, but in many cases the principles can have a broader application to other entities or sectors. It should be noted that the codes do not fully address the corporate governance requirements applying to any entity, therefore they should be this Code should be read in conjunction with the relevant legislative provisions for governance applying to that entity or sector.

Republic of Ireland

Code Applicable to Link
FRC: UK Corporate Governance Code Mandatory: Listed Entities on ‘comply or explain’ basis
Opt-in: Any other entity on a ‘comply or explain’ basis
FRC: Wates Corporate Governance Principles for Large Private Companies Opt-in: Any large company on an ‘apply and explain’ basis. Particularly useful for private companies of a significant size that may be required to disclose their corporate governance arrangements
Charities Regulator: Charities Governance Code Mandatory: Charities in Republic of Ireland on a ‘comply or explain’ basis.
Opt-in: Designed for charities but possible for the principles to be adopted by other entities in the not-for-profit sector
Department of Public Expenditure and Reform: Code of Practice for the Governance of State Bodies Mandatory: State Bodies, and their subsidiaries, and/or other organisations in receipt of state funding that have been formally required to comply. Compliance in full with certain exemptions for a “comply or explain” basis
Central Bank of Ireland: Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings Mandatory: Financial Services, specifically - Captive Insurance and Captive Reinsurance Undertakings
Central Bank of Ireland: Corporate Governance Requirements for Insurance Undertakings Mandatory: Financial Services, specifically - Insurance Undertakings
Central Bank of Ireland: Corporate Governance Requirements for Credit Institutions Mandatory: Financial Services, specifically – Credit Institutions
Central Bank of Ireland: Corporate Governance Requirements for Investment Firms and Market Operators Mandatory: Financial Services, specifically – Investment firms and market operators
Irish Funds Industry Association (“IFIA”): Corporate Governance Code for Fund Service Providers Recommended by the IFIA as a framework for good practice of corporate governance and oversight of fund service providers
Irish Funds Industry Association (“IFIA”): Corporate Governance Code for Collective Investment Schemes and Management Companies Recommended by the IFIA as requirements that an Irish authorised collective investment schemes and Irish authorised Management Companies should meet in the interest of promoting strong and effective governance
Sports Ireland: Governance Code for Sport Mandatory for sporting organisations receiving funding from Sports Ireland.

As of September 2019, this Code, based on the recently retired Governance Code for Community, Voluntary and Charitable Organisations (CVC Code), is pending

Northern Ireland

Code Applicable to Link
FRC: UK Corporate Governance Code Mandatory: Listed Entities on ‘comply or explain’ basis
Opt-in: Any other entity on a ‘comply or explain’ basis
FRC: Wates Corporate Governance Principles for Large Private Companies Opt-in: Any large company on an ‘apply and explain’ basis. Particularly useful for private companies of a significant size that may be required to disclose their corporate governance arrangements
Developing Governance Group: Code of good governance Recommended set of standards for governance in the voluntary and community sector. The Code is also supported by the Charity Commission for Northern Ireland
Civil Service Commissioners for Northern Ireland: NICS Code of Ethics While not a governance code, this code of ethics sets out the framework within which civil servants work and the values and standards of behaviour they are expected to uphold
Financial Conduct Authority (FCA): Governance Requirements in Financial Services There is no specific governance code issued by the FCA, however, there are very specific governance arrangements required, depending on the authorised regulated firm and the financial service market it operates in

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