The Financial Reporting Council has today begun consultation on proposed revisions to the UK Corporate Governance Code. The UK Corporate Governance Code sets out good practice for UK listed companies on issues such as board composition and effectiveness, risk management, audit committees and relations with shareholders. he proposed changes to the UK Corporate Governance Code include: (i) requesting FTSE 350 companies to put the external audit contract out to tender at least every ten years; (ii) asking boards to explain why they believe their annual reports are fair and balanced; (iii) encouraging more meaningful reporting by audit committees; (iv) providing more guidance on explanations that should be provided to shareholders when a company chooses not to follow the Code; and (v) the new Code will also embody provisions previously announced requiring boards to report on their gender diversity policies.