OECD Corporate Governance Factbook 2025: United Kingdom
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of the United Kingdom’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In December 2024, the Government adopted regulations that uplifted the monetary thresholds for company size classification and removed duplicative reporting requirements from the Directors’ Report. Further regulations were laid in April 2025 that removed reporting requirements from the Director’s Remuneration Report and made technical changes to the audit regime. Both regulations are now in force.
In January 2024, the Financial Reporting Council published the revised UK Corporate Governance Code 2024. The 2024 Code applies to financial years beginning on or after 1 January 2025, other than Provision 29 which will apply to financial years beginning on or after 1 January 2026.
In July 2024, the Financial Conduct Authority introduced the new Listing rules regime. The Listing Rules changes included merging the premium and standard listing categories into a single ‘commercial companies’ category, removed the need to vote on significant or related party transactions and offers flexibility around enhanced voting rights.
In June 2025, the Financial Reporting Council published the UK Stewardship Code 2026 to supersede the 2020 code, following a public consultation. The 2026 Code will take effect from 1 January 2026.
In June 2025, the Government published three consultations focused on establishing a sustainable finance framework; exposure drafts of UK Sustainability Reporting Standards (UK SRS) based on the Standards issued by the International Sustainability Standards Board; an oversight regime for sustainability related assurance; and climate related transition plan requirements.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
United Kingdom |
1 171 |
|
-16.9% |
USD 3 065 bn |
84.1% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* The FRC has updated the Stewardship Code 2026 which comes into force from 1 January 2026. The UK Stewardship Code 2020 is in effect in 2025.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
** In numbers presented within parentheses, the United Kingdom is counted under “Law/regulation/rule”.
* Some jurisdictions belong to multiple categories.