Code of Practice for the Governance of State Bodies

The revised and updated Code of Practice for the Governance of State Bodies (2016) was designed to ensure that both commercial and non-commercial State bodies meet the highest standards of corporate governance. It provides a framework for the application of best practice and is intended to take account of developments in respect of oversight, reporting requirements and the appointment of Board members. The Code is based on the underlying principles of good governance: accountability, transparency, probity and a focus on the sustainable success of the organisation over the longer term.

The updated Code of Practice for the Governance of State Bodies is based on 4 key pillars:

• Values – Good governance supports a culture of behaviour with integrity and ethical values;
• Purpose – Each body should be clear about its mandate with clearly defined roles and responsibilities;
• Performance – Defined priorities and outcomes to achieve efficient use of resources resulting in the delivery of effective public services;
• Developing Capacity – Appropriate balance of skills and knowledge within the organisation, to be updated as required.

The updated Code is split into a suite of documents comprising the main code, as well as more detailed documents setting out its requirements. Please click on the links below to have access to these documents:

Code of Practice for the Governance of State Bodies;

Business and Financial Reporting Requirements;

Audit and Risk Committee Guidance;

Remuneration and Superannuation;

Board Self-Assessment Evaluation Questionnaire.

An additional guidance was published in November 2017: Implications for the Annual Financial Statements and the Annual Report.