The introduction of the 2024 Corporate Governance Code, effective from 1st January 2025, is set to impact businesses in a way that could significantly boost demand for interim finance professionals. Much like previous regulatory shifts, including the Sarbanes-Oxley Act and IFRS standards, the new Corporate Governance Code introduces stringent requirements aimed at enhancing transparency, accountability, and long-term sustainability within UK businesses.
Increased Reporting and Compliance Demands
One of the key drivers of interim staffing needs will be the increased emphasis on reporting transparency and compliance, including Environmental, Social, and Governance (ESG) reporting. Additionally, the introduction of IFRS 18 will further enhance transparency and accuracy by ensuring homogeneity in reporting taxonomy. This will require businesses to classify financial information correctly in primary statements, which may place extra pressure on existing finance teams. Companies should plan ahead, as interims are already being engaged in this type of work to meet these demands. Interim finance professionals, particularly those with experience in governance, risk management, and compliance, will be essential in helping companies navigate these evolving requirements.
Board-Level Financial Expertise
Another area where interim finance professionals could be in demand is board-level support. The 2024 Corporate Governance Code places greater emphasis on financial expertise at the board level, particularly in areas like audit committees, risk management, and strategic oversight. Many companies, especially mid-sized ones, may find gaps in these areas and require interim CFOs or finance directors to help steer the business through these complex changes. Experienced interim professionals can provide businesses with the high-level governance and financial expertise needed during this transition.
System and Process Overhauls
Much like the rollout of IFRS and Sarbanes-Oxley, the implementation of the 2024 Corporate Governance Code will require significant changes in financial systems and processes. Companies will need to improve their financial reporting frameworks, implement more robust risk management procedures, and ensure compliance with new governance standards. Interim professionals with experience in financial systems implementation and governance process design will be in high demand to support businesses as they update their frameworks to meet these new requirements.
Strategic Talent for a Period of Transition
The introduction of the 2024 Corporate Governance Code presents a unique opportunity for skilled interim professionals to pair with businesses needing immediate support. Interim experts can help companies adapt to the new governance expectations while ensuring compliance with the increased transparency and accountability demands. Whether it’s providing technical expertise in financial reporting, offering high-level governance support, or leading system upgrades, interim finance professionals will be critical to ensuring businesses meet the 2024 Code’s requirements.
The 2024 Corporate Governance Code will likely drive an increase in interim finance staffing needs as businesses face more complex reporting, governance, and risk management demands. Companies must plan ahead, as many interim professionals are already being taken up to guide organisations through these changes, ensuring compliance while maintaining operational continuity.