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Published: 17 February 2026
Provision 29: The Goldilocks phase and beyond (PDF)
PDF Report: Learn about companies’ latest progress towards Provision 29 compliance
In brief:
- Revised Provision 29 introduces a requirement for boards to monitor and review the risk management and internal control framework and declare the effectiveness of material controls.
- Companies are now in the ‘Goldilocks phase’, calibrating their approach — refining material control populations, enhancing information flows, validating project design through internal and external input and benchmarking against peers to confirm they are doing not too much, not too little, but just enough for their circumstances.
- Next steps focus on readiness for 2026/27, including securing agenda time, running post–dry-run debriefs, finalising board reporting format, drafting disclosures, preagreeing declaration wording and validating whether material control populations, criteria and confidence strategies identified in the preparatory phase remain appropriate for the year ahead.