With effect from the financial year commencing 1 April 2011, National Grid is subject to the UK Corporate Governance Code (the Code).  The Code sets out principles and provisions relating to the good governance of listed companies.

The Board considers that it complied in full with the provisions of the Code during 2011/12 with the exception of the recruitment process for one of the Non-executive Directors.  Further information is available within the National Grid plc Annual Report and Accounts 2011/12.

Key documents associated with Corporate Governance are available in this section.

• Davies Review 'Women on boards'
• Articles of Association
• Matters Reserved for the Board 
• Board Committees - Terms of Reference
• Code of Ethics for Senior Finance Professionals
• Management Philosophy
• Our Policies
• Public Position Statements
• Other Governance Documents

The Company is listed on the NYSE and is therefore required to disclose differences in its corporate governance practices adopted as a UK listed company, compared with those of a US company. The corporate governance practices of the Company are primarily based on the requirements of the UK Corporate Governance Code (the Code) but substantially conform to those required of US companies listed on the NYSE.

The following is a summary of the significant ways in which the Company’s corporate governance practices differ from those followed by US companies under the Section 303A Corporate Governance Standards of the NYSE.

• The NYSE rules and the Code apply different tests for the independence of Board members.
• The NYSE rules require a separate nominating/corporate governance committee composed entirely of independent directors. There is, however, no requirement for a separate corporate governance committee in the UK. Under the Company’s corporate governance policies, all Directors on the Board discuss and decide upon governance issues and the Nominations Committee makes recommendations to the Board with regard to certain of the responsibilities of a corporate governance committee.
• The NYSE rules require listed companies to adopt and disclose corporate governance guidelines. While the Company reports compliance with the Code in each Annual Report and Accounts, the UK requirements do not require the Company to adopt and disclose separate corporate governance guidelines.
• The NYSE rules require a separate audit committee composed of at least three independent members.  While the Company's Audit Committee, having a membership of five independent Non-executive Directors, exceeds the NYSE's minimum membership requirements, it should be noted that the quorum for a meeting of the Audit Committee, of two independent Non-executive Directors, is less than the minimum membership requirements under the NYSE rules.