The correct answer is: The UK Corporate Governance Code consists of basic principles and more specific provisions.

The UK Corporate Governance Code contains basic principles and more specific provisions underlying the principles. Compliance with the UK Corporate Governance Code is not mandatory for all companies worldwide, although listed companies in the UK have to state how they have applied the principles and if not, to explain why. The UK Corporate Governance Code is produced by the UK's Financial Reporting Council (FRC), not the London Stock Exchange. The UK Corporate Governance Code is updated as and when it is considered necessary.