The governance code is a voluntary code that promotes good practice for charities in England and Wales, and the latest version was launched in 2017.
The new consultation, which will run until 28 February, will focus on several areas, including how to improve awareness and take-up of the code, diversity, safeguarding and how the code is being used.
Research carried out by the audit, tax and consulting firm RSM earlier this year suggested that less than half of charities were including the code’s recommendations in their annual reports.
Rosie Chapman, chair of the Charity Governance Code Steering Group, said the group was looking to review the code every three years and promised a "refresh" rather than radical changes.
"We want to ensure that the code stays abreast of good governance expectations and that it remains relevant and credible," Chapman said.
"We know that many charities are still working through the code’s recommendations, so we are planning a refresh rather than a radical overhaul and want to make changes only where they are urgently required."
Chapman said diversity and safeguarding would be key areas of focus for the consultation.
"We are keen to get people’s views on how they are using the code and on whether there are some pressing areas where the code needs to change," she said.
"In particular, we are interested in hearing whether the code needs to reflect changing expectations of diversity and inclusion, and whether it should say more about charities’ responsibilities for the right to feel safe and safeguarding."
Details on how to respond to the consultation can be found here.