The news was also covered in Mumbrella, who cover detail I won't cover here.
It is quite a sound document and written in plainer English, making it a great model for government agencies seeking to provide social media guidance to staff.
It is really guidance, rather than a 'Code' (which the Council explicitly states), and represents what they believe are the base level requirements in social media guidance for employees and for the use of social media by brands.
The guidance is also beta, developed by volunteers and subject to ongoing revision and improvement - which is probably just as well given they don't take into account the recent ruling of the Advertising Standards Board.
However it's a good starting point and well worth keeping on your radar.