The British Beer and Pub Association has vowed to address the issues raised by the Business Skills Innovation and Select Committee (BISC) head on.
The BBPA, representing the pubcos, has been given a final warning to get its house in order before June 2011 or face statutory intervention.
The BISC report said the BBPA's new code was a "modest step" in the right direction and called for it to be treated as the minimum standard.
"We are determined to address the issues raised in the BISC report head on, by raising standards and putting into practice the new Framework Industry Code," said BBPA chief executive Brigid Simmonds.
"Companies will apply both the letter and spirit of that code in their own individual company codes within the next few months.
"This will deliver greater transparency to prospective tenants and lessees, more information, training and a low cost independent rent review panel for existing tenants and lessees.
"These are the essential building blocks for a new and constructive relationship.
"We invite wider industry groups to positively engage with, and work in partnership on, this programme for change and improvement."
She added: "We recognise that the Committee has given the industry time to implement the new Code and would be prepared at any stage to meet with the Committee again to discuss progress."