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This week’s edition of Corporate highlights includes news of proposed measures to address late payments to small businesses by large companies, guidance published by the Building Societies Association on the revised UK Corporate Governance Code issued in July 2018, a poll by ICSA revealing that 70% of companies feel that having workers on boards would not be a good idea, the Financial Reporting Council’s plans to ensure that audit better serves the public interest and the launch of a Competition and Markets Authority study into the statutory audit market.
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The Small Business Minister, Kelly Tolhurst, has launched a call to evidence on proposed new measures to address the issue of large companies abusing their position in the market by delaying payments to small businesses. The call for evidence closes on 29 November 2018.
Almost a quarter of UK businesses have reported that late payments threaten their survival. Research conducted by the Federation of Small Businesses has determined that if this issue is addressed then £2.5bn could be added to the economy and an extra 50,000 businesses could remain open each year. The proposed measures include promoting innovative technologies, such as the latest accounting software, to assist small firms with the management of their payments processes. They aim to encourage trade bodies to highlight best and worst practices in payment behaviour in an effort to provide practical improvements and help small businesses grow.
The call for evidence seeks views on:
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