Corporate weekly highlights—13 January 2017

Corporate weekly highlights—13 January 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 13 January 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the Financial Reporting Council’s (FRC) annual report on developments on corporate governance and stewardship; the Takeover Panel’s statement in relation to the imposition of the cold shoulder sanction for a breach of the City Code on Takeovers and Mergers; a statement from the Financial Conduct Authority (FCA) reminding regulated firms of their obligations under the provisions of the FCA's Market Conduct sourcebook (MAR) to support the Takeover Panel's functions; European Securities and Markets Authority’s (ESMA) publication of extracts of enforcement decisions on financial statements; case analysis of a Court of Appeal decision considering whether a certain pensions arrangement amounted to a substantial property transaction; analysis pieces concerning corporate and corporate crime legal developments for 2017; and analysis pieces on the proposals in the draft Finance Bill 2017 concerning the Seed Enterprise Investment Scheme, Enterprise Investment Scheme and venture capital trust schemes, as well as corporation tax loss relief. We have also published a new Practice Note, three new Precedents and four new Q&As.

Headlines (News updates & analysis)

Corporate governance

FRC publishes annual report on developments in corporate governance and stewardship

The Financial Reporting Council (FRC) has published its annual report, Developments in Corporate Governance and Stewardship 2016.

The report states that while compliance with the principles of the UK Corporate Governance Code remains high, boards which choose not to follow its provisions give poor quality explanations for this, suggesting certain boards ‘need to do more than pay lip service to the needs of their shareholders and other stakeholders’. Consequently, the FRC is calling for greater oversight powers to encourage more focused reporting by boards on how they discharge their responsibilities.

Public company takeovers

Takeover Panel gives pair the cold shoulder

The Takeover Panel has issued a statement following a ruling by its

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