Corporate weekly highlights—15 February 2018

Corporate weekly highlights—15 February 2018
This week’s edition of Corporate highlights includes concerns over the ‘hostile’ takeover bid for GKN, News Analysis pieces on gender pay gap reporting and the new Prospectus Regulation, and QCA survey results on companies’ optimism over the UK economy.

Public company takeovers

Takeover bid for GKN raises ‘serious concerns about protection for vital industries’

Chair of the Business, Energy and Industrial Strategy (BEIS) Committee, Rachel Reeves, has written to the Secretary of State for BEIS regarding the ‘hostile’ takeover bid for GKN by Melrose, highlighting that it raises ‘serious concerns’ about protection for vital industries and industrial strategy. Reeves has asked about potential government intervention in the proposed takeover of GKN, and for assurance that Britain’s strengths in the automotive and defence sectors will not be undermined by the takeover.

Reeves seeks clarifications on particular aspects of the takeover, including: whether the current consultation on national security and infrastructure review will be expanded to include proposals that will allow wider scope for government intervention; whether there are sufficient grounds for the Secretary of State to intervene in the public interest on the grounds of national security; and whether proposals relating to dual use in the national security and infrastructure investment consultation would permit government intervention. Reeves has asked for a response by 20 February.

For further information, see: LNB News 08/02/2018 75.

Corporate governance

Gender pay gap reporting deadline: Q&A on requirements and emerging market practice

Corporate analysis: With the deadline of 5 April 2018 approaching for companies to submit gender pay gap information, the analysis includes a summary of the market practice observed so far.

On 6 April 2017, the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017, SI 2017/172 (the Regulations) came into force. The Regulations require employers with 250 or more employees to publish information on the gender pay gap in their organisation within one year, and on an ongoing basis for each subsequent year.

The objective of the Regulations

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