Corporate weekly highlights—20 April 2017

Corporate weekly highlights—20 April 2017
Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 20 April 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: analysis of ICSA’s new terms of reference for audit committees; amendments to the Takeover Code and Takeover Appeal Board rules; the Takeover Panel’s decision to initiate proceedings against David King for failing to make a mandatory offer for Rangers International Football Club plc; and the FRC’s letter to investors on developments in financial reporting.
This update is part of the Lexis®PSL Corporate team’s news offering. Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.

Headlines (News updates & analysis)

Audit

ICSA's new terms of reference for audit committees—the changes in detail

In this analysis, Lexis®PSL Corporate gives a comprehensive summary of changes in ICSA’s latest version of its guidance and terms of reference for the audit committee.

ICSA: The Governance Institute has recently updated its guidance note and terms of reference for audit committees. Key changes affect the following terms: overlaps between committees, memberships, extensions of membership, electronic form, annual general meeting, financial reporting, narrative reporting, viability statement, internal audit, external audit, and risk management.

For details see News Analysis: ICSA's new terms of reference for audit committees—the changes in detail.

Public company takeovers

Panel amends Takeover Code, Takeover Appeal Board rules and Practice Statement 20

The Takeover Panel (Panel) has published two instruments amending the Takeover Code (Code). The amendments are minor in nature and were made without any formal consultation.

Instrument 2017/1 amends section 8 of the Introduction to the Code in order to remove any overlap with the Rules of the Takeover Appeal Board, which have also been updated.

Instrument 2017/2 amends Sections 3(a)(i) and (ii) of the Introduction to the Code to clarify the application of the Code to companies whose securities are admitted

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