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This week’s edition of Corporate highlights includes guidance issued by the Department of Business, Energy & Industrial Strategy (BEIS) on audit and accounting in the event of a no-deal Brexit, the publication of the Investment Association’s report calling for more transparency on FTSE companies’ dividend policies and new AIM guidance notes on nominated advisers and the use of the AIM Designated Market route to admission.
Directors and company secretaries
Accounts and reports
Equity capital markets (AIM)
Additional Corporate updates this week
Additional news—daily and weekly news alerts
Dates for your diary
The Department for Business, Energy & Industrial Strategy (BEIS) has published new guidance for stakeholders on how companies can ensure they comply with accounting and reporting requirements (see Accounting if there’s no Brexit deal), as well as how auditing professionals should prepare (see Audit if there’s no Brexit deal), if the UK leaves the EU in a ‘no deal’ scenario.
For further information, see: LNB News 24/05/2019.
Share Incentives analysis: Several corporate governance developments affecting remuneration come into effect this year. Nicholas Stretch, head of the Incentives practice at Ashurst, picks out the key changes and considers how companies will need to get to grips with them when reporting on executive pay.
For further information, see News Analysis: Preparing for the new corporate governance requirements on executive pay and employee engagement.
SI 2019/970: These Regulations were made on 22 May 2019 to implement in part EU Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017 amending EU Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement in the UK. Articles 9aand 9b of Directive 2017/828/EU are implemented to ensure that the implementation works with the framework already in place in UK legislation with regards to directors’ remuneration. The Regulations will come into force on 10 June 2019.
For further information, see: LNB News 09/04/2019 6.
The Investment Association (IA) has published a report, ‘Shareholder votes on dividend distributions in UK listed companies’, which calls for companies to be more transparent on their approach to paying dividends. The report forms part of an investigation into dividend payment practices carried out by the IA at the request of the UK government as part of its consultation 'Insolvency and Corporate Governance'. Lexis®PSL Corporate has also been following and tracking developments in the arena of dividends; see: Dividends 2019—Market Tracker Trend Report.
For further information, see: LNB News 28/05/2019 11.
The European Commission has published a Q&A document on Commission Delegated Regulation (EU) 2018/815, which was published in the Official Journal of the EU on 29 May 2019 and sets out regulatory technical standards (RTS) on the specification of the European single electronic reporting format (ESEF).
For further information, see: LNB News 29/05/2019 61.
The London Stock Exchange (LSE) has published two guidance notes as part of its Inside AIM newsletter, which look at staffing of nominated advisers (Nomads) and the use of the AIM Designated Market route to admission.
For further information, see: LNB News 28/05/2019 72.
This case related to a company’s share purchase agreement. The first defendant had no real prospect of successfully defending the claimant companies' claim for damages for, among other things, deceit in relation to the alleged misrepresentation of the financial circumstances of the first claimant company following the entry by the second claimant company into a share purchase agreement for the purchase of the first claimant's holding company. Consequently, the Commercial Court granted summary judgment on the first claimant's claim for damages against the first defendant. However, the court was not prepared to decide any other points on a summary basis, including the first defendant's counterclaim and additional claim.
For further information, see: Auden McKenzie (Pharma Division) Ltd v Patel  All ER (D) 130 (May).
This document contains the highlights from the past week’s news. To receive all our news stories, whether on a daily or a basis, amend your personal settings within your ‘News’ tab on the homepage by clicking on either ‘Email’ or ‘RSS’ (depending on how you prefer to receive them) on the right hand side of the blue banner.
To track key legislative and regulatory developments, see our Trackers:
Brexit legislation tracker
Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) timeline
Market Abuse Regulation timeline
Prospectus Regulation tracker
Transparency Directive tracker
Listing Rules tracker
Disclosure Guidance and Transparency Rules Sourcebook tracker
Prospectus Rules tracker
New Q&As added this week:
What is the difference between a traded company, a quoted company, and a listed company?
To view analysis of the latest deals in the market and the underlying transaction documents, use our Market Tracker deal analysis tool.
To read about the latest corporate announcements, see our Market Tracker weekly round-up—24 May2019.
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