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This week’s edition of Corporate highlights includes news of an independent review of the FRC, an update on the timing of the upcoming corporate governance reforms, the IMF’s findings on the use of tax havens by empty corporate shells and some news analysis on the Corporate Manslaughter and Corporate Homicide Act 2007.
The House of Commons Library has published a briefing paper, Corporate Governance Reform. Thebriefing paper provides an overview of the corporate governance framework in the UK, including the history of the UK Corporate Governance Code (UKCG Code) and the interaction of the UKCG Code with directors’ duties under the Companies Act 2006. Thepaper also provides an overview of the corporate governance reforms announced by the government in August 2017 and provides an update on timescales.
The reforms announced by the government in August 2017 included secondary legislation that would require quoted companies and large public and private companies to make additional corporate governance disclosures and the government initially intended to bring these legislative reforms into effect by June 2018 to apply to financial years beginning on or after that date. Draft secondary legislation was planned to be laid before Parliament before March 2018, but this has been delayed. Thegovernment has therefore indicated that it is now more likely that the reforms will apply to financial years beginning on or after 1 January 2019, to coincide with the implementation of the revised UKCG Code.
For further details on the government’s reforms, see Practice Note: 2017/2018 Corporate governance reforms. For further details on the FRC’s consultation on a revised UKCG Code, see News Analysis: FRC consultation on revised Corporate Governance Code.
For further information, see news, LNB News 06/06/2018 77.
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