Corporate weekly highlights—8 March 2018

Corporate weekly highlights—8 March 2018

This week’s edition of Corporate highlights includes the Pre-Emption Group’s reaffirmation of the expectations for disapplication of pre-emption rights thresholds, a recent Supreme Court judgment on the application of limitation periods on trustees who are company directors, an updated Precedent in our Equity Capital Markets topic area and a new Practice Note on 2017/2018 Corporate governance reforms.

Share capital

Pre-Emption Group reaffirms expectations for disapplication thresholds

In response to a new exemption from the requirement to publish a prospectus where the company wishes to admit securities to trading on a regulated market and those securities represent less than 20% of a class of securities already admitted to trading set out in the early provisions of the Regulation (EU) 2017/1129 (Prospectus Regulation) the Pre-Emption Group announced there would be no change to the flexibility permitted by its 2015 Statement of Principles.

In setting out their expectations of companies and investors, the Pre-Emption Group state that ‘whilst decisions about specific placings are a matter for individual shareholders’, the Statement of Principles reflect a generally agreed position (supported by the Pensions and Lifetime Savings Association and the Investment Association) and affirm that ‘to assist in a constructive discussion between companies and shareholders, companies should be mindful of the expectations included within the Statement of Principles’.

For further information, see LNB News 05/03/2018 132.

Corporate governance

FRC podcast on proposed changes to UK Corporate Governance Code

The Financial Reporting Council (FRC) has published the first in a series of podcasts. In the podcast David Styles, Director of Corporate Governance at the FRC, discusses the proposed changes to the UK Corporate Governance Code and how it will help promote trust in business for long term sustainable growth in the UK economy post Brexit.

Issues considered in the podcast include the broader interpretation that the FRC has taken of what governance means, which focuses on the relations between the board, the company and a wider range of stakeholders, the new requirement

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