The following Corporate practice note provides comprehensive and up to date legal information covering:
Following the 2008 financial crisis and a number of high-profile corporate failures, there has been increased focus in recent years on the role of corporate culture in delivering long-term business and economic success. One manifestation of this was the Financial Reporting Council’s (FRC) ‘Report on Culture and the Role of Boards’ in July 2016 (FRC Culture Report), which included a number of recommendations on how boards can promote a healthy culture within their companies.
This Practice Note considers the role of boards and other bodies in shaping corporate culture, including best practice guidance published by the FRC and others. For further details on the role of culture in financial services firms, see Practice Note: The FCA’s expectations around culture in financial services firms.
In July 2018, the FRC published a revised version of the UKCG Code, which applies to premium listed companies with accounting periods beginning on or after 1 January 2019 (although companies may choose to comply with some or all of the provisions before this date). The FRC also published an updated its Guidance on Board Effectiveness.
Companies with accounting periods beginning before 1 January 2019 may continue to report against the 2016 version of the UKCG Code.
The importance of culture in delivering the long-term success of the company was given increased emphasis in the 2018 version of
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Breach of statutory dutyThis Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care
Multilateral Trading Facilities (MTFs)BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and
Sale of treasury sharesA limited company may hold, or deal with, shares in itself, if certain conditions set out in the Companies Act 2006 (CA 2006) are met. Those shares are held in treasury and referred to as the company's treasury shares.The treasury shares regime is set out in CA 2006, ss
Highways, street works and statutory undertakersCoronavirus (COVID-19): This Practice Note contains guidance on matters that have temporarily been altered to assist in the management of the coronavirus (COVID-19) pandemic. For further information, see: Traffic Orders Procedure (Coronavirus)
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