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As 2016 draws to a close, 2017 looks like it will be a year where the good governance of companies will be a hot topic. Following the Prime Minister’s speech at the CBI Annual Conference at the end of November, which focused on reforming corporate governance, BEIS has now published a Green Paper on corporate governance reform (see Green Paper for further details).
The Green Paper seeks views on a variety of potential changes to corporate governance structures in the UK, focussing primarily on:
Since becoming Prime Minister, Theresa May has made a series of speeches highlighting the “importance of building an economy that works for everyone, not just the privileged few” and of restoring the confidence of the public in the business community following the damaging behaviour of a small minority of large corporates.
However, the proposals set out in the Green Paper are perhaps not as radical as was originally suggested – earlier in the year the Prime Minister had indicated that there could be mandatory rules for employee and consumer representatives to have seats on large private company boards. It is now clear from the Green Paper that the 'voice' of these stakeholders can be achieved in other ways - and that whilst companies should have the right to appoint stakeholder representatives to the board on a voluntary basis, the government will not be proposing to mandate the direct appointment of employees or other interested parties to company boards.
The Green Paper contains a wide range of proposals on which the government is seeking views. It is also clear that the government is interested to hear suggestions on any other ideas or proposals that could be explored which may strengthen the UK’s corporate governance framework. The proposals are open for consultation until 17 February 2017 and we will issue a further update once the outcome of the consultation is known.
In January this year, the ICO announced that it issued more than £1m in penalties since last April to firms breaking marketing rules and that a further £2m of penalties were in the pipeline. This workshop will provide you with practical, legal and tactical advice on managing ICO investigations.
This MSB Club will focus on digital awareness as you grow your business, how to keep the hackers at bay; what do you need to know about new regulations that are coming into practice.
Where someone’s private information has been disclosed, how do you determine the compensation they should receive?
The FCA’s Asset Management Market Study: Interim Report was released in November 2016.
Every Project Agreement has clauses which seek to restrict how the contract is varied.
Further changes to company and LLP reporting are currently expected to come into force on 6 April 2017.
The content on this page is provided for the purposes of general interest and information. It contains only brief summaries of aspects of the subject matter and does not provide comprehensive statements of the law. It does not constitute legal advice and does not provide a substitute for it.
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