The House of Commons Public Administration and Constitutional Affairs Committee has this week launched an inquiry to examine the role and regulation of non-executive directors in Government departments. As part of the inquiry, the Committee will consider NEDs’ influence, responsibilities and background; how NEDs are appointed and held accountable will also be considered. For further
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UK: England and Wales: corporate criminal liability – options for reform published by Law Commission
The Law Commission for England and Wales has today published a paper setting out options for reform in respect of the criminal liabliity of companies. The paper does not make recommendations but provides, instead, ten potential reforms. These reforms include (a) permitting conduct to be attributed to a company if a member of its senior
UK: HM Treasury policy statement – the finance sector and critical third parties
HM Treasury has published a policy paper setting out, in general terms, its proposals to bring within the regulatory remit of the financial regulators certain third parties providing key functions and services to the finance sector (e.g., cloud-based computing services): see here. To quote directly from the policy paper (para. 1.6): Under this proposal,
UK: England and Wales: common law derivative claims
The ICLR has published a summary for the recently reported decision McGaughey v Universities Superannuation Scheme Ltd [2022] EWHC 1233 (Ch): see here. To quote directly from the summary: “In order to establish that they had standing or a sufficient interest to continue a claim, it was essential for derivative claimants to demonstrate
European Union: political agreement reached – gender balance on listed company boards
The European Parliament and Council have reached agreement in respect of a Directive, proposed many years ago, the aim of which is to increase the gender balance on the boards of listed companies: see here. Member States will have two years to implement the Directive following its publication in the Official Journal.
UK: Treasury consultation – the failure of systemic digital settlement asset (including stablecoin) firms
Her Majesty’s Treasury has published for consultation proposals to amend the Financial Market Infrastructure Special Administration Regime to deal with the failure of systemic digital settlement asset (including stablecoin) firms: see here.
UK: Takeover Panel consultation – 'acting in concert' and companies
The Takeover Panel has published for consultation proposed changes to the Takeover Code concerning the presumptions within the definition of ‘acting in concert’: see here (pdf). The current definition – presumption 1, applicable to companies – contains a threshold of 20%. The Panel proposes that this should become 30% (aligning it with the
UK: Government confirms proposals for audit and governance reform
The Department for Business, Energy and Industrial Strategy today published its response, and proposals, following last year’s white paper consultation Restoring Trust in Audit and Corporate Governance: see here (pdf). The accompanying press release is available here. The Financial Reporting Council – set to become the Audit, Reporting and Governance Authority
UK: NHS England consults on revised Code of Governance for NHS provider trusts
NHS England has published for consultation an updated edition of its Code of Governance for NHS provider trusts: see here. The Code will apply to NHS foundation trusts and, for the first time, NHS trusts, the consultation noting that “[d]espite their different constitutions, there are overarching principles of corporate governance that apply to both”
UK: FCA sets out plans for single segment listing regime
The Financial Conduct Authority has published a discussion paper, as part of its Primary Markets Effectiveness Review, in which it seeks views on reforms to the listing regime: see here (pdf). The FCA is proposing to introduce a single segment regime for commercial companies. Under this regime, companies would be subject to the