The government has published draft regulations to introduce new reporting requirements for large quoted and privately held companies. Particular areas of interest are the duty to promote the success of a company for the benefit of its members as a whole, levels of executive pay and corporate governance arrangements.
The draft Companies (Miscellaneous Reporting) Regulations 2018 form part of the package of corporate governance reforms announced by the government in August 2017 in response to its November 2016 consultation. The purpose of the new reporting requirements is to build confidence in the way that large quoted and private companies are run.
Companies meeting certain specific qualifying conditions will have to report as follows:
Subject to Parliamentary approval, the bulk of the regulations will apply to companies with accounting periods beginning on or after 1 January 2019.
BEIS has also published a set of frequently asked questions to help explain the new requirements. See https://bit.ly/2y7KvAk.
The government has published draft regulations to introduce new reporting requirements for large quoted and privately held companies. Particular areas of interest are the duty to promote the success of a company for the benefit of its members as a whole, levels of executive pay and corporate governance arrangements.
The draft Companies (Miscellaneous Reporting) Regulations 2018 form part of the package of corporate governance reforms announced by the government in August 2017 in response to its November 2016 consultation. The purpose of the new reporting requirements is to build confidence in the way that large quoted and private companies are run.
Companies meeting certain specific qualifying conditions will have to report as follows:
Subject to Parliamentary approval, the bulk of the regulations will apply to companies with accounting periods beginning on or after 1 January 2019.
BEIS has also published a set of frequently asked questions to help explain the new requirements. See https://bit.ly/2y7KvAk.