Publication
The new framework for stopping scams before they start
Scams are a global phenomenon and no business is immune. In addition to reputational damage and a likely increase in customer complaints.
Global | Publication | December 11, 2015
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On December 10, 2015 the GC100 and Investor Group (the Group) published a statement regarding its Remuneration Reporting Guidance (the Guidance), which was originally published in September 2013, and was reviewed in December 2014 resulting in its 2014 Statement.
The Group has reviewed the Guidance and 2014 Statement in the light of the 2015 AGM season and other developments. After due consideration, the Group believes that the Guidance, as supplemented by the 2014 Statement, continues to serve its purpose effectively and no changes will be made.
The Group will undertake a full review of the Guidance and publish an update during 2016. As part of its review, the Group will take account of any relevant factors, including:
(GC100 and Investor Group, Directors’ Remuneration Reporting Guidance - 2015 Statement, 10.12.15)
On December 4, 2015 the Financial Conduct Authority (FCA) published its eleventh quarterly consultation paper (CP15/42) and an accompanying press release.
The FCA is proposing to make changes to different parts of the Handbook as follows:
On December 10, 2015 the Department for Business, Innovation and Skills (BIS) published an update to the draft Statutory Auditors and Third Country Auditors Regulations 2016 (the draft 2016 Regulations), which will implement the Statutory Audit Amending Directive and EU Audit Regulation in the UK. The draft 2016 Regulations were initially published with BIS’ consultation on the technical legislative implementation of the Directive and Regulation in October 2015, followed by amendments to the draft 2016 Regulations in November 2015.
The draft 2016 Regulations have been updated to include proposed amendments to the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 (the 2008 Regulations) and Part 42 of the Companies Act 2006 (the CA 2006) on Statutory Auditors.
The proposed amendments to the CA 2006 are:
The proposed amendments to the 2008 Regulations are:
Though comments are not being requested, BIS states that it is happy to receive comments on these changes despite the consultation period having ended.
(BIS, The Statutory Auditors and Third Country Auditors Regulations 2016, 10.12.15)
Publication
Scams are a global phenomenon and no business is immune. In addition to reputational damage and a likely increase in customer complaints.
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