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UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | August 31, 2018
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On August 26, 2018 the Department for Business, Energy and Industrial Strategy (BEIS) published its response to the insolvency and corporate governance consultation that it launched in March 2018. The response document summarises the responses received and sets out the Government’s proposed next steps. It also includes the Government’s response to the Review of the Corporate Insolvency Framework that it published in May 2016.
Response to the March 2018 consultation
The March 2018 consultation document focused on reducing the risk of major company failures occurring through shortcomings of governance or stewardship and it looked to strengthen the responsibilities of directors of firms when they are in or approaching insolvency. It also explored options to improve the Government’s investigatory powers when things go wrong. In light of the responses received, the Government proposes to take forward a number of actions, subject to further consultation where necessary.
In terms of strengthening corporate governance in pre-insolvency situations, the following is proposed:
Action to improve the insolvency framework in cases of major failure
The Government proposes the following:
Action to increase protections for creditors and achieve a fairer balance in insolvencies
The 2016 Review of the Corporate Insolvency Framework document proposed a package of measures designed to help companies in distress. The Government is now proposing a number of reforms designed to increase protections for creditors and to provide a fair balance between the rights of the company seeking to be rescued and the rights of the creditors seeking payment of the company’s debts.
These reforms include:
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
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Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
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International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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