UK: Financial Services Bill 2010-12 - Report stage reached in Commons

The Financial Services Bill 2010-12, the purpose of which is to introduce a new financial regulatory framework in the UK, has reached the Report stage in the House of Commons. A copy of the Bill as introduced at this stage (including the amendments tabled for consideration), is available here.

A couple of amendments specifically related to corporate governance have been proposed by three MPs (Chris Leslie, Cathy Jamieson and Mark Durkan) who were on the Committee that considered the Bill before it reached Report stage. The first would require the new Financial Conduct Authority, in consultation with the Financial Reporting Council, to publish rules to improve the quality of stewardship by UK institutional investors. The second would require the making of Regulations under section 1277 of the Companies Act 2006 not later than 30 April 2013 in order to require institutions to publish information about the exercise of their voting rights in respect of listed company shares.