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Friday 29 March 2013
Lithuania: governance code for companies listed on NASDAQ OMX Vilnius added to ECGI directory
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Albania: Corporate Governance Code for Unlisted Joint-Stock Companies added to ECGI directory
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Thursday 28 March 2013
UK: Takeover Code amendments published
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UK: BIS publishes FAQs for forthcoming remuneration reforms
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
dbis,
directors remuneration,
executive pay,
remuneration,
shareholder rights,
uk,
voting
South Africa: Supreme Court of Appeal considers auditor's liability
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UK: England and Wales: de facto and shadow directorships
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Wednesday 27 March 2013
UK: Law Commission project on the fiduciary duties of investment intermediaries
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
england and wales,
fiduciary,
kay review,
law commission,
uk
Tuesday 26 March 2013
UK: entry and expansion in the banking sector
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
bank of england,
banks,
financial regulation,
fsa,
uk,
uk fsa
Spain: CNMV's corporate governance action plan
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Monday 25 March 2013
Europe: Commission publishes green paper on long-term financing of the European economy
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For further information see: press release | FAQs | green paper (pdf) | accompanying working document (pdf) |
Labels:
asset management,
europe,
european commission,
fiduciary,
shareholder
UK: Financial Conduct Authority - publication of business plan and policy statements
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
BCBS consults on guidance for the external audits of banks
Friday 22 March 2013
UK: transposition of the AIFIM Directive - further consultation papers from the Treasury and FSA
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Labels:
aifm directive,
aifmd,
europe,
fsa,
hedge fund,
hm treasury,
investment funds,
private equity,
uk,
uk fsa
UK: company directors, mental health and the model articles
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Thursday 21 March 2013
UK: Lords defeat for Government over new employee shareholder status
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
UK: the new financial regulatory framework - more secondary legislation and MPC/FPC coordination
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
- The Bank of England Act 1998 (Macro-prudential Measures) Order 2013. An explanatory memorandum is available here (pdf).
- The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013. An explanatory memorandum is available here (pdf).
- The Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013. An explanatory memorandum is available here (pdf).
- The Financial Services Act 2012 (Consequential Amendments) Order 2013. An explanatory memorandum is available here (pdf).
Wednesday 20 March 2013
UK: FRC responds to Competition Commission report and possible remedies regarding the market for statutory audit services
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
audit,
competition commission,
frc,
shareholder,
uk
UK: consultation on code of practice for the relationship between the external auditor and Financial Conduct Authority
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Tuesday 19 March 2013
Europe: ESMA publishes its second report on the supervision of credit rating agencies
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Australia: ASIC reports on dark liquidity and high frequency trading
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/newflags/as-lgflag.gif)
Labels:
asic,
australia,
high frequency trading,
liquidity
Monday 18 March 2013
UK: Government responds to Heseltine review recommendations
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
enterprise act 2002,
heseltine review,
mergers,
takeover,
uk
UK: the new regime for the registration of company charges
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Friday 15 March 2013
UK: Financial Services (Banking Reform) Bill - committee stage amendments tabled
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
UK: ICSA publishes stewardship dialogue guidance
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
board of directors,
icsa,
institutional shareholders,
shareholder,
stewardship,
uk
UK: Banking Standards Commission publishes report on proprietary trading
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Australia: listed company boards and gender diversity policies
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/newflags/as-lgflag.gif)
Labels:
australia,
board diversity,
board of directors,
director
UK: Bank of England Quarterly Bulletin
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
bank of england,
banks,
financial regulation,
financial stability,
fpc,
pra,
private equity,
uk
Thursday 14 March 2013
UK: England and Wales: sole director could not claim for company's breach of health and safety obligation
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The Provision and Use of Work Equipment Regulations 1998 impose an absolute obligation that machinery in the workplace is to be adequately maintained. I understand the policy behind the imposition of the absolute obligation primarily to be, as Beatson LJ has explained, to protect the weaker party in the employer/employee relationship but also to encourage the highest standards of compliance on the part of the directors and others responsible for the performance of the company's absolute obligation. If the very director responsible for performing the company's obligation can himself sue the company for breach of that obligation, that policy will be significantly undermined."Update (18 March 2013) - the ICLR has provided a summary of the decision: see here.
Hong Kong: Companies Ordinance briefing notes published
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USA: the annual election of directors
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It's worth noting that the UK's Corporate Governance Code, in code provision B.7.1, provides that all directors of FTSE350 companies should be subject to annual election by the shareholders. This provision was introduced in 2010 and is subject to 'comply or explain'. Annual election has, however, become the norm with the Financial Reporting Council reporting last December that over 95% of FTSE350 companies are holding annual elections: see here (pdf).
Labels:
code,
director,
shareholder,
shareholder rights,
uk,
uk corporate governance code,
usa
UK: Financial Reporting Standard 102 issued by Financial Reporting Council
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
accounting,
europe,
financial reporting,
frc,
frs 101,
frs 102,
frsse,
ifrs,
uk
Wednesday 13 March 2013
UK: The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
UK: Remuneration reporting and voting - further consultation on draft legislation and debate in Parliament
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
The provision introducing the new binding shareholder vote in respect of remuneration policy is contained within the Enterprise and Regulatory Reform Bill (see clause 71) that is currently before the House of Lords, and which was debated earlier this week at report stage: see here. Several amendments to clause 71 were tabled (but not passed) including requiring the new binding shareholder vote on remuneration policy to be held annually and made subject to a higher voting threshold (a special resolution rather than an ordinary resolution). As presently drafted, the binding vote would be held once every three years where policy remains unchanged; changes to policy would require shareholder approval by way of an ordinary resolution.
Labels:
dbis,
disclosure,
executive pay,
remuneration,
uk
Tuesday 12 March 2013
UK: Financial Services (Banking Reform) Bill receives second reading in House of Commons
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Barbados: Central Bank's Corporate Governance Guideline
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Monday 11 March 2013
UK: implementing structural reform of the banking sector
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Whilst welcoming some of the Government's responses the Commission nevertheless believes that the Government has not gone far enough. The Commission states, for example, that provision for full separation should be included in the Bill and it also expresses concern with the Government's failure to accept the recommendation that banks be subject to higher leverage ratio (something to which the Commission will return in its final report).
UK: England and Wales: employee owed fiduciary duties
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
UK: The new financial regulatory framework - draft PRA and FCA Handbooks published
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Friday 8 March 2013
UK: England and Wales: duties of care and credit reference agencies
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
credit reference agency,
duty of care,
tort,
uk
UK: FInancial Services (Banking Reform) Bill - draft secondary legislation
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Thursday 7 March 2013
UK: Government proposals for consumer credit regulation
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Yesterday also saw the publication by the Government of its response to research concerning the impact on business and consumers of a cap on the total cost of credit and a payday lending compliance review undertaken by the OFT: see here (pdf). The Government has decided that a cap on the total cost of credit would not, at the moment, be the best solution to the problems that have been identified. Alternative approaches are instead outlined including advertising restrictions and OFT enforcement action where lenders fail to respond to the issues that have been identified.
Labels:
consumer credit,
fca,
financial conduct authority,
financial services,
oft,
uk
Wednesday 6 March 2013
UK: FSA chairman appears before the Parliamentary Banking Standards Committee
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
If you go back to the mid-1990s and the debates that broke out extensively about top-level remuneration at that stage, particularly in relation to utilities-we had the Greenbury report and so on-it is a reasonable interpretation, in retrospect, that transparency of executive directors’ pay probably drove a further increase in top executive remuneration. It made it easier for remuneration consultants to say, "Look, your chief executive is not being paid in the top quartile. Surely you want a top-quartile chief executive".
Labels:
banks,
executive pay,
fsa,
greenbury,
remuneration,
uk,
uk fsa
Tuesday 5 March 2013
UK: British business and short-termism - Cox Review report and recommendations published
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
code,
director,
executive pay,
labour party,
non-executive director,
remuneration,
shares,
uk
UK: Supreme Court hears argument in Petrodel case
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
england and wales,
shareholder,
uk,
veil of incorporation
UK: Transparency and the Financial Conduct Authority
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- The desirability in appropriate cases of each regulator publishing information relating to persons on whom requirements are imposed by or under this Act, or requiring such persons to publish information, as a means of contributing to the advancement by each regulator of its objectives.
- Regulators should exercise their functions as transparently as possible.
UK: FInancial Services Act 2012 - more Regulations and Orders made
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- The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013.
- The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013.
- The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013.
- The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013.
Monday 4 March 2013
Switzerland: results of the corporate governance referendum
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/newflags/sz-lgflag.gif)
Friday 1 March 2013
Switzerland: a referendum on corporate governance reforms
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/newflags/sz-lgflag.gif)
Labels:
executive pay,
remuneration,
shareholder rights,
switzerland,
voting
UK: introducing the new financial regulatory structure
![](https://www.cia.gov/library/publications/the-world-factbook/graphics/flags/large/uk-lgflag.gif)
Labels:
banks,
financial services,
financial services act 2012,
uk
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