UK: Implementing the EU Non-Financial Reporting Directive

The Government has published its response in respect of the consultation earlier this year on implementation of the Non-Financial Reporting Directive (2014/95/EU): see here (pdf). A short summary of the Government's position, and proposed actions, is available here.

UK: Hampton-Alexander Review of women on boards - report and recommendations published

A report was published today by the Hampton-Alexander Review team: see here (pdf).  Several recommendations - endorsed by the Government - were made including that FTSE350 companies should aim for a minimum of 33% female representation on their boards by 2020. It is also recommended that FTSE100 companies should aim for a minimum of 33% female representation across their Executive Committee and in the Direct Reports to the Executive Committee by 2020.

The Financial Reporting Council has welcomed the report's publication - one of the review's recommendations was directed at the FRC - and added that "[in the] light of the current public debate on corporate governance, we stand ready to revise the UK Corporate Governance Code following the Government consultation": see here.

UK: the Government's corporate governance consultation

The Government's corporate governance consultation is expected to begin by the end of the year. One proposal championed by the Prime Minister was requiring companies to have employee and customer representation on their boards. It now seems - if there is truth in media reports over the past couple of weeks, including a report in today's Times newspaper - that the Government has decided against compelling companies to appoint an employee to the board.

Germany: Commission consults on amendments to the German Corporate Governance Code

The Corporate Governance Code Commission has published for public comment the amendments it proposes to make to the German Corporate Governance Code: see here. A copy of the Code, incorporating the proposed amendments, is available in English: see here (pdf).

Acknowledgements

I am grateful to Alan MacDougall and Francesco Navarrini of PIRC Ltd for bringing me news of the Commission's consultation.

UK: Implementing the Fourth Money Laundering Directive - Article 30 and beneficial ownership information

The Department for Business, Energy and Industrial Stragegy has published a discussion paper setting out possible options for the implementation of Article 30 of the Fourth Money Laundering Directive (Directive (EU) 2015/849): see here (pdf). Article 30 requires, broadly put, that Member States maintain central registers in respect of the beneficial ownership of companies and other legal entities (e.g., unregistered companies, credit unions; building societies). The Government's position is that the UK's existing PSC regime meets most of the requirements of Article 30 but that some additions and amendments are needed including bringing additional entities within the regime.