Malaysia: Launch of the Malaysian Code for Institutional Investors

The Securities Commission and Minority Shareholder Watchdog Group have launched the Malaysian Code for Institutional Investors: see here (pdf). The Code was developed by Malaysia's largest institutional investors and contains principles designed to promote effective stewardship.

UK: Law Commission publishes trade and industry statute law repeal proposals

The Law Commission, as part of its statute law repeals work, has proposed the repeal of legislation within the field of trade and industry, including the Companies Act 1947: see here (pdf).

UK: PRA consults on implementing the FPC recommendation on loan to income ratios in mortgage lending

The Prudential Regulation Authority published a consultation paper yesterday setting out how it proposes to respond to the recommendation made by the Financial Policy Committee that mortgage lenders limit the number of mortgage loans made at or greater than 4.5 times LTI to no more than 15% of their overall number of mortgage loans: see here (pdf).

UK: Glencore announces appointment of female non-executive director

Glencore yesterday announced the appointment of a new non-executive director - Patrice Merrin - and in doing so brought to an end its position as the last FTSE100 company without female representation on its board: see here.

UK: Small Business, Enterprise and Employment Bill 2014-15 introduced in Parliament

The Small Business, Enterprise and Employment Bill 2014-15 was introduced in Parliament yesterday and received its First reading: see here. Second reading is scheduled to begin today. A copy of the Bill, as introduced, is available here or here (pdf). Explanatory notes are available here or here (pdf). Further materials, including impact assessments, have been published by the Department for Business, Innovation and Skills: see here.

The Bill contains a wide range of provisions, including those for the establishment of a register of those with significant control over companies. It will also introduce a new general rule that company directors must be natural persons (at present, under section 155 of the Companies Act 2006, companies can act as a director of a company where that company has at least one director that is a natural person). This general rule can, however, be subject to exceptions determined by the Secretary of State.