UK: Grant Thornton's housing governance review 2015

Grant Thornton has published a review of the governance of the the sixty largest (by income) not for profit registered providers of social housing in England: see here (pdf). The review is based on the disclosures contained in financial statements as well as best practice guidance including the 2010 edition of the code of governance published by the National Housing Federation.

Note - a revised edition of the NHF code of governance was published earlier this year: see here (pdf).

UK: Election 2015: Labour Party outlines corporate governance reforms

The Labour Party today published a manifesto for business, as part of its general election 2015 campaign: see here (pdf). The manifesto includes several corporate governance proposals:

We will give institutional investors a duty to act in the best interests of ordinary savers and to prioritise the long-term growth of the companies they invest in. We will change takeover rules to strengthen the role of long term investors by restricting voting to those already holding shares when a bid is made, and strengthen the public interest test to protect the UK’s science and research base. Everybody supports reward for outstanding achievement. Labour will improve the link between executive pay and performance by simplifying pay packages, putting employee representation on remuneration committees and requiring investment and pension fund managers to disclose how they vote on pay and other issues".

UK: The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 were made last week and come into force on 6 April 2015: see here or here (pdf). The purpose of the Regulations is to update and consolidate existing legislation on the content and presentation of company accounts, making amendments to Part 15 (Accounts and reports) of the Companies Act 2006 and other legislation, and in doing so implement Chapters 1-9 of Directive 2013/34/EU.

The Regulations will, for example, permit small companies to prepare an abridged balance sheet and abridged profit and loss account; they also remove the requirement for micro-entity companies (as defined by sections 384A and 384B of the Companies Act 2006) to prepare a Directors’ Report. Further information is available in the accompanying explanatory memorandum (here, pdf), impact assessment (here, pdf) and transposition note (here, pdf).

IOSCO publishes new Code of Conduct Fundamentals for Credit Rating Agencies

The International Organization of Securities Commissions has published a new edition of its Code of Conduct Fundamentals for Credit Rating Agencies. A copy of the new code is contained in Appendix A of the report published last week by the IOSCO, in which it explained the changes made in the new edition: see here (pdf).

UK: HM Treasury consultation - Markets in Financial Instruments Directive II transposition

HM Treasury has begun a consultation regarding transposition of the Markets in Financial Instruments Directive II: see here (pdf). The consultation paper is accompanied by four draft statutory instruments (see here) and an impact assessment (see here, pdf).