18 April 2012
A reminder of the very useful legal and regulatory technical releases of the ICAEW and available on their website, including:
- Tech 01/11 guidance for directors on accounting records under the Companies Act 2006
- Tech 02/10 and 01/09 on distributable profits
- Tech 06/08 on financial and accounting duties and responsibilities of directors.
There is also a useful financial services release on the preparation of section 166 reports and financial reporting release on the disclosure of auditor remuneration; and various audit releases (for example, access to working papers, and auditors’ duty of care to third parties).
Posted in Companies Act 2006 and company law, Directors, Financial services and market conduct, Lobby groups, Reporting and accounts |
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18 April 2012
Guidance note on “Practical issues around voting at general meetings” published on 17 April 2012. Focuses on public company general meetings and addresses “the operation of the UK voting process” (in particular problems around the delivery, receipt and recognition of proxy votes), setting out the approach taken by the outsourced registrars – Computershare, Capital and Equiniti.
The Guidance contains a 2011 analysis by one registrar, showing how near to the proxy deadline most proxies are delivered: “48 hours before the Proxy Deadline most companies had received proxy appointments in respect of only 20% of capital; 24 hours before the proxy deadline this had risen to 50%; and by the Proxy Deadline itself had risen to almost 70%.”
Posted in Companies Act 2006 and company law, Corporate governance |
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18 April 2012
Reasons for change summarised by ICSA here.
Posted in Companies Act 2006 and company law, Tax |
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18 April 2012
By HSBC – announcement here. Marked by a speech by the Chancellor of the Exchequer here. “London has a long history of global financial inventiveness – from founding the first organised market for insurance for trading around the world hundreds of years ago, to the development of the Eurodollar markets through the 1960s, 70s and 80s, and global foreign equities trading in more recent times. RMB trading is the next step along a 400 year road.”
Posted in Financial services and market conduct, UK government |
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18 April 2012
“An accelerating wave of partner defections from the New York law firm Dewey & LeBoeuf is now threatening to violate the firm’s loan agreements with its banks.” – New York Times
Posted in Lawyers, United States |
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18 April 2012
A landmark moment in US corporate governance as Citigroup shareholders use their Dodd-Frank Act right to “say on pay” and vote against Citi’s executive compensation plan; see this comprehensive report by Reuters. The proxy advisory firms had advised a vote against the plan.
Posted in Corporate governance, Directors, United States |
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