A UK government guide, “Small businesses: what you need to know about cyber security“, was published on 23 April 2013.
The associated BIS press release is here.
25 March 2013
Executive remuneration: second draft of proposed remuneration regulations, and FAQs document
On 11 March 2013 the Department of Business, Innovation and Skills published a second draft of the regulations which will implement the Government’s changes to the corporate governance framework for executive remuneration. As we discussed in this post of June 2012, the big change is to give shareholders in quoted companies a binding vote over executive remuneration.
The second draft of The Large and Medium-sized Companies and Groups (Accounts and Reports )(Amendment) Regulations 2013 is here. The BIS consultation page is here.
On 22 March 2013 BIS published a useful set of FAQs on these new regulations. Section C of those FAQs attempts to explain the implementation of the timing of the new regime.
4 March 2013
Company and business names: BIS starts consultation on simplification
As part of the Government’s “Red Tape Challenge”, the Department of Business, Innovation and Skills on 27 February 2013 launched a consultation on simplifying the company and business names rules. The consultation document is here; the consultation closes on 22 May 2013.
4 March 2013
“Micro entity” financial reporting: Government consults on how to implement the new EU regime
On 27 February 2013 the Department of Business, Innovation and Skills published a consultation document on “Simpler financial reporting for micro-entities: the UK’s proposal to implement the ‘Micros Directive’ consultation“.
The consultation follows the EU’s adoption in February 2012 of a “Directive on the annual accounts of certain types of companies as regards micro-entities - on which, see this post.
From the executive summary of the BIS consultation:
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2 January 2013
Companies Act 1985 used in Comet collapse investigation
One of the few provisions of the Companies Act 1985 which remain in force is being used in the Insolvency Service’s investigation into the demise of Comet. Section 447, Companies Act 1985 gives the Secretary of State “power to require documents and information” from a company.
13 December 2012
Kay Review: BIS Select Committee announces inquiry
Announcement here.
“The Business, Innovation and Skills Committee today announces its intention to inquire into the Kay Review of UK Equity Markets and Long-Term Decision Making and the Government’s Response to that Review.
The Committee invites submissions of evidence on the recommendations set out in the Kay Review and the Government’s plans for the implementation of its recommendations.”
Submissions are invited by 18 January 2013.
See also: Government response to the Kay Review: strongly supportive
4 December 2012
Delete “employee owner”, insert “employee shareholder”: Government publishes response to consultation on implementing employee ownership status
BIS has today published its response to the consultation which it launched on 18 October 2012 on its proposed new “employee owner status”, under which employees would sacrifice some employee rights in exchange for CGT-advantaged shares in their employer. We covered the consultation launch in this post.
The consultation response is here.
From the executive summary of the consultation response:
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28 November 2012
Government response to the Kay Review: strongly supportive
The Government published on 22 November 2012 its response to the The Kay Rcview of UK Equity Markets and Long-term Decision Making. The Kay Review – which we discussed in this post – made 17 specific recommendations aimed at, in the Government’s words, “reversing the culture of short-termism and restoring relationships of trust and confidence in the investment chain”; the Government response sets out its (overwhelmingly supportive in principle, if not in detail) stance on each of those recommendations
The BIS press release is here and the Government response document is here. From the press release:
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26 November 2012
Technology and Innovation Futures report from Horizon Scanning Centre
The Foresight Horizon Scanning Centre “helps Government to think systematically about the future by considering longer term issues across the entire public policy spectrum”. On 23 November 2012 the Centre published a refreshed Technology and Innovation Futures report, “identifying over 50 new and developing technologies which could generate billions for the economy in the future”. The report is here (also contains link to original 2012 report).
From the BIS press release:
“Government Chief Science Adviser Sir John Beddington, who led the research, said:
“It is more important than ever to invest in long-term opportunities for growth and this report provides insight into where that investment could have most impact. The Government’s core role, facilitating collaboration between industry and researchers, will be crucial to seizing opportunities for the future of the UK’s economic prosperity.”
Technologies and trends identified in the report include:
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29 October 2012
The future of narrative reporting: publication of draft regulations
The Government on 18 October 2012 published the draft regulations which will effect its proposed reform of companies’ narrative reporting. We discussed the proposals in this post of September 2011 and the Government’s response to its consultation in this post of April 2012.
The draft regulations are contained in this BIS document, “The future of narrative reporting: a new structure for narrative reporting in the UK“, and the accompanying BIS press release is here. The closing date for comments on the draft regulations is 15 November 2012.
The BIS document contains this summary of the proposals:
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18 October 2012
New “employee owner” status: consultation published, Government to look at simplifying CA2006 share buy-back rules
The Department of Business, Innovation and Skills has today published its consultation on implementing the Government’s proposed new “employee owner status”, under which employees would sacrifice some employee rights in exchange for CGT-advantaged shares in their employer. The BIS press release is here and the consultation document is here (pdf).
Amongst the many thought-provoking aspects of the consultation document is a suggestion is that the Companies Act 2006 rules on share buy-backs might be relaxed after consultation (page 18):
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