The death of a crane driver has led to the conviction of corporate manslaughter for a mobile crane hire company, making it the first in the UK to suffer such ignominy. Despite the verdict being handed down before the introduction of new, tougher Sentencing Guidelines this month, the level of the fine sends out a strong message to all UK organisations that may need to invest further in risk and compliance services. Continue reading
Smith and Ouzman case shows the very real costs of bribery
If there is one recent development that will have increased the importance of many organisations to undertake a comprehensive company governance review, it is surely the recent case of the Eastbourne printing firm, Smith and Ouzman Limited, which was hit with a £2.2 million fine in relation to bribery offences. Continue reading
Why it isn’t always a good idea to ‘buy back’
In 2014, a $1 billion share buyback programme was initiated by Glencore plc, the biggest mining company in the world that has also strong interests in coal, copper and commodities. This move typified an ongoing trend of companies acquiring their own shares that has proved especially prevalent in the United States, with 2014 seeing a more than 50% rise in the use of company buybacks. Continue reading
Lord Davies sets 2020 target of one-third female FTSE 350 boards
Lord Davies’ final summary report on increasing the representation of women on the boards of FTSE companies will make interesting reading for many of those organisations conducting a corporate governance review or taking advantage of any of London Registrars’ other governance and compliance services.
Women on boards: 5 year summary was issued on 29th October 2015, with the Government fully supporting all of its recommendations – including a new target for the proportion of women on the boards of the UK’s 350 biggest companies (the FTSE 350) to reach 33% by 2020. This would amount to about 350 more women board members. Continue reading
New Enterprise Bill aims to encourage UK business
It will doubtless be hoped by Government that limited company incorporation services like those offered by London Registrars will be in even greater demand following the publication of a new Enterprise Bill aimed at driving growth, creating jobs and ensuring “economic security for all”. Continue reading
Corporate Manslaughter and Corporate Homicide Act 2007
Introduction
The Corporate Manslaughter and Corporate Homicide Act 2007 (‘the Act’), which came into force in April 2008, was a landmark in law which for the first time allowed the authorities to prosecute organisations where a corporate management failing has led to the death of an individual, resulting from a breach of Health and Safety at Work. Continue reading
Good intentions are major factor in ‘market value’ intra-group transfers
One subject that may puzzle those approaching London Registrars for commercial law consultancy services is that of intra-group transfers of assets – including shares in other group companies – by sale or distribution. While such transfers are common in corporate transactions such as group restructurings, demergers and pre-sale reorganisations, ensuring that such transfers are at ‘market value’ has long worried some company directors. Continue reading
London Stock Exchange consults on AIM rule changes
News that any AIM company secretary should be firmly aware of is the recent release by the London Stock Exchange (LSE) of a notice, to Nominated Advisers and all AIM companies, that it is consulting on proposed alterations to the AIM Rules for Companies. Such changes will apply to both investing companies and AIM companies undertaking a fundamental change of business, with the AIM Note for Investing Companies also being modified as a result. Continue reading
Requirements for when an auditor leaves office now simplified
Many of those that have changed auditors for their companies will not need to be reminded of the, obligations are outlined in the Companies Act 2006 on both an outgoing auditor and the company that it is ceasing to audit. These measures ensure that both company shareholders and the appropriate authorities are informed about the departure of the auditor and the reasons why. Continue reading
Government issues response on nullifying ban on invoice assignment contract clauses
With so many of those that take advantage of London Registrars’ business formation services being frequently anxious about accessing finance and maintain their company’s cash flow, they may be interested to read the Government’s response – released in August – on the subject of nullifying the ban on invoice assignment contract clauses. Continue reading