CRD IV also requires firms to provide clear accounts of the way their boards work and to write annual ‘updates’ that keep track of the ways in which they govern themselves. The intention is that no director should hold too many directorships, the better to ensure that he is able to devote enough time to […]
Read MorePREPARING YOUR ANNUAL REPORT AND AGM NOTICE
This briefing highlights the issues for listed companies to be aware of as they prepare for their 2014 AGM and the publication of their annual report and accounts. A key focus for many UK listed companies at this time of year is finalising their annual report and notice of annual general meeting. This briefing focuses […]
Read MoreUnknown unknowns – why company executives cannot afford to ignore legal risk.
Legal Risk Benchmarking Report: Survey Results and Analysis Eighty percent of company executives have little or no confidence in their organisation’s ability to manage emerging legal risks, according to a survey of senior business figures carried out by Berwin Leighton Paisner, which looks at how companies are tackling the legal aspects of operational risk. You […]
Read MoreFCA decides to fine and ban non-executive director for failing to disclose her conflicts of interest
The FCA has published a Decision Notice against Angela Burns, a former non-executive director, deciding to ban and fine her £154,800 for failing to disclose her conflicts of interest in breach of Principle 1 of the FCA’s Principles for Businesses. In 2006, Ms Burns completed a consultancy project for a US based investment manager. Shortly […]
Read MoreICSA guidance on liability of NEDs
The Institute of Chartered Secretaries and Administrators (ICSA) has published a guidance note on liability of non-executive directors (NEDs) in respect of care, skill and diligence. The guidance proposes ways through which NEDs can approach their work so as to allow them to demonstrate to a regulator, or in a court of law, that they […]
Read MoreSenior management responsibility – Mr Pottage a case study
Senior management responsibility – The Upper Tribunal reviews the standard – The Upper Tribunal (the tribunal) has recently overturned the Financial Services Authority’s (FSA) decision to hold John Pottage, former CEO at a large financial institution, responsible for an alleged failure to take reasonable steps to implement prompt measures to review and overhaul his firm’s […]
Read MoreProtecting directors: Get the details right
Protecting directors: Get the details right – It can be a risky business being a director of a UK company these days and we all know the common myth that the limited liability status protects directors personally against being sued – from action by shareholders, employees, clients, suppliers, regulators, or just about anyone else who […]
Read MoreFSA relaxes non-exec recruitment scrutiny
FSA relaxes non-exec recruitment scrutiny – The Financial Services Authority (FSA) is to relax its investigations into prospective non-executive recruits to banks and other financial services companies after complaints about the procedure, the Financial Times reports. The FT said firms had complained the process was making it harder for them to make non-exec appointments. It […]
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