UK Corporate Update - December 2017

The following topics are covered in this issue. Download the entire issue as a PDF

Welcome to the December 2017 issue of UK Corporate Update. This update will be of most use to General Counsel, Company Secretaries and other executives involved in corporate governance, company law and other aspects of listed and unlisted company management.

UK Corporate Governance - consultation on the Code and guidance on board effectiveness
Political pressure to rebuild public trust has led UK businesses and the Government to focus again on the role and obligations of business in society.

Virtual-only AGMs – voice added to the chorus of disapproval
The Investment Association has published a position statement on the use of virtual-only annual general meetings.

Investor dissent: public register published
The Investment Association has made available its public register of shareholder dissent in relation to resolutions at general meetings.

First fine on an AIM company for late disclosure under MAR
The FCA has imposed the first fine on an AIM company for late disclosure of inside information following the introduction of the EU Market Abuse Regulation.

ESMA consults on regulatory technical standards under new Prospectus Regulation
The European Securities and Markets Authority has published a consultation on its proposed regulatory technical standards under the new Prospectus Regulation.

Clarificatory changes to the Listing Rules and DTRs
The Financial Conduct Authority has, proposed minor changes to clarify Premium Listing Principle 6 on creation or continuation of a false market and DTR 7.2 on diversity reporting.

FRC publishes FAQs on non-financial reporting
The Financial Reporting Council has published Frequently Asked Questions to assist companies in complying with new requirements to disclose non-financial information in the strategic report. 

Revised guidance for auditors on preliminary announcements
The FRC has published a revised bulletin for auditors when agreeing to the publication of preliminary announcements.

Report highlights good examples of audit committee reporting
The Financial Reporting Council has published a report highlighting real-life, good practice examples of audit committee reporting.

UK GAAP simplification from 2019
The Financial Reporting Council has confirmed amendments to UK GAAP following its first review.