UK Corporate Update - March 2016

Updated PIRC corporate governance policy for 2016

Pensions Investment Research Consultants, the shareholder advisory body, has published updated Shareholder Voting Guidelines for 2016. These now set out PIRC’s corporate governance policies in a more concise way, with some changes from last year’s guidance.

EU referendum: new client briefings

The UK’s referendum on membership of the EU will be held on 23 June 2016. This short briefing provides an overview of the referendum’s implications for businesses and what might happen if the UK were to vote to leave the EU.

FRC flags topical reporting issues, including Brexit

A brief Financial Reporting Council letter to investors highlights recent changes in reporting with a view to encouraging investors to engage with the companies in which they invest.

FRC guidance on how to deal with volatility in annual reports

The Financial Reporting Council has published a letter to audit committee chairs on possible ways to address uncertainty and volatility in annual reports and accounts.

 ICAEW guidance on realised and distributable profits – amendments proposed

The Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland has published an update to Tech 02/10, their guidance on realised and distributable profits under the Companies Act 2006.

 Foreign companies active in the UK to disclose their beneficial owners

The Department for Business, Innovation and Skills has published a discussion paper setting out various proposals for requiring foreign companies to provide information on their beneficial ownership before they are able to buy land or property in England or Wales or enter into public procurement contracts in England.

Substance beats form when identifying reverse takeovers

As part of its quarterly consultation No.12, the Financial Conduct Authority is consulting on a change to Listing Rule 5 which would prevent a transaction being artificially broken up to avoid being classified as a reverse takeover. The consultation also contains proposals to set a reporting format for reports on payments to governments under the Transparency Directive and to update the Prospectus Rules to reflect recent publications by ESMA.

Invitation to Tweet? #TakeoverCode - the communication and distribution of information during a Code offer

The Takeover Panel has published a new consultation paper relating to the communication and distribution of information during an offer.

Download entire issue (as pdf)