UK Corporate Update - October 2017

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

Welcome to the October 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.

At a glance: governance and risk developments October 2017
This month's one-page guide on governance and risk issues, including developments on the Government's corporate governance reform package, the final form Parker Report on ethnic diversity, company reporting obligations and AGMs.

Final Parker report calls for more directors of colour
The Parker Review Committee has now issued its final Beyond One by '21 report. The report calls for each FTSE 100 Board to have at least one director of colour by 2021 and each FTSE 250 Board by 2024.

FRC tells companies how they can improve their annual reports
The Financial Reporting Council has written to companies to remind them of recent changes to reporting requirements and to highlight areas where reporting could be improved when they prepare their annual reports in the 2017/18 reporting season.

Still room for improvement in listed company dividend disclosures
The Financial Reporting Lab (part of the Financial Reporting Council) has published a study on how companies have responded to its calls for better disclosure of dividends made in 2015.

BEIS consults on streamlined energy and carbon reporting framework
The Department for Business, Energy and Industrial Strategy is consulting on proposals for a simplified UK-wide energy and carbon reporting framework within the Companies Act 2006 business reporting regime.

Review of proxy adviser voting research and analysis
Best practice principles, intended to improve the efficiency and transparency of proxy voting services, were introduced in 2014. A review has been launched to consider whether they need to be revised, in the light of user experience and market and regulatory developments.

New ESMA Q&A on delaying disclosure of inside information
The European Securities and Markets Authority has updated its Q&A on the EU Market Abuse Regulation.

Ban on restricting assignment of receivables
Draft regulations have been published which will nullify contractual clauses which ban the assignment of receivables under a contract for goods, services or intangible assets.

UK Government publishes proposals to tighten control over takeovers based on national security concerns
The Department for Business, Energy & Industrial Strategy has published a Green Paper setting out proposals to give the Government greater scope to intervene in takeovers that raise national security concerns.