The general election is now over, and Parliament has more time to deal with matters other than Brexit. The spotlight has therefore returned to corporate governance, with The Sunday Times reporting that the FRC is developing a “British version of Sarbanes-Oxley”. It reported that this would “heap more responsibility on to directors, asking them to vouch regularly for the integrity of their financial controls and – if passed into law in the UK – opening the possibility of criminal proceedings against chief executives and finance directors for reporting misleading statements to the market.”
BBC news alerts on our phones seem to be constant these days. There is of course the small issue of Brexit which is keeping journalists occupied. However, the state of the economy also features heavily in the news: large corporate collapses have dominated the headlines in recent times.
Treating a director who is a minority shareholder fairly in both their involvement in the management of a company and in any offers to acquire their shares is of paramount importance to defeating an unfair prejudice petition.
Company directors increasingly have to deal with personal identity theft on top of already substantial compliance requirements to meet their directors’ duties. The risk of identity theft is even greater for those company directors based in London than in other areas of the United Kingdom.