Consultations on corporate transparency and Companies House

BEIS has published three consultation papers setting out proposed reforms in relation to increasing the powers of Companies House, improving the financial information which is filed with Companies House and implementing a ban on corporate directors. These consultations follow the Government’s consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities in 2019 … Read more

Shareholder meetings – Covid-19 relaxations extended

The government has made regulations that extend the relaxations to the company meeting requirements in the Companies Act 2006, which were introduced as a result of the Covid-19 pandemic, to 30 March 2021. Under the relaxations, which are set out in the Corporate Insolvency and Governance Act 2020 (see our corporate update 2020/14), shareholder meetings can take place … Read more

Filing accounts and confirmation statements

Companies House has said that it will no longer provide paper reminders to file confirmation statements and accounts. Companies can instead register to receive email reminders through the WebFiling service. Companies House is also asking companies to submit accounts early and preferably online. Paper accounts are six times more likely to be rejected compared to accounts filed electronically … Read more

ICO fine for data breach

The Information Commissioner’s Office (ICO) has fined Marriott £18.4 million in relation to a 2014 cyber-attack on Starwood Hotels, which Marriott acquired in 2016. The ICO had previously issued a notice of its intention to fine Marriott £99.2 million. The penalty notice does not explain why the final fine is considerably lower than this amount. … Read more

Covid-19 – latest developments for corporate practitioners

Contract issues Many contracting parties have already been affected by force majeure events arising out of the Covid-19 pandemic and the associated restrictions. Various locations around the globe are now experiencing a “second wave” of the pandemic and the re-imposition of restrictions. The second wave has important implications for contracting parties, some of whom may … Read more

ICO fine

The Information Commissioner’s Office (ICO) has fined British Airways £20 million for breach of the General Data Protection Regulation (GDPR) in relation to its 2018 data breach where the personal data of 500,000 customers was stolen by hackers. Whilst still the largest ICO fine to date, this is a significant reduction in the original proposed … Read more

FRC publishes AGM best practice report

The Financial Reporting Council (FRC) has published a report, AGMs: An Opportunity for Change, which reviews how listed companies conducted their AGMs this year against the backdrop of the Covid-19 pandemic. The report also sets out best practice guidance as to how listed companies could conduct their AGMs in 2021. The FRC reviewed AGMs held between … Read more

Criminal proceedings instituted against individuals for false and misleading statements

The Financial Conduct Authority (FCA) has announced that it has begun criminal proceedings against the former chief executive, the former chief financial officer and the former finance director of Redcentric Plc. The company issued unaudited interim results in November 2015 and audited final year results in June 2016 which it is alleged materially misstated its net debt … Read more

Government response on corporate transparency and Companies House consultation

The Department for Business, Energy and Industrial Strategy (BEIS) has published its response following its consultation on options to increase corporate transparency and enhance the role of Companies House. The key changes, which BEIS consulted on in 2019, are: Knowing who is setting up, managing and controlling companies – The government will introduce compulsory digital identity verification checks … Read more