Corporate governance: Regulatory updates

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Read Policy Pulse, our latest Regulatory & Public Policy update.

Policy Pulse
July 2016

The UK is currently experiencing a wide range of regulatory changes, and the way we do business is evolving apace. Policy Pulse provides you with the insight and questions that will help you navigate your way through these developments and capitalise on the opportunities they present. In this, our second edition, we cover:

  • Long term value: Financial reports have lost most of their usefulness and relevance to investors, which is largely due to the lack of any clear consensus on what is meant by performance. This primarily results from a lack of alignment between performance reporting and the business drivers of value creation, including the intangible value-creating resources of business enterprises. This article addresses the need to develop a substantially more transparent system of financial reporting that distinguishes between past performance and long term value creation.
  • Brexit: all bets are off! What now for UK policy and regulation? The result of the referendum was a surprise for many in the UK and elsewhere. For those who predicted political and economic upheaval, it was a disappointing outcome. But that was then, and this is now. So in this issue of Policy Pulse we consider what comes next.
  • Country–by-country (CBC) reporting - a taxing challenge for multinationals: Although Brexit means the UK may not be required to implement this amending Directive, the reporting requirements of the Directive are expected to apply to non-EU multinationals doing business in the EU (e.g., post-Brexit UK incorporated group companies). This article considers the implications for UK companies.
  • Non-financial reporting in Brexit Britain: In December 2012 the European Commission (EC) published its Corporate Governance Action Plan, prompted in part by the fallout from the financial crisis of 2008. One of its proposals included the introduction of a Directive requiring EU member states to legislate for non-financial reporting. The UK is required to put these changes into effect by 6 December 2016. This article explores the next steps and potential implications.
  • Competitive tenders - from good practice to legal practice: Now that EU audit reforms are finally implemented in the UK, companies affected by them (Public Interest Entities) are getting to grips with the detail. Many are likely to be encountering the full implications of these changes for the first time. Indeed one aspect in particular, related to the task of mandatory audit firm rotation, seems to have come as a surprise to some. In this article we look at the new legal requirements for competitive audit tenders.
  • Recent regulatory updates - developments worth watching: We highlight examples of some recent regulatory developments which will have long term implications for companies and their stakeholders.

The UK is currently experiencing a wide range of regulatory changes, and the way we do business is evolving apace. Policy Pulse provides you with the insight and questions that will help you navigate your way through these developments and capitalise on the opportunities they present. In this, our first edition, we cover:

Dialogue with investors: what investors really think
Audit innovation: a big deal over big data
Corporate culture: coming of age with new management techniques
Succession planning: rising to the top of the FRC’s agenda
Audit committee chairs: implications of EU audit reform
Recent regulatory updates: developments worth watching.

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