Regulatory and Public Policy updates
The UK is currently experiencing a wide range of regulatory changes, and the way we do business is evolving fast. 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. Our third edition covers:
- Culture: the key to sustainable growth
In July of 2016 the Financial Reporting Council (FRC) published the results of its study on corporate culture, which ‘looks at the increasing importance which corporate culture plays in delivering long-term business and economic success’. This includes the views and expertise of a number of organisations under the FRC's “Culture Coalition” banner, with findings from interviews with chairmen, chief executives and company secretaries from many of our clients.
- Regulatory spotlight shines again on executive remuneration
Since the Cadbury Report in 1992 executive remuneration has become increasingly topical among legislators and regulators, culminating in 2013 with new UK legislation on remuneration policy and reporting. It now seems as though everything is coming full circle with, amongst other things, the Government’s November 2016 green paper on corporate governance reform.
- Integrated reporting comes of age
More companies are adopting the International Integrated Reporting Framework’s principles, including the application of ‘six capitals’ in their annual reports and accounts. This enables them to publish Integrated Reports showing how their business model input capitals are converting into output capitals, creating competitive advantage, commercial return, and broader social value.
- Data protection: once more unto the breach
From 25 May 2018 EU member states will be expected to have implemented the General Data Protection Regulations (GDPR) and the Directive on the Security of Network and Information Systems (the Directive), which introduce several changes for EU citizens. The most notable will be more control over personal data, with the assurance that information holders subject to a security breach must report the incident within 72 hours. We take a look at these and other GDPR requirements from a Brexit perspective, with reference to guidance published on 5 October 2016 by the Information Commissioners Office (ICO).
- Investing in high quality audits
Regulatory oversight on audit quality has never been greater, which reflects the vital role played by auditors in the functioning of capital markets by promoting transparency and supporting investor confidence. We live in a world where the pace of change is relentless. Often referred to as the fourth industrial revolution, the combined effects of data proliferation, digital disruption, globalisation and technological advances are just some of the issues we grapple with as we continue improving the audit quality we pride ourselves on.
- Brexit: navigating uncertainty
Our thought leadership paper on Brexit’s impact on financial institutions operating in the UK explores some of the options and questions facing UK boards. We discuss the potential longer-term implications for the City of London, which will of course have ramifications for all kinds of businesses. This is especially the case in terms of having a ready access to primary markets to achieve a public listing, and/or the use of liquid secondary markets to attract new investors and finance for long-term growth.
- Recent regulatory updates – developments worth watching
Each Policy Pulse features a round-up of key regulatory and policy developments. Topics highlighted this time round range from audit quality inspections and a thematic review of tax disclosures, to proposals for improving gender balance and ethnic diversity on the boards of UK listed companies.