I’ve heard recently that a number of organisations have decided to include their slavery and human trafficking statement for this financial year in their annual reports, and are now in the process of working out what these statements will say. With that in mind, I thought this was a good moment to provide an overview of resources that could help.
Key themes and developments on the agenda for businesses in December include government proposals on corporate governance reform, reports on improving board diversity, ending quarterly reporting and continuing preparations for GDPR. There are also some developments to look out for which are expected in early 2017.
Practical Law has published expert commentary on the 2016 Autumn Statement. Leading tax experts gave us their views about the extension of corporation tax to non-resident companies, penalties for enablers of tax avoidance, reform of interest deductibility, modernisation of the substantial shareholding exemption, abolition of tax reliefs associated with employee shareholder status, the insurance premium tax rate hike and the R&D investment fund.
Practical Law has published an analysis of the key business tax announcements in the 23 November 2016 Autumn Statement.
Key new measures announced include a proposal to extend the corporation tax regime to all non-resident companies receiving income from the UK, the alignment of the employer and employee NICs thresholds from April 2017, the removal of the tax advantages of employee shareholder shares and a 2% increase in the rate of insurance premium tax.
Practical Law has also published a series of tailored updates that highlight the implications of the Autumn Statement for specific practice areas and industry sectors, including construction, financial services, property and telecoms.
In a speech at the CBI annual conference 2016 on 21 November, the Prime Minister, Theresa May, set out the Government’s vision for UK businesses including corporate governance reform. She confirmed that a green paper on corporate governance will be published later in the year that will address executive pay and accountability to shareholders.
This green paper will also look at proposals around ensuring the employee voice is heard by the Board. Statements made by the Prime Minister earlier in the year had suggested that the Government was considering proposals for companies to have employee directors on the board, however, in her speech to the CBI, the Prime Minister stated “categorically” that “this is not about mandating works councils, or the direct appointment of workers or trade union representatives on boards”. She indicated that some reform can be achieved by voluntary improvements in practice but stated that where voluntary plans do not go far enough, the Government is prepared to go further.
I’m conscious I seem to have been inundating this blog on the subject of data protection. I promise to move on soon but I’m at least heartened that there’s a well-defined market for my posts: insomniac lawyers. With the advent of the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) around the corner, data protection is making its steady climb towards the top of the charts of the things keeping in-house counsel awake at night.
So, for my last instalment for now, I wanted to share with you some key messages from Practical Law’s fifth annual Future of Data Protection Forum last week. Continue reading
Much has been written in the press about the Prime Minister’s statements on corporate governance and, in particular, on plans to have worker and consumer representatives on boards, which she referred to in her speech at the Conservative party conference on 5 October and during a press conference on 5 September at the G20 summit in China, among others.
Theresa May indicated that government proposals on corporate governance reform would be brought forward in the autumn and so a consultation is expected shortly. Separately, the Business, Energy and Industrial Strategy House of Commons Select Committee launched an inquiry into corporate governance in September, the terms of reference of which included examining if there should be worker representation on boards and remuneration committees and, if so, in what form. Continue reading
Matthew Hancock MP, the Minister of State for Digital and Culture, reaffirmed the UK government’s commitment to a strong framework for data protection and privacy in his keynote speech at Practical Law’s fifth annual Future of Data Protection Forum this week. Continue reading
Are ‘bots a good thing? That was the question posed by IAG’s Head of Digital at our recent legal conference as he espoused the virtues of businesses keeping pace with digital developments to confront the threats such advances could otherwise pose. The legal and compliance teams from each group company had met to discuss best practice, provide an update on IAG’s strategic focus and digital initiatives, and team-build through exploring our own and our team’s personality traits.
Matthew Hancock MP, the Minister of State for Digital and Culture, will be giving a keynote speech on Brexit and the implications for the UK data protection landscape next Tuesday, 8 November, at Practical Law’s Future of Data Protection Forum. I look forward with interest to what the minister will have to say. Continue reading