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03/11/2005
Bill introduced to reform company law
Proposals aimed at simplifying and improving company law were introduced to MPs today as the government unveiled the Company Law Reform Bill, which was published today.
Deregulation is at the heart of the Bill, which contains proposals to save businesses up to £250 million a year - including £100 million for small businesses.
Company law will also be recast to make it easier to understand and more flexible - especially for small businesses.
The plans are designed to help ensure that Britain remains one of the best places in the world to set up and run a business. The plans are also designed to help keep the regulatory burden on business to a minimum, promote shareholder engagement and encourage a long-term investment culture.
Trade and Industry Secretary Alan Johnson said: "An effective framework of company law and corporate governance will promote enterprise and help stimulate investment in the UK.
"We have focused throughout on making the law more accessible and 'thinking small first'.
"The Bill makes an important contribution to our better regulation agenda.
"These measures also represent a significant step forward in ensuring that our company law remains up to date, flexible, and accessible for everyone who uses it."
It is estimated that business benefits from these proposals are likely to total around £250m a year. This includes an annual £100m benefits for small companies.
The changes also include proposals to introduce auditor liability and boost audit quality.
The Bill also includes a new offence for recklessly or knowingly including misleading, false or deceptive matters in an audit report.
The EU Takeover Directive will be implemented in respect of the company law aspects of the European Transparency Directive.
Alan Johnson added: "We have consulted every step of the way. Our company law is central to corporate activity and this important updating will provide a tremendous boost for British businesses, large and small. We are determined to make sure that our law keeps step with economic needs. This Bill will help ensure that Britain remains a prime place for incorporation."
The CBI has broadly welcomed the proposals, in particular the deregulation aspects as this will ease the burden on many smaller employers.
(SP/KMcA)
Deregulation is at the heart of the Bill, which contains proposals to save businesses up to £250 million a year - including £100 million for small businesses.
Company law will also be recast to make it easier to understand and more flexible - especially for small businesses.
The plans are designed to help ensure that Britain remains one of the best places in the world to set up and run a business. The plans are also designed to help keep the regulatory burden on business to a minimum, promote shareholder engagement and encourage a long-term investment culture.
Trade and Industry Secretary Alan Johnson said: "An effective framework of company law and corporate governance will promote enterprise and help stimulate investment in the UK.
"We have focused throughout on making the law more accessible and 'thinking small first'.
"The Bill makes an important contribution to our better regulation agenda.
"These measures also represent a significant step forward in ensuring that our company law remains up to date, flexible, and accessible for everyone who uses it."
It is estimated that business benefits from these proposals are likely to total around £250m a year. This includes an annual £100m benefits for small companies.
The changes also include proposals to introduce auditor liability and boost audit quality.
The Bill also includes a new offence for recklessly or knowingly including misleading, false or deceptive matters in an audit report.
The EU Takeover Directive will be implemented in respect of the company law aspects of the European Transparency Directive.
Alan Johnson added: "We have consulted every step of the way. Our company law is central to corporate activity and this important updating will provide a tremendous boost for British businesses, large and small. We are determined to make sure that our law keeps step with economic needs. This Bill will help ensure that Britain remains a prime place for incorporation."
The CBI has broadly welcomed the proposals, in particular the deregulation aspects as this will ease the burden on many smaller employers.
(SP/KMcA)
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