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16/09/2013
Cable Announces The End Of The Line For Dodgy Company Bosses
Reforms to improve the transparency around company ownership and the accountability of company directors have been announced today.
Business Secretary Vince Cable announced his intention to legislate for reforms to improve the transparency around company ownership and the accountability of company directors. His proposals come as the deadline to the 'Trust and Transparency' discussion paper draws to a close today, 16th September.
The proposals look to promote growth by improving confidence in the UK as an open and trusted place to invest and do business. Vince Cable proposes to legislate as soon as the parliamentary timetable allows.
In particular, the measures seek to address concerns that too many rogue directors have got off in the past with minimal repercussions for their actions. The following changes in the law were proposed:
• strengthening the rules to give investors and those who are owed money the confidence that rogue directors will be banned from running companies
• helping those who are owed money get compensation where they have suffered loss from a director’s criminal or reckless behaviour.
• ensuring that directors banned from running companies abroad cannot come to the UK to run British companies
• extending the investigation time granted for complex cases of director misconduct, to minimise any possible prosecutions being timed out
• raising standards of corporate behaviour by introducing special corporate behaviour training for banned directors who want to run a company again in the UK
Mr Cable said: "We need to see fairness and as well as trust in our director disqualification regime. For too long, a small rotten core has got away with either a slap on the wrist, a ban from working in their own industry or at the most, a time-limited ban.
"This neglects the fact that rogue directors' decisions affect the lives of the employees they are responsible for and the businesses they deal with. That is why I will beef up the laws to ban rogue directors from running British companies so dodgy directors face the strongest possible consequences for their irresponsible actions.
"We will bring these changes in before the end of this Parliament so we can help restore some of the confidence that has been lost due to serious mistakes and failures by company bosses over the past few years."
(CD)
Business Secretary Vince Cable announced his intention to legislate for reforms to improve the transparency around company ownership and the accountability of company directors. His proposals come as the deadline to the 'Trust and Transparency' discussion paper draws to a close today, 16th September.
The proposals look to promote growth by improving confidence in the UK as an open and trusted place to invest and do business. Vince Cable proposes to legislate as soon as the parliamentary timetable allows.
In particular, the measures seek to address concerns that too many rogue directors have got off in the past with minimal repercussions for their actions. The following changes in the law were proposed:
• strengthening the rules to give investors and those who are owed money the confidence that rogue directors will be banned from running companies
• helping those who are owed money get compensation where they have suffered loss from a director’s criminal or reckless behaviour.
• ensuring that directors banned from running companies abroad cannot come to the UK to run British companies
• extending the investigation time granted for complex cases of director misconduct, to minimise any possible prosecutions being timed out
• raising standards of corporate behaviour by introducing special corporate behaviour training for banned directors who want to run a company again in the UK
Mr Cable said: "We need to see fairness and as well as trust in our director disqualification regime. For too long, a small rotten core has got away with either a slap on the wrist, a ban from working in their own industry or at the most, a time-limited ban.
"This neglects the fact that rogue directors' decisions affect the lives of the employees they are responsible for and the businesses they deal with. That is why I will beef up the laws to ban rogue directors from running British companies so dodgy directors face the strongest possible consequences for their irresponsible actions.
"We will bring these changes in before the end of this Parliament so we can help restore some of the confidence that has been lost due to serious mistakes and failures by company bosses over the past few years."
(CD)
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
