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The Department for Business, Innovation and Skills has issued a discussion paper which aims to introduce policies which will make companies more accountable to shareholders and the public. Titled “transparency and trust” the paper aims to:
In a wide ranging remit the paper touches on company owners and ownership as well as considering proposals to strengthen the controls in respect of directors. In particular these include the ability of regulators in areas such as banking to disqualify directors and discussions on whether individuals with overseas restrictions should be barred from taking up directorial duties within the UK. Some of these proposals follow on from the recommendations of the Parliamentary Commission on Banking Standards.
In his foreword to the discussion paper the Secretary of State, Vince Cable says “Enhanced transparency and increased trust are good for business and good for growth” adding “The paper is a clear sign of our commitment to ensure that the UK is and remains an open and trusted place to do business and invest.”
The discussion paper is open for comments until 16th September.