Radical Company Law Reform: Implications For Researching Companies  

Oleh:

Murphy, Christopher

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Business Information Review vol. 20 no. 1 (Mar. 2003), page 42-50.
Fulltext: 42.pdf (218.68KB)

Isi artikel

Publicly available information about companies arises for two reasons: either a firm releases it voluntarily or it is compelled by law to reveal it to the public. The legal requirements laid upon a company to file documents open to public inspection have a huge impact on what researchers can find out about them. The UK Government is currently reforming company law for the first time in over 150 years and this will include dramatic changes in filing requirements with a major impact on corporate research. It will be essential for researchers on companies to have a detailed understanding of the effect of the Government’s proposals. Although a new Companies Bill will be introduced, the Government recognizes that this method of legislative catching up is an unsatisfactory way of coping with changes in technology and business practice. It therefore proposes to enshrine certain fundamental principles in this primary legislation, while providing ample scope to make technical changes in company law through secondary legislation. Ministers will have the power to effect these by signing Statutory Instruments instead of resorting to the slow and complex process of getting parliamentary bills enacted. Other provisions of the new company law will cover: the removal of filing exemptions for small and medium sized private companies; shorter deadlines for filing accounts; the abolition of Directors’ reports; an Operating and Financial Review (OFR) to be compiled by larger companies; raising of the audit threshold; a Combined Code on Corporate Governance; a single company constitution; changed duties for company officers; and special provision for shareholder information.

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