Enhancing corporate transparency
We have reported previously on the government’s proposals to enhance corporate transparency by the creation of a central registry of beneficial share ownership; tackling the use of ‘nominee directors’ and prohibiting the use of ‘bearer shares’.
The government has now published its response to its consultation paper and indicated that it intends to continue with the bulk of its proposals. These include:
- the creation of a central registry of company beneficial ownership information. The definition of a beneficial owner for these purposes is a person who ultimately holds 25 per cent of the company’s shares or voting rights or who otherwise exercises control over the management of the company, although the government is seeking further feedback on this. The new regime will also apply to limited liability partnerships…
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