Small Business, Enterprise and Employment Bill — corporate governance: proposals that all UK companies should be aware of
By Rebecca Gardner
The Small Business, Enterprise and Employment Bill was introduced to Parliament by the government in June 2014. Drafted in response to the 2013 Business, Innovation & Skills (BIS) discussion paper ‘Transparency & Trust: Enhancing the transparency of UK company ownership and increasing trust in UK business’, the bill sets out a number of proposals, which, once implemented, will have a significant impact on a large number of companies in the UK.
We set out below the key proposals that directors and shareholders of UK companies should be aware of.
The Small Business, Enterprise and Employment Bill is seeking to impose an obligation on all UK companies to create and maintain a register of beneficial ownership and the intention is that the information contained in these registers will be publicly available. It will no longer be possible for companies or shareholders to disguise the ultimate beneficial ownership of their shares through the use of nominee companies and trust structures…
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