LIAS or LIARS? Our view is that the proposals should be killed at birth.
UKSA & ShareSoc have responded jointly to the most important review of auditing and corporate governance for a generation
Multiple corporate failures such as Carillion & Patisserie Valerie show that something has gone wrong with auditing and with the way companies are run. As mentioned on our page “Are you happy with the quality of corporate reporting? Have your say” the Government is trying to fix this.
Companies get into trouble for all sorts of reasons. Shareholders have a duty of care to ensure the best possible outcome for all stakeholders.
The Governor of the Bank of England replies to a Joint UKSA and ShareSoc letter about the Archegos fallout. The broad structure is defined. It is down to individuals to make sure it works – the weak spot.
Mandatory climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships
Practical action or political stunt?
Follow this link to find out whether we think that the proposals will put Britain at the forefront of mandatory climate reporting or whether this looks more like a political stunt.
Archegos Capital Management’s meltdown raises serious concerns for private investors – Letter sent to Bank of England Governor
What has Archegos’ blight on Credit Suisse and five other non-UK banks got to do with UK shareholders? If the same activity along with the same lack of transparency exists in the UK, UK banks could be greatly exposed without their shareholders and customers being any the wiser.
The Department for Business, Energy & Industrial Strategy (“BEIS”) has issued a 232-page consultation document “Restoring trust in audit and corporate governance” which you can download from the gov.uk website by clicking this link.
What can you do?
Another audit reform improvement that the FRC is cracking on with. UKSA suggests that reports on audit quality and quality management should be made to the shareholders
UKSA has now filed its response to the third and latest of a series of major consultations putting the future of financial services under the spotlight. A recurring theme is that regulation needs to put people first – to encourage wealth creation for the benefit of all and not wealth extraction for the benefit of a few.
On 26 February the UK Government announced that it had completed the final £5 billion sale of Bradford & Bingley plc and NRAM Limited (formerly Northern Rock) and their remaining loans, acquired by the taxpayer as a result of the financial crisis.