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Following the publication of its 2020 Stewardship Code (which took effect from 1 January 2020), at the end of September the FRC released its review of the early reporting which has taken place under the new Code. While the FRC notes that some firms have made 'good attempts' at early reporting, it says there is more to be done to ensure that investors meet the high standard of reporting on stewardship activities undertaken and outcomes achieved, rather than just stating intent or policy.

The UK Government launched a consultation on 25 August 2020 seeking the views of stakeholders on whether they should introduce a new law aimed at preventing forests and other important natural areas globally from being illegally converted in to agricultural land, following a recommendation from the Government's independent Global Resource Initiative taskforce.

The Financial Conduct Authority ("FCA")'s proposal requires UK premium listed entities to state whether they comply with the recommendations of the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures ("TCFD") and/or to explain any non-compliance. Although the TCFD already has more than 500 supporters (including 457 companies and 56 other organizations e.g. industry associations and governments), the proposed changes reflect the view that further active intervention is needed in order to accelerate climate change reporting.

Stakeholder capitalism is not a new idea, but it is one with profound resonance in contemporary corporate culture, even before the dramatic changes brought about by COVID-19.

Welcome to the latest edition of our Anti-Bribery Newsletter, our regular review of developments in the fight against bribery and corruption in the UK and other jurisdictions.

Following the announcement made by the Prime Minister on 10 May 2020, the UK Government published on 11 May 2020 its COVID-19 Recovery Strategy ("Recovery Strategy") and ‘COVID-19 Secure’ Guidelines ("Secure Guidelines").  These official guidance documents seek to aid the general public and businesses on navigating their way out of the current lockdown over the coming weeks and months. These are conditional steps and remain subject to meeting the UK Government's five key tests.  

This briefing was updated on 12 May 2020.

The economic impact of COVID-19 is expected to be unprecedented, but so are government promises to help economies recover from that impact.

The Streamlined Energy and Carbon Reporting (SECR) framework is designed to simplify organisations' reporting of energy use and carbon emissions. It aims to improve on the various mandatory energy and carbon schemes: the recently closed Carbon Reduction Commitment (CRC) was criticised as administratively burdensome and complex; the Energy Savings Opportunity Scheme (ESOS), which remains in force, is generally regarded as being too limited in scope and crucially does not involve public disclosure.

Airbus's recently-concluded Deferred Prosecution Agreement ("DPA") with the Serious Fraud Office ("SFO") and regulators in France and the United States ended a long-running corruption probe with a record-breaking €3.6bn global settlement, of which €991mn relates to fines and costs in the UK.

The Government has published its list of "key workers" whose work is considered critical to the COVID-19 response. The guidance is directed at schools, childcare providers, colleges and local authorities in England, and is intended to provide clarity, following the widespread closure of schools, as to which workers are considered sufficiently "key" for their children to be afforded continued care at school.

The climate featured heavily in the Chancellor's speech today (11 March 2020) forming part of the government's strategy to create high skill, high wage, low carbon jobs. This all falls under HM Treasury's Net Zero Review which aims to make the UK a net zero emissions economy by 2050.

The UK is due to introduce a new digital services tax (DST) with effect from 1 April 2020. When announced in the Autumn 2018 Budget, DST was described as an interim action, pending global reform.

After a tumultuous 2019, it's a new year, a new decade and a new UK Government pledged to "get Brexit done". The UK Parliamentary paralysis that characterised so much of the UK's approach to Brexit last year is over.

This document was first published in July 2018 and updated in January 2020.

Our annual briefing highlighting the key 2019 legal developments which impact the funds' industry and previews what can be expected in 2020.