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Brexit will give rise to an array of complex commercial and legal issues in the regulatory, trade and environmental law spheres. These apply across the spectrum - from site-based operations, to products, export and trade, to regulated industries, through to the governance of compliance and risk by businesses more generally.
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.
Earlier this week, the FRC published the final Wates Corporate Governance Principles for Large Private Companies (the "Principles"), which provide a framework for large private companies to comply with their new corporate governance reporting requirements under The Companies (Miscellaneous Reporting) Regulations 2018 (the "Regulations"). The new requirements apply in relation to financial years beginning on or after 1 January 2019, and BEIS stated in its recently updated FAQs on the Regulations that it expects the Principles to be widely adopted. For background information on the Regulations please see our client note and table summarising the scope of the Regulations.
Doug Bryden and John Buttanshaw write for Who's Who Legal on Responsible investment.
Recent months have borne witness to increasing pressure from NGOs, watch groups and the UK Government on organisations to comply with their corporate reporting obligations under the UK's Modern Slavery Act (MSA). If you fail to comply, be prepared for public "naming and shaming" in 2019.
Earlier this week, against the background of the renewed focus on corporate governance and reporting, the GC100 Group published practical guidance1 for boards on compliance with section 172 of the Companies Act 2006. Please see our recent briefings for further information on changes to the UK Corporate Governance Code and the Companies (Miscellaneous Reporting) Regulations 2018.
Earlier this week the FRC published the final version of the revised UK Corporate Governance Code, which will take effect for financial years beginning on or after 1 January 2019. It also published a Feedback Statement outlining the responses to its December 2017 consultation on the proposed changes, together with a "Key Highlights" document.
Since 6 April 2016, unlisted UK companies and LLPs have been required to identify individuals who have significant interests in their shares, and publicly disclose their details in a "PSC Register". The regime was expanded in June 2017 to bring other entities, including AIM companies, Scottish limited partnerships and some Scottish general partnerships within scope.
In the first contested prosecution under section 7 of the UK's Bribery Act 2010 (the "Act"), a Londonbased interiors company has been found guilty of the 'corporate offence' of failing to prevent bribery.
On 10 January 2018, the Government published its plan to improve the environment over a 25 year period. It discusses a wide range of ideas, including planting one million urban trees, regulating farms and fisheries after the UK leaves the EU, and establishing a new national forest.
Businesses need to progress their approaches to, and governance of, human rights. In particular, organisations should track current developments relating to corporate transparency and benchmarking initiatives.
Travers Smith LLP’s Operational Risk and Environment team is delighted to be hosting this year’s International Environmental Lawyers Network Conference on 9 June.
The Department for Business, Energy and Industrial Strategy (DBEIS) published guidance for landlords of non-domestic private rented property on the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 (the Regulations) on 23 February 2017 (the Guidance).
On 20 February 2017, Travers Smith organised a debate on the future of UK energy, focussing on the likely balance between traditional and renewable energy sources along with related direct and indirect environmental, social and geo-political consequences.
After April 2017, all large UK companies will be required to report on their payment practices and performance. This new requirement is one of a number of ways in which the government is trying to tackle the problem of late payment for small and medium enterprises.
Potentially significant increases to fines are expected, as Courts are told to impose sentences that have a “real economic impact” on offenders.
Under new rules, which have just come into force, large organisations operating within the United Kingdom will now need to make a public statement outlining how they keep their supply chains free from slavery and human trafficking.
The European Court has issued landmark judgment on substances in products.