With so many changes to legislation and corporate practices over the last year, we recommend that companies take the opportunity to review their policies and procedures across all areas. Our experts give a brief rundown of the issues that could impact your organisation, and information about the ways we can help avoid the various repercussions for non-compliance.
2018 saw a lot of change in the world of corporate governance, with the publication of the revised UK Corporate Governance Code, the latest iteration of the QCA Code and the brand-new Wates Principles on Corporate Governance for Large Private Companies. In addition, The Companies (Miscellaneous Reporting) Regulations 2018, which has extended corporate governance reporting requirements to more companies than ever before, also received Royal Assent.
Whatever the size and status of your company, you will need to be aware of how the changes impact you. Improving your corporate governance arrangements and ensuring compliance with your reporting requirements will very much need to be on the agenda for 2019.
We are able to assist companies with reviewing and updating their existing corporate governance policies and, where necessary, drafting new policies to ensure that they comply with their corporate governance obligations. In addition, our governance health check can assist companies with ensuring that they have the correct reporting structures in place to provide directors with the information they require to effectively discharge their duties.
Commercial organisations need to have robust policies and procedures in place to maintain a good reputation, comply with legislation and mitigate risks. There are also a number of other valuable benefits to having them in place, including helping to manage your supply chain and presenting a professional and reputable appearance to customers. Good template contracts and standard terms and conditions will also provide similar benefits.
To help you achieve these benefits we can review your current level of compliance with statutory requirements, then advise on and implement cost-effective improvements. This typically involves reviewing compliance with:
- Data Protection Act 2018 and other data protection legislation
- Modern Slavery Act 2015
- Criminal Finances Act 2017
- Bribery Act 2010
- various anti-money laundering legislation
- compliance with competition/antitrust laws
In addition, we can advise on implementing or updating a wide array of other policies and procedures that are required for sector-specific compliance or best practice.
Similarly, we can help you identify reoccurring issues with suppliers and customers and suggest ways to reduce the number of issues by implementing new policies and procedures, or by updating your standard contracts and terms of business.
Corporate groups can get unwieldy and inefficient over time. This can result in structures that are no longer fit for purpose. They waste management time and financial resources, therefore reviewing, restructuring or simplifying could greatly reduce the administrative burden.
Our corporate legal advisors can meet with you to understand the current structure of your group, and how you would like this to be re-organised. We can then tailor a re-organisation plan to fit your needs and put in place the steps needed to streamline your group.
Employment laws are fast changing and can be difficult to keep pace with. Having up to date and legally accurate HR policies form the bedrock of your business and are often the first thing an employee (or their adviser) will turn to if they are unhappy with their treatment. Out of date policies can also be damaging for employers in the unfortunate event they end up in tribunal.
A health check of your HR policies and documents can identify potential costly issues and help you put them right to avoid workforce issues arising and ensure you are up to date.
We will meet with you to review your existing arrangements and explore the needs of your business to identify any specific problem areas. Every business is different, and we do not take a “one size fits all” approach. We focus on reviewing offer letters, contracts of employment, staff handbooks and employment policies. Following our meeting we will amend and update your policies and advise on their implementation and any changes to employees’ terms and conditions which may be required.
If any of the above is of interest to you, please contact us.
Author: Debbie Farman
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