Corporate governance reforms announced

05 Sep 2017

The government has issued its response to its consultation which started in November 2016 on corporate governance reform. Its response document sets out proposals for a “world-leading package” of corporate governance reforms which it now intends to take forward to increase boardroom accountability and enhance the public’s trust in business. The key reforms are:

  • Executive pay – for the first time, new secondary legislation will require listed companies to publish and explain, on an annual basis, the pay ratios between their chief executives and the average pay of their UK workforce. All listed companies with significant shareholder opposition (i.e. 20% or more of shareholders) to executive annual pay packages will also have their names published on a new public register.
  • Strengthening the employee, customer and supplier voice – new measures will seek to ensure the employee voice is heard in the boardroom of listed companies. Firstly, the UK Corporate Governance Code will be amended by the Financial Reporting Council (FRC) to require listed companies to either assign a non-executive director to represent employees, create a formal employee advisory council or nominate a director from the workforce. Secondly, through secondary legislation, all companies of a significant size (private as well as public) will have to publicly explain how their directors take employees’, shareholders’ and wider stakeholders’ interests into account in pursuing the success of the business.
  • Corporate governance in large privately-held businesses – the FRC will be asked to work with the business community and the government to develop a voluntary set of corporate governance principles for large private companies. In addition, secondary legislation will require companies of a significant size to disclose their corporate governance arrangements in their Directors’ Report and on their website.

The government intends to bring any legislative reforms into effect by June 2018 (to apply to company reporting years commencing on or after that date) and the FRC intends to consult on amendments to the UK Corporate Governance Code in late Autumn 2017 with a view to publishing a revised code by mid-2018. The work on developing voluntary corporate governance principles for large private companies will commence in Autumn 2017.

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Grenfell has a broad range of experience and knowledge, working with clients from many different industry sectors. Grenfell is also the senior audit partner in the practice. 

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Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.

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Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.

 

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David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.

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Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.

Hannah Watson

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JP qualfied in 2014, having worked for Grenfell James since 2007. He is a client manager for a diverse portfolio of clients including those in the manufacturing and serivce industries. 

 

Jon-Paul Lawrence

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Andrew Knight. The Howard Arms Ilmington

"Thank you Grenfell James for providing an excellent service for both me and Proco. Everything you have said and done has been spot on and on time. A great team and very friendly. Regards, from a very happy customer. "

Proco Coatings & Laminates

"We have used the services of Grenfell James since the inception of our business. They advised us strategically through the incorporation of our partnership and have taken over our payroll function, aswell as advising us on a continuous basis on accountancy and business matters. The team are incredibly friendly, knowledgeable and their advice is always excellent. "

IO Studios

"JP has looked after my accounts for a couple of years now, & I have to say nothing is too much trouble for him. As someone who fully appreciates that I know my business, but will always be guided by those who are experts in their own respective discipline, I have never once sent a request or query & not had a reply almost instantly. Highly recommended!     "

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Mr J McCarthy

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Regent Square Estates

"Since taking over the accounting for our two businesses, Grenfell James have taken away any stress we have had in the past with our accounts. They have been very approachable and easy to talk to, enabling us a better understanding of how we need to run our business. "

Paul Stanley. A S Contracts Ltd.

"In the past we have been unfortunate to work with some less than reputable accountants. Grenfell James Associates have restored our faith in the accountancy business and assisted us with every aspect of our financial responsibilities. We now have a renewed confidence in our finances, knowing that all our affairs are being dealt with in an efficient and professional manner. Thank you to the whole team and we look forward to many years of working with you. "

NPD Design Consultants Ltd

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Mckechnies independent tea and coffee bar.

"Grenfell James have been an amazing partner, managing the pressures that come with taking a start up to a multi million pound concern in 18 months is never easy, but these guys were both strategic and responsive with great ideas and exacting execution   "

Roy Ferguson. The Perfect Cosmetics Company.

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    Timothy's Bridge Road
    Stratford-Upon-Avon
    Warwickshire
    CV37 9NP
  • 01789 294484
  • 7-8 Stratford Place
    Mayfair
    London
    W1C 1AY

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