On 18 March 2021, BEIS published its consultation on reforming the UK's corporate governance, audit and reporting regime, which includes almost all of the 155 recommendations drawn from the reviews undertaken by Sir John Kingman, the CMA and Sir Donald Brydon. The deadline for responses to the consultation was 8 July, 2021.
Through focus groups, we engaged with many stakeholders to understand their perspectives on the consultation, and in a series of live events, recorded discussions, blogs, and FAQs we have given our perspectives on the consultation, our thoughts for the future, and things for stakeholders to consider as they work out what it might mean for them. These are all contained in the sections below, starting with a briefing on the key proposals, a summary of our response to the consultation and a summary of our focus group discussions. This is followed by a more indepth look at five of the key proposals and insights into the potential practical implications they might have for companies, audit committees and other stakeholders.
As stakeholders think through the possible implications of the key proposals, we've taken a deeper look at a number of the areas.
“The Government's consultation brings an opportunity for the UK to lead on corporate governance and maintain its position as a world leading capital market. To meet this ambition, the more companies that take the time to understand what the proposals could mean for them and engage in the ongoing debate, the greater the prospect that the reforms will enhance the business environment and build trust and confidence in the UK’s reporting and regulatory frameworks.”