December, 2006

New Compliance Changes on the Way

By Richard Matthews

U.S. corporations with UK subsidiaries should be aware that company law in the UK is currently going through a process of significant review and change. There is compelling evidence that when the Company Law Reform Bill comes into force next year, the risks facing UK company directors will be at an all-time high. For the first time, the new legislation introduces a statutory basis for claims by shareholders against directors for negligence, default, breach of duty or breach of trust. In this article, we look at the impact of the proposed changes in the context of a global shift toward greater accountability to shareholders, and the potential consequences for businesses having a presence in the UK.

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