Increasing Transparency and Trust in UK Company Directors

Increasing Transparency and Trust in UK Company Directors

July 15, 2013 by vickyc

vince-cableIncreasing Transparency and Trust in UK Company Directors

Reckless directors may face additional scrutiny and penalties under proposals unveiled by Vince Cable in a speech today.

Rogue directors are already subject to restrictions and bans under the current system of disqualification, but the changes could mean that creditors would be entitled to compensation, and directors banned outside of the UK may also be disqualified from becoming company directors in the UK.

The changes would form the basis of plans to increase trust in UK businesses, particularly in the finance sector, in the wake of the banking crisis and would mean that directors ‘statutory duties’ could be amended in such sectors.

The proposals also set out plans to rehabilitate rogue directors, offering them the chance to become company directors again by completing skills training.

 

 

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