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Covid-19 Update

The welfare of our clients and staff is always a key priority for Raeside Chisholm. In light of the current circumstances, we are continuing to offer a full range of services, but we are working remotely. You can contact us on 0141 248 3456 and one our solicitors will call you back if necessary, or you can contact us by email.”

Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.

New Corporate Governance Reporting Requirements for Private Companies

The Government has published new corporate governance reporting requirements for private companies and unlisted plcs in the UK.

Under the new requirements, all private companies and unlisted plcs with more than 250 UK group employees must disclose how directors have engaged with employees and had regard to employee interests in their directors’ report. Additionally, they must explain in their strategic report and publish on their website how the directors promote the success of the company for the benefit of its members as a whole.

If, however, disclosing details about impending matters in the course of negotiation could be seriously prejudicial to the company interests, then the directors do not need to provide the information.

Large Private Company

A large private company is defined as companies who meet at least two of the following criteria in the relevant financial year:

  • Turnover of more than £36 million
  • Balance sheet total of more than £18 million
  • More than 250 employees

All large private companies must also consider whether to comply with the forthcoming voluntary Wates corporate governance principles. This applies to large private companies who are not already subject to a corporate governance disclosure requirement and satisfies at least one of the following criteria:

  • An annual turnover exceeding £200m and a balance sheet total of more than £2 billion; or,
  • More than 2,000 employees.

The Government aims to finalise the Wates Principles in December 2018 to align with the introduction of the new reporting obligations starting on or after 1 January 2019.

Contact Us

For expert legal advice on these issues, and other areas of commercial law, then contact our specialist commercial lawyers today.

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Latest News

29 July 2020
Raeside Chisholm Solicitors News
Family Law
The organisation Shared Parenting Scotland which supports family members who are not resident with a child in maintaining contact, have raised a number of concerns with Lord Carloway, the Lord President of the Court of Session, including concerns ove...
13 July 2020
Estate Agency
We had promised in Friday’s blog to update you as soon as there was further news in connection with the tax for Scottish homebuyers.  It has now been announced that the changes referred to in our previous blog will begin on Wednesday 15th July a...
10 July 2020
Estate Agency
The Scottish Finance Secretary, Kate Forbes, yesterday announced a temporary cut to the Land and Building Transaction Tax charged on house purchases and extra support for first-time buyers.At present, the starting point for Land and Building Transact...
09 July 2020
Estate Agency
A new campaign group has been set up to allow the representation of people in Scotland who have been affected by a combination of UK and Scottish Law, which has left many people across the country unable to sell their properties.Following the Grenfel...
01 July 2020
Estate Agency
Estate Agents in Scotland are expecting a record month of property sales after the re-opening of the property market earlier this week, following a three month hiatus in lockdown.Estate Agents returning to work have found thousands of viewing request...
24 June 2020
Estate Agency
The Scottish Government has issued guidance to ensure that moving home in Scotland can happen safely during the coronavirus outbreak in Scotland. The new guidance will take effect from 29th June when all home moves are permitted, provided they can be...

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