Translate this site

enzh-CNzh-TW

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.
1 minute reading time (271 words)

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.

Supreme Court Grants Unmarried Mother of Four Wido...
Landmark divorce ruling recognises Sharia law

Online Enquiry

  1. Name(*)
    Please let us know your name.
  2. Email(*)
    Please let us know your email address.
  3. Daytime Tel. No.
    Please enter your daytime telephone number.
  4. Subject(*)
    Please write a subject for your message.
  1. Message(*)
    Please let us know your message.
  2. Please tick below for antispam verification (*)
    Invalid Input

Latest News

19 July 2019
Commercial
The commercial property sector experienced a sharp fall in the value of sales during the first quarter of this year, according to a new report.Between January and March 2019, commercial sales in Scotland totalled £763 million; an increase of seven pe...
04 June 2019
Family Law
The Scottish parliament has voted by an overwhelming majority (80 votes to 29) in support of banning the physical punishment of children.The bill, which was lodged by the Scottish Green MSP John Finnie, removes the defence of ‘justifiable assault’ fr...
22 May 2019
Estate Agency
Residential properties in Scotland are taking an average of 12.57 weeks to sell compared to 16.11 weeks in England and Wales – representing a 28.16 per cent difference, recent figures reveal.The data, which was conducted by Property Solvers, discover...
09 April 2019
Family Law
Scottish couples married in humanist ceremonies have a higher chance of avoiding divorce than those who get married in a Church of Scotland, Roman Catholic or civil ceremony, according to recent figures.The Scottish Courts and Tribunals Services...
19 March 2019
Estate Agency
There has been a 56 per cent rise in first-time buyers (FTBs) in the last decade, from 22,100 in 2008 to a total of 34,519 last year, according to the latest Bank of Scotland First-Time Buyer Review.Those taking their first step onto the propert...
31 January 2019
Commercial
According to the latest figures from Knight Frank, recent investments into industrial property, office and retail space have now led Scotland’s commercial property sector to have one of its most active years yet, with £2.5 billion worth of ...

As featured in

Latest Tweets

Connect with us

Recent Client Comments