Upcoming Events

Jan
15
Tue
2019
9:00 am How to become a Non-Executive Di... @ Cornwall Buildings
How to become a Non-Executive Di... @ Cornwall Buildings
Jan 15 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – Birmingham 15 January 2019 @ Cornwall Buildings
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course.   <img data-attachment-id='2823' data-permalink='https://nedworks.net/become-non-executive-director-manchester-24-september-2014/ned1/' data-orig-file='https://i2.wp.com/nedworks.net/wp-content/uploads/2014/06/NED1-e1403709592905.png?fit=600%2C300&ssl=1' data-orig-size='600,300' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':''}' data-image-title='NED1' data-image-description=' ‘ data-medium-file=’https://i2.wp.com/nedworks.net/wp-content/uploads/2014/06/NED1-e1403709592905.png?fit=300%2C149&ssl=1′ data-large-file=’https://i2.wp.com/nedworks.net/wp-content/uploads/2014/06/NED1-e1403709592905.png?fit=695%2C347&ssl=1′ class=’alignright size-medium wp-image-2823′[...]
Feb
12
Tue
2019
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Feb 12 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 12 February 2019 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':'','orientation':'0'}' data-image-title='NED3' data-image-description=' ‘ data-medium-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=300%2C177&ssl=1′ data-large-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=695%2C409&ssl=1′ class=’alignright size-medium wp-image-113603′ src=’https://i0.wp.com/www.nedworks.net/wp-content/uploads/2015/04/NED31-300×177.png?resize=300%2C177&ssl=1′[...]
Mar
12
Tue
2019
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Mar 12 @ 9:00 am – 4:30 pm
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0'[...]
Apr
23
Tue
2019
9:00 am How to become a Non-Executive Di... @ The Waterfront
How to become a Non-Executive Di... @ The Waterfront
Apr 23 @ 9:00 am – 4:30 pm
Are you thinking of becoming a Non-Executive Director as part of a Portfolio Career or to develop your boardroom skills prior to taking up an executive director role? <img data-attachment-id='211' data-permalink='https://nedworks.net/how-to-become-a-non-executive-director-bristol-21-january-2013/boardroomlr/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2013/01/boardroomlr-e1403708151819.png?fit=600%2C486&ssl=1' data-orig-size='600,486' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':''}'[...]
May
23
Thu
2019
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
May 23 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 23 May 2019 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':'','orientation':'0'}' data-image-title='NED3' data-image-description=' ‘ data-medium-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=300%2C177&ssl=1′ data-large-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=695%2C409&ssl=1′ class=’alignright size-medium wp-image-113603′ src=’https://i0.wp.com/www.nedworks.net/wp-content/uploads/2015/04/NED31-300×177.png?resize=300%2C177&ssl=1′[...]

Press release: Mother and son restaurateurs banned for under-declaring tax

Mother and son who ran a restaurant in Blackburn have been disqualified after they under-declared the company’s full cash takings to the tax authorities. […]

Complain about a limited company

Complain about or report company for breaking the law or committing fraud, running scams, or selling faulty products of services […]

UK to replace governance watchdog with new regulator

Greg Clark

The UK is to scrap the country’s governance, financial reporting and audit watchdog—the Financial Reporting Council (FRC)— and replace it with a brand new regulator.

The Kingman Report–written by Sir John Kingman–has recommended that the new body should be focused on the “interests of consumers of financial information, not producers” and should be “feared” by the people and organisations that it regulates.

The Kingman report was commissioned by Greg Clark, the business secretary, following heavy criticism of the FRC and its work in relation to monitoring the work of KPMG, the auditors of Carillion, the construction giant that collapsed at the end of last year, and the company’s financial reporting.

The FRC stood accused of moving too slowly, being too close to the organisations it regulates and being “too timid”.

Kingman recommends the FRC be replaced with a new body called the Audit, Reporting and Governance Authority and be accountable to Parliament, like the National Audit Office which undertakes reviews of work in Whitehall departments.

Kingman wants the chair and chief executive of the new body to be subject to a pre-approval hearing run by MPs on the business select committee. The report also says the new regulator should not be funded on a voluntary basis but should be supported by a statutary levy.

Greg Clark confirmed the government would act on Sir John’s recommedations.

“The government will take forward the recommendations set out in the Review to replace the FRC with a new independent statutory regulator with stronger powers.

“This body will build on our status as a great place to do business and form an essential part of the government’s continued efforts to grow trust and public confidence in business and the regulations that govern them.”

Kingman summed up the FRC as being under “the spotlight”.

“What this spotlight has revealed is an institution constructed in a different era–a rather ramshackle house, cobbled together with all sorts of extensions over time.

“The house is–just–serviceable, up to a point, but it leaks and creaks, sometimes badly.

“The inhabitants of the house have sought to patch and mend. But in the end, the house is built on weak foundations.”

The report added that since the financial crisis of 2008 the UK’s other main financial regulators have been substantially reshaped. It added: “In fact, the financial crisis as much reflected failings in accounting and financial reporting as anything else.

“Yet at the time of the crisis, the FRC went through nothing like the same radical soul-searching and reform as its fellow financial regulators.”

Kingman praised the FRC for being an “effective custodian” of the UK’s governance code, for having respect internationally and for some successful innovations.

But Kingman worries that the FRC’s structure effectively left the big audit firms–KPMG, PwC, Deloitte and EY–regulated by their own trade association.

Kingman criticised the FRC’s governance for having a self-perpetuating board and highlighted the face that it remained a “council” instead of an “authority” or “regulator”.

It called the FRC’s funding model–voluntary contributions–”seriously inappropriate”. The report said: “It creates a clear danger of blunting the FRC’s incentive to bite the hand that feeds.”

The FRC’s powers were described as “deficient” and yet “the FRC has failed to make the case for change, or has failed to make its case persuasively.”

The report concludes: “All in all, the review considers that some of the FRC’s critics overstate their case.

“Nevertheless, the review does have sympathy with the view that the FRC has tended, overall, to take an excessively consensual approach to its work.

“The FRC’s approach to its own governance has also not been consistent with either its public importance, or its role in championing governance in the corporate world.”

The post UK to replace governance watchdog with new regulator appeared first on Board Agenda.

[…]

School Library Association – Treasurer

Treasurer – School Library Association Organisation: School Library Association Reference: Vacancy Type: Treasurer Deadline: 1st February 2019 Region: Nation Wide Vacancy Details The School Library Association Board is looking for people with enthusiasm and commitment to stand for election to two vacant positions on the SLA Board for the three-year term beginning at the 2019 AGM […]

The post School Library Association – Treasurer appeared first on NEDworks.

[…]

Non-executive Director, Royal Papworth Hospital NHS Foundation Trust

Non-executive Director – Royal Papworth Hospital NHS Foundation Trust We seek a Non-executive Director able to demonstrate recent substantial experience at senior or Board level with particular experience in clinical, biomedical, academic, or commercial areas. The ideal candidate will have previous experience serving or working in the health or public sector. Royal Papworth Hospital is […]

The post Non-executive Director, Royal Papworth Hospital NHS Foundation Trust appeared first on NEDworks.

[…]

Controversial water bottling company enters into administration despite $10m taxpayer boost

NT Beverages, which received $10 million of taxpayer’s money from an infrastructure fund that has since been abolished, was granted a water extraction licence just hours before entering into voluntary administration.

[…]

High hopes for Wates’ private companies governance code

James Wates

“I believe that good business, well done, is a force for good in society,” said Wates Group chairman James Wates at the launch of the self-titled corporate governance code for large private companies in the UK.

“Principles are a tool for large private companies that helps them look themselves in the mirror, to see where they’ve done well and where they can raise their corporate governance standards to a higher level,” he added.

The principles that set the framework for the code include purpose and leadership, board composition and responsibilities, risk management, remuneration and stakeholder engagement.

Janet Williamson, TUC senior officer for corporate governance, pointed out that recent corporate scandals impacting on staff and their ecosystem of suppliers and customers have “battered” companies’ reputation.

They “are not just a few bad apples but the hard edge of wider trends in business and employment models”, said Williamson.

The recognition that the Wates Principles gives to the importance of a company’s social and environmental footprint—in line with the expectations upon public companies—shows that good governance is “not an optional extra”.

Questions

But, while the code aligns itself with directors’ responsibilities under the Companies Act, questions to be answered include: how seriously will these new principles be followed and reported on?

“In one sense, large private companies will have to take governance reporting seriously as it will be a regulatory requirement,” suggested Institute of Directors’ head of corporate governance Roger Barker. “However, it remains to be seen how meaningful this reporting will be.”

“The principles can help reset the relationship between companies and key stakeholders, including their workforce.”

–Janet Williamson, TUC

Without the same level of scrutiny from swathes of shareholders, Barker says it will be “interesting” to see how compliance and reporting will be monitored by regulators, industry participants and the media.

Private companies that “embrace” this new framework of governance transparency stand to benefit from a significant boost to their reputation, believes Barker. “However, those that choose a minimal, compliance-driven approach may not necessarily be subject to significant challenge, at least in the short term.”

As Barker suggested, other stakeholders will have to fill the void of institutional investors—and the TUC’s Williamson said that her organisation will be proactive in monitoring and engaging on compliance.

Benefits for workers

“The principles can help reset the relationship between companies and key stakeholders, including their workforce,” said Williamson.

“For trade unions, the potential benefit for workers is clear. We also believe there’s a strong business case for putting the principles into practice. And we will work with the FRC and others to put that case to business and persuade as many firms as possible to make it happen.”

Tracey Brady, MD of investor services firm Link Asset Services, said the principles “are not a silver bullet”, but “will encourage more robust decision-making and help directors comply with their existing statutory duties”.

Whether other parties will use the principles to help drive improvements, or whether the companies themselves will leverage them to drive change, remains to be seen.

The post High hopes for Wates’ private companies governance code appeared first on Board Agenda.

[…]

Scottish Public Pension Agency – Non-Executive Chair of the Audit & Risk Committee

Non-Executive Chair of the Audit & Risk Committee – Scottish Public Pension Agency Reference: 1585 Remuneration: £232 per day Location: Galashiels Closing date: 11 January 2019 at midnight Appointment of Independent Non-Executive Chair of the SPPA Audit and Risk Committee Appointment for three years from 1st April 2019 The Chief Executive of the Scottish Public […]

The post Scottish Public Pension Agency – Non-Executive Chair of the Audit & Risk Committee appeared first on NEDworks.

[…]

Debate heats up over sustainability reporting

sustainability, climate change

The debate over company reporting is heating up once again. This time over sustainability issues. The EU may have brought into effect a new directive on non-financial reporting but there are many who believe the state of disclosures on sustainability topics is inadequate. The directive, they say, fails to deliver the necessary detail in company disclosures.

Now a groups of 27 NGOs, including bodies as august as Amnesty International, the World Wildlife Fund, Oxfam and Transparency International have demanded improvements. Filip Gregor, head of the responsible companies section at Frank Bold, a campaigning law firm, says: “The state of sustainability reporting is a mess.”

It was Frank Bold who coordinated the 27 to demand the EU refine the sustainability reporting obligations. Among their demands are precise reporting requirements following the recommendations from the Task Force on Climate-Related financial Disclosures; mandatory requirement for reporting on human rights risks based on the United Nations Guiding Principles; and strict new disclosures on “anti-corruption programmes, implementation and monitoring”. The demands come among a host of others designed to dramatically improve sustainability reporting.

The 27 claim that reporting on sustainability issues is wildly divergent across corporates “which leads to a significant gap in the quality and usefulness of the information disclosed by companies.” What they want is for the EU to specify baseline mandatory requirements and metrics.

A statement says standardised reporting is the route to a “sustainable and just economy and financial system”, and would give investors the information they need to fulfil their environmental, social and governance (ESG) obligations.

According to Gregor: “There are companies that are reporting really useful data that gives the reader a good understanding and is supported by KPIs, and so on. But the vast majority of companies are not there.” The fact that some can do it is proof that it can be done, adds Gregor.

The reasons for current poor reporting comes down to structural issues for many companies, according to campaigners. For a minority, however, better sustainability disclosures could mean publishing information they would rather keep away from the public gaze.

The structural issues include a failure to ingrain sustainability issues into current governance practices and market pressures. But there are others, including regulatory gaps in areas such as climate change legislation and tax, as well as corporate governance regimes that fail to give long-term sustainability issues equal priority with shareholder value.

Gregor believes other areas need addressing too. These include promoting sustainable finance; reform of directors’ duties (which he believes currently veer towards shareholders over sustainability strategies and targets); and reform of corporate reporting because it is the “lifeblood of corporate governance.”

Without addressing these regulatory issues, market forces take over and subordinate sustainability concerns, he says.

The EU has been undertaking a comprehensive review of corporate reporting which examines non-financial reporting along with integrated reporting. The review is expected by many to lead to legislative changes sometime after 2020.

At the end of November the European Commission hosted a conference exploring the future of corporate reporting with guests discussing whether current reporting regimes remain fit for purpose and the development of “relevant sustainability disclosure”.

The post Debate heats up over sustainability reporting appeared first on Board Agenda.

[…]

Equality and Human Rights Commission – Audit and Risk Assurance Committee Independent Members (2 vacancies)

Audit and Risk Assurance Committee Independent Members (2 vacancies) – Equality and Human Rights Commission Body: Equality and Human Rights Commission Appointing Department: Department for International Development Sectors: Business, Finance & Skills, Charity & Public Sector, Regulation Location: London, with occasional travel. Skills required: Accountancy, Audit and Risk, Business / Commercial, Change Management Number of […]

The post Equality and Human Rights Commission – Audit and Risk Assurance Committee Independent Members (2 vacancies) appeared first on NEDworks.

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