By Marcus Leach
Dr Roger Barker, Head of Corporate Governance at the Institute of Directors (IoD), has been appointed by the Government as Company Law Champion in the next stage of the Red Tape Challenge, which begins today (Thursday).
For a three week period (between 26th January and 16th February 2012) the focus of the Challenge is Company Law. The IoD will work with its members and the wider business community to consider ways in which company law regulations can be improved, simplified or abolished.
As Company Law Champion, Dr Barker will assist the Government in the evaluation of the public’s proposals. He will seek to champion any ideas that could lead to a simplified and more business-friendly legal framework.
Areas of company law regulation which will be considered by the process include the following:
· Internal workings of companies and partnerships: Rules on shares and share capital, requirement to hold information at business premises and rules on meetings and resolutions.
· Accounts and returns: The content, form and auditing requirements of financial accounts and other reports.
· Business names: The rules covering company names
· Disclosure of company information: The regulations covering the information companies must supply to the official register.
“The Red Tape Challenge is an excellent opportunity for companies to get their voice heard and help inform government thinking and policies," Dr Barker said.
"Companies need to spend time on doing business, creating jobs and growing — not spending time filling in forms for no good reason.
"We must be sure that regulation is proportionate and that the company law framework protects companies and their creditors, whilst minimising red tape and making the running of a company as simple as possible. I look forward to seeing some new and exciting proposals from business to help inform this important work.”
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