Office of Fair Trading Bans Gym Unfair Contract Terms

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The Office of Fair Trading (OFT) secured a High Court order earlier this year which sought to ban gym unfair contract terms in the UK, reports company secretarial services provider London Registrars (https://www.london-registrars.co.uk/). The case highlighted the need for gyms to check their contract terms to ensure they are within the law and whether they need to let their customers know of any changes to the terms of their contracts at any time. Continue reading

Small Businesses Could Cut the Red Tape of Financial Reporting According to New Proposals

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Financial and corporate reporting is a hugely time consuming affair for a company of any size. But company compliance with financial reporting is particularly difficult for smaller businesses with fewer in-house resources to assist with this function. Here, corporate governance experts London Registrars (https://www.london-registrars.co.uk/) looks at a government-led discussion paper which proposes to cut this form of red tape for small businesses. Continue reading

High Profile FSA Final Notice Breach of DTR 5.8.3R

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A recent high profile case, details of which were published on the Institute of Chartered Secretaries and Administrators (ICSA) website, serves as a reminder as to the importance of substantial shareholders declaring their interests in full and in a timely fashion, reports company complianceand corporate support firm London Registrars (https://www.london-registrars.co.uk/).

In August of this year, the FSA published a final notice which imposed a penalty of £210,000 on the former chairman of Wm Morrison Supermarkets Plc, Sir Ken Morrison, for a breach of DTR 5.8.3R. The FSA’s guidelines state DTR 5.8 to be “procedures for the notification and disclosure of major holdings”, with DTR 5.8.3R stipulating that “the notification to the issuer shall be effected as soon as possible”. The final penalty notice stated that between 16 September 2009 and 21 June 2010, Mr Morrison’s voting rights in Wm Morrison Supermarkets Plc had fallen below 6%, 5%, 4% and 3%. It went on to state that Mr Morrison failed to notify the company of the transactions causing the reduction in voting rights until 1 March 2011, which led to the company not being in a position to update the market in accordance with DTR 5.8.12R(1) of FSA guidelines. This meant that Mr Morrison’s level of shareholding was not listed correctly in the company’s annual report placed on 31 January 2010. Both the significant delay in making the required notification and Mr Morrison’s prominent position were taken into account by the FSA when considering the failings and levying the penalty.

While this is a particularly high profile case, it does serve to remind all substantial shareholders of UK companies the importance of DTR 5.8. London Registrars assists with company compliance in this matter, managing the register where substantial shareholders declare their interests, as well as generally advising on when declarations must be made, including in cases where directors are also substantial shareholders.

This is just one area of corporate governance and legal support offered by London Registrars, which also provides company secretarial services. For further details on the full range of services, go to https://www.london-registrars.co.uk/.

Companies Should Publicly Rank Investor Engagement Levels According to Think-Tank

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UK companies should be disclosing investor engagement levels according to a new report from think-tank and corporate governance body Tomorrow’s Company, reveals company secretarial services firm London Registrars (https://www.london-registrars.co.uk/). Publically ranking investor levels of engagement would, according to the report, “improve stewardship”. Continue reading

Number of Women Appointed to Boards has Doubled in 2011

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A recently published report as cited in the ICSA Chartered Secretary Magazine reveals that female board appointments in FTSE 100 companies have doubled in 2011 so far, reports company secretarial services provider London Registrars (https://www.london-registrars.co.uk/). Although women have taken 23 of the new FTSE 100 board appointments (equating to 30 per cent) since the start of the year, compared to just 18 for the whole of last year, it is still some way off Lord Davies’ target of a 25 per cent female representation on FTSE 350 boards. Continue reading

UK Charity Commission Redrafts Model Governing Documents: London Registrars Advises on the Update

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Charities all over the UK will be affected by the Charity Commission’s decision to update and redraft its model governing documents. Although it is not mandatory to use the newly revised model governing documents, it is advised that charities refer to it when drawing up its documents. Leading provider of company secretarial services and other corporate support services London Registrars (https://www.london-registrars.co.uk/) advises on this update. Continue reading