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BEIS publishes audit reforms and corporate governance proposals – considerations for D&Os and their insurers
Following our article earlier this month (Directors & officers and their insurers await detail of UK audit reforms), the Department for Business, Energy and Industrial Strategy has recently published its white paper “Restoring trust in audit and corporate governance” which sets out proposals aimed at strengthening and improving the UK’s framework for audit, corporate reporting and corporate governance systems. The proposals are open for consultation until 8 July 2021.
The government is set to publish a white paper with proposals for the reform of UK corporate governance and audit oversight. Accountancy firms are already splitting out their audit and consultancy arms and a new regulator, the Audit Reporting and Governance Authority, will replace the Financial Reporting Council.
A combination of recent events has forced issues of diversity and inclusion onto the boardroom agenda. As a result, company boards now face increased scrutiny from the public, regulators, legislators and shareholders alike. If well-established benefits of having a diverse workforce are not enough to make companies enact change, the increasing threat of expensive D&O litigation and new legislative initiatives could well be.
In this report, we take a look at the current professional indemnity and financial lines trends and what we expect to see more of over the coming year.
Case review 04/06/2018
The much anticipated judgment of the Court of Appeal in the dishonesty case of Malins v SRA was handed down in March 2018.
Since the New York Times published allegations against film producer Harvey Weinstein in October 2017, the subject of sexual harassment has received extensive media attention in Hollywood and beyond.
Case review 25/07/2017
The case of Dalecroft Properties Limited v Underwriters provides a useful summary of the law relating to the duty of disclosure by insureds prior to the Insurance Act 2015.
Case review 10/05/2017
A successful appeal by Her Majesty’s Revenue and Customs (HMRC) is expected to have a significant impact on unjust enrichment actions brought by a claimant against a defendant to which it has not directly provided a benefit.