The UK government and by extension the financial regulators have taken steps to show that they are cognisant of the fact that there will be a clear impact on UK companies’ ability to display the ‘normal’ forms of corporate governance and reporting in light of the COVID-19 disruption. While there is no suggestion that this period will be viewed as some kind of amnesty for poorly-governed businesses or for inappropriate reporting, the notion that there may be some flexibility in what is expected is beginning to filter through to company boards.
The annual general meeting (AGM) season is upon us. English company law requires public limited companies (English private companies do not have to hold AGMs, and most dispensed with them once the Companies Act 2006 (CA 2006) came into force) to hold their AGMs to be held within six months of the financial year end. With most public companies closing their books on 31 December, that means that the bulk of the AGMs need to be concluded before 30 June with notices calling the meetings being sent out by early June.
HMRC has now provided us with some much needed clarity on taking annual leave while on furlough. This has been an update to the Employees Guidance, not the Employers Guidance (as at the time of this post).
It was announced on Sunday 5 April that Keir Starmer was selected as leader of the Labour Party. Whilst the current Covid-19 outbreak has no basis for political jostling, he raised a very important question, namely, what is the government’s “Exit Strategy” to eventually get us back to a sense of normality.
The point raised by Keir Starmer is of wider economic relevance. Save for key workers, most other business sector activities have come to a halt. This is largely (but not exclusively) the case for construction and engineering projects.
Although the onus remains on company officers to comply with their filing duties notwithstanding the disruption caused by the COVID-19 crisis, Companies House have made a number of procedural changes to help keep their services running as smoothly as possible.
The COVID -19 pandemic has already had a massive effect on global economies. Its impact has been unprecedented and there is a degree of uncertainty on almost every facet of daily life.
To read the full text of this post, which seeks to touch upon issues that may affect those in the UK construction industry specifically (though certain elements will no doubt equally apply across other sectors), please visit the Duane Morris Construction Law Blog.
The UK Government guidance sets out the employers obligations for family leave and the ability to claim for enhanced (earnings related) contractual pay through the scheme.
The spreading COVID-19 pandemic across Europe has meant that many of its data protection authorities have faced questions from organisations as to how they should meet their privacy obligations during this time.
The European Data Protection Board (EDPB) has now published its own guidance to ensure that a consistent approach is taken across Europe regarding privacy compliance during this period. However, this came after a number of national regulators published their own guidance that in some cases is slightly contradictory. Continue reading “Data Protection and Coronavirus: FAQs on the Approach of European Regulators During the COVID-19 Pandemic”
The UK government recently announced a package of measures to provide liquidity to UK businesses during the COVID-19 pandemic. Two schemes are particularly useful for financing needs: the HM Treasury and the Bank of England COVID-19 Corporate Financing Facility and the British Business Bank Coronavirus Business Interruption Loan Scheme.
To read the full text of this Duane Morris Alert, which provides summaries of the financing schemes, eligibility requirements and the application process, please visit the firm website.
The coronavirus pandemic has had a severe impact on businesses right across the globe and with a third of the world now in lockdown, thousands of businesses have moved most of their workforce to remote working. Although working from home allows a business to continue operating, it brings significant security risks, placing a greater need to maintain compliance with relevant data security requirements.
Maintaining the security of company data is the responsibility of both the employer and employee and continuing to maintain appropriate security measures is critical at this time. To read the full text of this post by Duane Morris attorneys John M. Benjamin and Edward Pickard, which includes some key points for employees and businesses to keep data secure when working remotely, please visit the Duane Morris TechLaw Blog.