COVID-19: Corporate Governance & Reporting Issues – make it specific, make it realistic

We look at the key issues company boards should be aware of with regards to corporate governance and reporting in the midst of the COVID-19 crisis

By Thomas Rainey

23.04.2020

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.

In order to seek to assist boards to focus on what the general expectations are of them at this time, the Financial Reporting Council have published a number of guidance reports.

Governance

Of particular note in relation to governance, the FRC have advised that boards carefully consider the following:

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Companies House – Key COVID-19 Procedural Changes

By Thomas Rainey

08.04.2020

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.

Below is a summary of the key service alterations adopted by Companies House:

Companies House – Offices

The London, Edinburgh and Belfast Companies House offices are currently closed to the public, with the London office also not receiving post. The Cardiff office remain open 24 hours a day for the receipt of documents.

All same-day services have been suspended until further notice.

Additionally, Companies House telephone contact centre is closed. All enquiries should be sent by email to enquiries@companieshouse.gov.uk.

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