“More than six years on from the collapse of Carillion, we are delighted that the new government has named legislation to reform corporate governance and audit as one of its priorities for the next parliament, as confirmed in the King’s Speech today.
“Reliable, trusted reporting by companies is fundamental to investor confidence which in turn is key to economic growth and stability. This long-awaited reform will not only reduce the risk of disorderly business failure, but will contribute to the transition to net zero.
“Establishing the new statutory regulator - the Audit, Reporting and Governance Authority - and providing it with powers to take effective enforcement action against directors of UK public interest entities, is a crucial part of these reforms. We look forward to seeing a package of measures which, taken together, will make Britain the best place in the world to invest and to start, run and grow a business.”
ENDS
Notes to editors:
Contact: ICAEW media office, 07557 161315 or ruth.pott-negrine@icaew.com