Companies Act 2006 lands with a thud
Government announces that the new laws will be implemented in three stagesAt more than 870 pages and with more than 1,300 clauses, the Companies Act 2006 is the longest piece of legislation ever to pass through Parliament. The Act clarifies how UK businesses should be started up, run and wound down. It also contains new responsibilities for directors around environmental matters, employees and social issues.
A few immediate changes have come into effect, such as the requirement for businesses to put their registered details on their websites. In March, Margaret Hodge, the Industry and Regions Minister, announced that the remaining elements will become law in three stages: 1 October 2007, 6 April 2008 and 1 October 2008.
This October, clauses relating to directors’ rights and the increasing of indirect investors’ rights will come into force. More complicated laws relating to conflicts of interest and company constitutions will be left until 2008.
Hodge said: “One of the most important aspects to implementing the Act is providing the least burdensome and most efficient transition to the new regime for existing companies. We have already consulted stakeholders, but [this document] provides the basis for further consultation.”
It may be around 18 months before businesses feel the full weight of the Companies Act, but they are advised to use this time to prepare for it.
UK Retail restructure takes effect
When your goal is to become the UK’s leading specialist insurer, big changes are sometimes necessary. That’s what’s happened at Hiscox’s UK Retail regional network, where Glenn Caton, the former UK Marketing Director, has taken on the expanded role of Commercial Director.
“In addition to my marketing role, I’m now directly responsible for the sales function and the regional broker network,” says Glenn. Supporting him are Cath Timberlake and David Henderson, who have been promoted to Area Managers for the North and the South, respectively.
In the short term, it will be business as usual. In the medium to longer term, Glenn says: “We’re looking to accelerate growth through bringing together the full power of the sales and marketing structure for the benefit of both Hiscox and the broker partners.”