Speaking at a seminar on the company law review, Ward said the UK needs to develop a regulatory system that helps companies ‘to be competitive in a business world without borders’.
Ward said: ‘Company law regimes no longer operate in domestic isolation but are constantly the subject of comparison in international business transactions.
‘Our company law system, if it is to survive the 21st century, must be an enabler, not an inhibitor. It should have built-in flexibility to cope with change.’
Global accounting standards and the internet were also high on Ward’s list of priorities. He sent out a clear message to organisations intent on regionalising international accounting rules.
‘This is a topic very close to my heart and critical to the success of UK companies,’ said Ward. ‘The use of unadulterated IAS would ensure a level playing field, give investors the chance to compare performance on an equal basis and allow companies to compete equitably for capital.’
The institute’s new president also urged companies to ensure clarity when listing financial information via the internet.
‘Currently, many sites do not state which parts relate to audited information. The issue of provenance and probity of the financial information needs to be adequately addressed by the Company Law Review.’
The company law review is a three-year public consultation process. The deadline for responses to the company law review is 28 July 2000.
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