The attorney general Lord Goldsmith has dismissed fears that accountants,
acting as directors,will face greater risk of litigation because of the partial
codification of their responsibilities in the company law reformbill.
He warned,however,accountants and professionals who are appointed
directors should deploy professional competence beyond that of lay
directors.Goldsmith (pictured) said that where an accountant sat on a
board as a non-executive,‘he is not the accountant or the auditor,but he is
expected to bring to bear his general experience,knowledge and skills’.
LordGoldsmith was responding to concern raised by Tory peer Lord Freeman,who
warned that a single shareholder with a single share could sue an individual
director for failing to have acted reasonably in respect of the
impact of a company decision.
Freeman said that a professional director would have to advise to the
same standard as he would in his professional capacity,so an accountant
on the board would be treatedmore harshly because of his expertise.
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned