Leading accountancy bodies have taken conflicting views on the Department of Trade and Industry’s company law green paper.
ACCA said the review should be expanded to include reports on company performance pertaining to the environment, social and community issues and equality of opportunity.
John Davies, secretary to ACCA’s business law committee, said: ‘The green paper doesn’t set out any hard and fast rules. It only lays out very broad objectives.’
ACCA also recommended that legislation must be framed in order to correct the failings of the present system, and create the right environment for the businesses of the future.
But Giles Wintle, of the company law committee at the English ICA, welcomed the green paper, entitled ‘Modern Company Law for a Competitive Economy’. But he said: ‘What is needed is a concerted effort to reduce unnecessary duplication which has resulted from the addition of legislation.’
He added: ‘We believe any reduction in complexity is likely to bring cost benefits to commercial life generally.’
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