Steve Edmonds, head of entrepreneurial business services at Grant Thornton said: ‘We are concerned that there is a dearth of good non-executive directors qualified to fulfil the more onerous obligations now being proposed and in some instances the current selection process for non-executives may not be sufficiently rigorous.’
The firm also expressed concern that proposals, such as forcing all listed companies to reveal full financial figures and disclose details of international networks would hit owner-managed mid-corporate and small companies by introducing ‘costly new layers of governance’.
It agreed that a review of the Accountancy Foundation was a good idea, but said doing one at this stage might prove ‘inconclusive’ given that the Foundation had ‘had little time to bed down’.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements