PracticeAuditWyman: DTI changes will not affect regulation

Wyman: DTI changes will not affect regulation

Peter Wyman, former president of the ICAEW, says the appointment of a new minister to oversee corporate governance regulation is unlikely to result in a 'violent swing in policy'.

Link: Summary: The Company Law Review

His comments follow the ministerial reshuffle at the DTI, which sees Melanie Johnson’s corporate governance remit handed to Jacqui Smith, a former member of the Commons Treasury select committee, and Johnson’s ministerial post taken up by Gerry Sutcliffe, who will oversee the Insolvency Service and Companies House.

Speaking to AccountancyAge.com, Wyman said he did not expect the appointment of Smith to result in any major upheaval in the work on the Company Law Bill or reforms at the new accounting watchdog, the Financial Reporting Council.

‘With Patricia Hewitt remaining in charge, I do not expect any dramatic change. The policy is already determined and I would be very surprised if there were any changes to the general policy. But we shall have to wait and see.’

A spokesperson for the DTI said Hewitt had given portfolios that best suited each minister and ‘to meet the demands of the departmental objectives’.

The full list is:

  • Stephen Timms, minister for energy, e-commerce and postal services
  • Jacqui Smith, minister for industry and the regions and deputy
    minister for women and equality
  • Mike O’Brien, minister for trade and investment
  • Nigel Griffiths, minister for small business and enterprise
  • Lord David Sainsbury, minister for science and innovation
  • Gerry Sutcliffe, minister for employment relations, competition andconsumers

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