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Margaret Hodge announces Companies Act implementation timetable
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THE full implementation timetable for the Companies Act 2006 was announced by Industry and Regions Minister, Margaret Hodge. All of the Act will be in place by October 2008 with many elements implemented earlier. The Companies Act introduces sweeping changes to simplify and improve company law making it easier to understand and more flexible - especially for small businesses.
It is expected to save business up to £250 million a year and bring greater shareholder engagement and transparency. Margaret Hodge said: "The Companies Act 2006 is a huge achievement, bringing major benefits to business by modernising and simplifying company law. |
Throughout its passage government consulted and listened carefully to a range of views.
And we have maintained this approach for the commencement timetable.
We have been guided by a desire to see the benefits for business introduced as quickly as possible and observing common commencement dates. We have had further extensive discussions with a wide range of interested parties to make sure we have a timetable that gives business certainty, time to prepare and, wherever possible, early savings and administrative benefits."
The provisions relating to directors' conflict of interest duties will take effect from October 2008. And the parts of the Act relating to accounts and reports, audit and statutory auditors will be commenced in April 2008 so that we can implement EU company law requirements alongside our implementation of the Act in a way which minimises the number of changes for business.
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