Under the Companies Act itself probably not, because we’ve already had the, you know, the big overhaul of company legislation for this generation I hope.
There is as always more law and regulation emanating out of Europe.
At the end of last year the European Commission put out their company law and corporate governance action plan listing areas they wish to review so to the extent which Europe has more to say on all of this, things like the Listing Prospectus Disclosure and Transparency Rules, you know, may have to be changed to comply with the various European directives.
The current hot topic is corporate governance, so moving on from the Companies Act, the black letter law which everybody is now, you know, we’re all familiar with what’s in the 2006 Act now.
But there is an increasing focus on corporate governance so the Corporate Governance Code itself but also various bodies such as ICSA, such as the FRC, the ABI, NAPF issuing more and more guidance papers, there’s a lot more out there for directors and it’s just, it’s fascinating trying to piece it all together.
I’m not sure there’s been a culture change because I’m not convinced that there was necessarily anything that broken.
I think with the codification of directors duties in the Companies Act 2006, all directors stopped and thought again about how to be good directors and to promote the success of their company for their benefit of the members as a whole.
I’m not as convinced as perhaps some of our national press are that short-termism is such a problem.
If you look at the way a lot of directors remuneration packages for example are structured, there are longer term incentives and share schemes that require them to actually invest some time and effort going forward in their businesses.