The UK government is working to introduce legislation to support businesses facing difficulties with their statutory obligations to hold meetings and to file documentation on the Companies Register.
At the end of March, UK business secretary Alok Sharma announced that there should be a flexible approach to annual general meetings (AGMs) to avoid public health risk.
He said: “We will … put in place measures to ensure that companies required to hold annual general meetings can do so flexibly in a manner which is compatible with the best public health guidance.”
In advance of the legislation, the UK’s Department for Business, Energy & Industrial Strategy and the Financial Reporting Council have published a Q&A to help companies’ planning in this area in the coming months.
The Q&A includes advice for companies whose AGM is imminent. They should read The Chartered Governance Institute’s updated guidance on AGMs and the Impact of COVID-19, which advises on how processes could be managed within the existing restrictions.
For more news and reporting on the coronavirus and how management accountants can handle challenges related to the pandemic, visit FM’s coronavirus resources page.
— Oliver Rowe (Oliver.Rowe@aicpa-cima.com) is an FM magazine senior editor.