Recalibration of UK corporate ecosystem essential
ICAS welcomes the publication of the government’s consultation on restoring trust in audit and corporate governance and stresses the need for recalibration of the UK’s corporate ecosystem.
ICAS has advised that the proposed overhaul of the UK’s corporate ecosystem must become a reality. Welcoming the publication of the long-awaited consultation by the Department of Business, Energy and Industrial Strategy (BEIS) on restoring trust in audit and corporate governance, J Bruce Cartwright CA, Chief Executive of ICAS, stated:
“Getting these reforms right will help to ensure that the UK remains a leading destination for attracting capital from across the globe. The eyes of the corporate world are very much on the UK and there is a clear need for all of the actors in the corporate ecosystem to play their part in restoring trust in UK plc. This consultation provides the opportunity to properly debate where the focus of change needs to be.”
ICAS warned that the time for hesitancy is over and the imperative is now to ensure that the focus is placed on driving forward change in the key areas that will improve the UK’s corporate ecosystem. Only by doing so can the UK’s position as a world-class destination for investors be strengthened.
Improving the quality of corporate reporting and moving the dial to ensure that there is greater focus on the longer-term prospects of companies is essential if UK listed corporates are to meet increased demands by investors and society regarding ESG-related matters. It is also essential in order for the UK Government to meet its stated aim of achieving net zero by 2050.
Bruce Cartwright added:
“ICAS members operate across all parts of the corporate ecosystem from corporates to firms and institutional investors. We will work with all of the actors/stakeholders to ensure that the reforms deliver an improved regulatory framework that will be leading in class. The proposed reforms should be viewed as an opportunity rather than a burden as we look to further promote the UK as an attractive place to do business. Given the financial ramifications of the Covid-19 pandemic the success of UK plc will be pivotal to the UK’s recovery.”
ICAS has set out its vision for change in its recent publication: “Recalibrating the corporate ecosystem”.
Join our discussions
Join our webinar ICAS Insights: BEIS White Paper on Monday 22 March at 4:30pm GMT.
We will hear first-hand from Sir Jon Thompson, Chief Executive of the Financial Reporting Council, on the recently published BEIS white paper on restoring trust in audit and corporate governance. Interviewed by Michelle Mullen, ICAS Executive Director of Standards, Sir Jon will explore what the future holds in store for ARGA, and the prospective recalibration of the corporate ecosystem.