DBIS publishes ownership register response: DBIS has published the responses it received to its discussion paper on company ownership and trust. It has also set out its policy proposals following the consultation, which are:
- to set up a publicly accessible central registry of UK company beneficial ownership information;
- to improve transparency of company ownership and control, including abolishing bearer shares, banning the use of corporate directors (with some exceptions) and increasing accountability of those who control company directors;
- to improve trust in the UK regime for disqualifying company directors; and
- to increase the likelihood of creditors being compensated where they have suffered loss from director misconduct.
The response paper sets out the principles behind and drivers of the changes, and the detail of how the Government intends to achieve them. (Source: DBIS Publishes Ownership Register Response)