The UK Government has launched a discussion paper outlining a range of proposals designed to enhance the transparency of UK company ownership and increase trust in UK business.
The paper sets out the following proposals in the area of transparency of UK company ownership:
- A central registry of company beneficial ownership registration;
- The abolition of bearer shares;
- Making information on beneficial ownership publicly available; and
- Proposals around nominee and corporate directors.
In terms of increasing trust in UK business, proposals in the following areas are set out:
- clarifying the responsibilities of directors in key sectors;
- allowing sectoral regulators to disqualify directors in their sector;
- proposals around disqualification proceedings;
- improving financial redress for creditors;
- educating directors; and
- extending overseas restrictions.
The consultation runs until 16 September 2013.