This morning the Chartered Governance Institute UK & Ireland has written a letter to the Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, to accompany the Institute’s formal Budget Submission.
The Budget Submission urges the Chancellor to take several steps at the forthcoming Budget, scheduled for 30 October:
- Reduce fraud risk for business by closing loopholes through smart regulation.
- Broaden the range of responses to manage unacceptable behaviour by directors.
- Establish an Economic Crime Fighting Fund.
- Set a clear timetable for secondary legislation to deliver transformation of Companies House.
- Deliver new statutory powers for the Financial Reporting Council.
- Prioritise investment in infrastructure and seek to reduce complexity around leverage private finance.
- Champion responsible governance as vital to effective organisations and as a driver of long-term sustainability.
Chief Executive, Sara Drake, commented:
“The Institute believes that responsible governance and stewardship can help businesses to focus on competitiveness and attract greater investment, creating the optimum conditions for value creation over the long term. It is vital that the government actively champions the benefits of governance to maintain and grow investment in UK companies and businesses through increased investor confidence.”
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Notes
The Chartered Governance Institute UK & Ireland is the professional body for governance professionals across all sectors. Our purpose under the Royal Charter is to lead ‘effective governance and efficient administration of commerce, industry and public affairs’ working with government, regulators and policy makers to champion high standards of governance and providing qualifications, training, and guidance.
Enquiries
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Daniel Valentine, Head of Communications
dvalentine@cgi.org.uk