The government responded to a report by a committee of MPs on the private equity industry.
Source: Private Equity: Responses from the Government and the Financial Services Authority to the Committee's Tenth Report, Second Special Report (Session 2007-08), HC 145, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Response | MPs report | TUC press release
Date: 2007-Dec
A Member of Parliament introduced a Bill designed to extend the application of the Transfer of Undertakings (Protection of Employment) Regulations 2006 to the acquisition and disposal of substantial shareholdings by private equity companies.
Source: Private Equity (Transfer of Undertakings and Protection of Employment) Bill, John Heppell MP, TSO (0870 600 5522)
Links: Hansard
Date: 2007-Dec
A review commissioned by the private equity industry recommended that firms should disclose (on a voluntary basis) more information about investments – including details of employees, debt, risk, and management approach. But no information would be required about the pay of their executives or the fees they collected.
Source: Walker Working Group, Guidelines for Disclosure and Transparency in Private Equity, British Private Equity and Venture Capital Association (020 7025 2971)
Links: Report | BVCA press release | PIRC press release | TUC press release | CBI press release | IOD press release | Guardian report | BBC report | Personnel Today report
Date: 2007-Nov
An official advisory body began consultation on sentencing for corporate manslaughter. Organizations guilty of corporate manslaughter should face publicity orders and fines based on average annual turnover.
Source: Corporate Manslaughter: Consultation Paper, Sentencing Advisory Panel (020 7411 5551)
Links: Consultation document | SAP press release
Date: 2007-Nov
A report examined the investment practices of the pension funds of the largest companies, and ranked them in terms of their approach to responsible investment.
Source: Responsible Business: Sustainable Pension – How the pension funds of the UK's corporate responsibility leaders are approaching responsible investment, UK Social Investment Forum (020 7749 9950)
Links: Report
Date: 2007-Oct
A new book provided a comprehensive overview of scholarly writing in the field of corporate social responsibility.
Source: Andy Crane and Dirk Matten, Corporate Social Responsibility, SAGE Publications Ltd (020 7324 8500)
Links: Summary
Date: 2007-Aug
A survey found that pension funds believed they were bringing about governance changes through their shareholder engagement – helping to change remuneration packages, board membership, or corporate strategy.
Source: Pension Funds' Engagement with Companies, National Association of Pension Funds (020 7808 1300)
Links: Report | PIRC press release
Date: 2007-Aug
A working group established by the private equity industry proposed greater financial transparency in the industry's operations, and improvements to corporate governance: but it rejected the case for statutory regulation.
Source: Walker Working Group, Disclosure and Transparency in Private Equity: Consultation Document, British Private Equity and Venture Capital Association (020 7025 2971)
Links: Report | BCVA press release | TUC press release | CBI press release | FT report | Personnel Today report
Date: 2007-Jul
A report examined what the increasing integration of corporate responsibility into business strategy meant for corporate foundations which provided grants for charities.
Source: SMART Company, The Changing Nature of Corporate Responsibility: What role for corporate foundations?, Charities Aid Foundation (01732 520000)
Links: Report | CAF press release
Date: 2007-Jul
A report from an all-party parliamentary group called on companies to do more to protect vulnerable customers.
Source: Vulnerable Customers, All Party Parliamentary Group on Corporate Responsibility (020 7222 1265)
Links: Report | BITC press release
Date: 2007-Jul
The Corporate Manslaughter and Corporate Homicide Act 2007 was given Royal assent. Companies, organizations, and – for the first time – government bodies faced an unlimited fine if they were found to have caused death due to gross corporate failures over health and safety.
Source: Corporate Manslaughter and Corporate Homicide Act 2007, Ministry of Justice, TSO (0870 600 5522)
Links: Text of Act | MOJ press release | TUC press release | Personnel Today report
Date: 2007-Jul
A consumer group said that much of the information which government asked businesses to provide to consumers was failing to have the desired effect. There was too much information, presented in an unappealing and complex format; and it was unclear who the information was really for.
Source: Warning: Too Much Information Can Harm: An interim report, National Consumer Council (020 7730 3469) and Better Regulation Executive
Links: Report | NCC press release
Date: 2007-Jul
A report by a committee of MPs said that the impact of private equity on the economy raised clear 'areas of concern' that deserved close scrutiny by the government and regulators. It called for a review of tax in the sector to examine 'whether the tax system unduly favours debt as opposed to equity'.
Source: Private Equity, Tenth Report (Session 2006-07), HC 567, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Report | TUC press release | PIRC press release | CBI press release | BCC press release | AIC press release | FT report | BBC report | Personnel Today report
Date: 2007-Jul