Cable – end of the line for dodgy company bosses
Vince Cable intends to legislate to improve transparency around company ownership and the accountability of company directors.
The Business Secretary’s proposals are aimed at promoting growth by improving confidence in the UK as an open and trusted place to invest and do business.
In particular, the measures seek to address concerns that too many rogue directors have got off in the past, with minimal repercussions for their actions.
In brief Mr Cable intends to:
Strengthen the rules to give investors and those who are owed money the confidence that rogue directors will be banned from running companies.
Help those who are owed money get compensation where they have suffered loss from a director’s criminal or reckless behaviour.
Ensure that directors banned from running companies abroad cannot come to the UK to run British companies.
Extend the investigation time granted for complex cases of director misconduct, to minimise any possible prosecutions being timed out.
Raise standards of corporate behaviour by introducing special corporate behaviour training for banned directors who want to run a company again in the UK.