Manchester

This Insight summarises the Planning aspirations of the Conservative, Labour and the Liberal Democrat manifestos for the UK’s 2024 election. Their shared focus is on housing, energy infrastructure and battling climate change. The Conservatives remain committed to the Green Belt and maximising brownfield and densification. Labour proposes new towns and increased use of compulsory purchase, with release of ‘grey’ belt. The Lib Dems focus on more localised strategies. Labour and the Conservatives both propose increases in offshore wind, nuclear and carbon capture, use and storage. Both resist fracking. Labour proposes new Government energy investment institutions. The Conservatives remain wary of onshore wind. The Lib Dems support nature-based solutions to the energy crisis given the imperative to tackle global warming.

Following last week's insight, "Labour's manifesto and employment law - what can employers expect?", we focus this week on the specific issue of removing qualifying periods and increasing statutory time limits.

Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss: Primary Market Bulletin 49 The FCA has released the latest PMB discussing LTIPs, GDRs, annual reports, ethnicity reporting categories and ISSB standards. New draft Regulations and Registrar rules on identify verification Draft Regulations and Registrar rules have been published outlining the procedures and requirements for identity verification. Panel Bulletin No.7 (Bidder Intention Statements) Panel Bulletin No.7 discusses the Takeover Panel’s expectations regarding statements of intentions Revised Practice Statement 31 The Takeover Panel has published revised Practice Statement 31 setting out new guidance on private sale processes. UK Sustainability Reporting Standards and Sustainability Disclosure Requirements update The government publishes its framework and terms of reference for developing UK Sustainability Reporting Standards, alongside an update on implementing a Sustainability Disclosure Requirements regime in the UK. Simpler corporate reporting The government announces proposals to reduce the reporting burden on medium-sized companies. Using reasonable endeavours does not require a party to accept non-contractual performance The Supreme Court has held that, where a party has to use reasonable endeavours to overcome a force majeure event, that does not require it to accept performance of the contract on different terms. Court of Appeal upholds notice of claim – and gives buyers a boost The Court of Appeal has saved a buyer’s notice of claim, providing useful guidance on notice of claim clauses and commenting that they should not become a “technical minefield”.   Duomatic (unanimous consent) principle required the consent of the beneficial owner This High Court case held that, on the facts, the consent of the beneficial owner was required for the Duomatic principle to apply.

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023, with the provisions of ECCTA to be brought in by secondary legislation in stages throughout 2024 and 2025. It was widely thought that the provisions of ECCTA that effect changes to The Register of Overseas Entities regime (originally introduced by the Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA)) would follow later this year, but the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 have effected certain changes to the regime as of 4 March 2024, which we will discuss further in this Insight.

Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss: FTSE Women Leaders Review – Year Three Reported numbers in this report show steady gains for women in leadership roles but there is still more to do as the Review closes year three of its five-year term. IA Letter to Remuneration Committee Chairs Ahead of the 2024 AGM season and a fundamental review of the Principles of Remuneration, the Investment Association has written to chairs of Remuneration Committees outlining the issues the IA will be considering in their review and the main themes for 2024. FRC launches review of UK Stewardship Code The FRC is reviewing the UK Stewardship Code and is seeking views from all stakeholders on its efficiency in promoting better stewardship outcomes from engagement with issuers across all asset classes. The need to complete audit reforms The CEO of The Chartered Governance Institute UK & Ireland, has written to the government calling for completion of the UK's audit, corporate reporting and corporate governance system reform “in order to restore confidence to the financial markets and to provide other stakeholders with reassurance”. New PLSA Stewardship and Voting guidelines for 2024 The Pensions and Lifetime Savings Association has published its 2024 Stewardship and Voting Guidelines ahead of the 2024 AGM season containing significant changes to address the current economic climate and the increasing risks associated with cybersecurity and AI. FRC Thematic Review of reporting by UK’s largest private companies With varying degrees of reporting quality, the FRC encourages companies to consider their findings and expectations in the report when preparing their next annual reports and accounts.

The King’s speech announced a new Leasehold and Freehold Reform Bill ‘to reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of homeowners through punitive service charges’. It also addressed some key points in the Renters (Reform) Bill. This note sets out some of the key proposals and commentary in respect of the same.