Sweeping changes to corporate law are going into effect in the United Kingdom this month, as the country implements an overhaul of the British Companies Act—the largest piece of legislation ever passed by Parliament—that will address everything from audits to investigations to economic development.
The law, which received final approval in November, is intended to be a framework to undergird the British economy, currently in its longest period of sustained growth since the Victorian era. The government’s move should also be seen against the global movement by nations to buttress corporate governance and Britain’s efforts to benefit from its membership in the European Union.
