Please enable JavaScript.

Coggle requires JavaScript to display documents.

Sources of Company Law - Coggle Diagram

- - - - How the company has applied the Code's principles
      - A statement as to whether the company has complied with all the relevant provisions of the Code or a statement identifying
        
        Which provisions were not complied with
        
        The period within which they were not complied with
        
        The reasons for non-compliance
  - - - An effective board develops and promotes the purpose of a company
      - Ensures that its values, strategy and culture align with that purpose
    - - Effective board composition requires an effective chair and a balance of skills, backgrounds, experience and knowledge
      - Individual directors having sufficient capacity to make a valuable contribution.
      - The size of a board should be guided by the scale and complexity of the company
    - - Board and individual directors should have a clear understanding of their accountability and responsibilities
      - Board's policies and procedures should support effective decision making and independent challenge
    - - A board should promote the long term success of the company by identifying opportunities to create and preserve value
      - Establishing oversight for the identification and mitigation of risks
    - - A board should promote executive remuneration structures aligned to the sustainable long term success of a company, taking into account pay and conditions elsewhere in the company
    - - Directors should foster effective stakeholder relationships aligned to the company's purpose
      - The board is responsible for overseeing meaningful engagement with stakeholders including the workforce and having regard to their views when taking decisions
    - - A company that adopts the Wates principles should follow them in a way that is most appropriate for their particular organisation
      - The board should apply each principle by considering them individually within the context of the company's specific circumstances
      - The board should then explain how they have addressed the principles in their governance practices
      - Companies should provide a supporting statement that provides an understanding of how their corporate governance policies and processes operate to achieve the desired outcome for each principle
      - Each principle is accompanied by supporting guidance. The guidance exists to assist companies in explaining their approach to applying each principle and so it does not need to be reported on
    - - More than 2,000 employees
      - Has a turnover of more than £200 million and a balance sheet of more than £2 billion
- - - - Set up a subsidiary in that member state (expensive/burden of that legal system)
      - Set up a branch in another member state and the branch would not be subject to full force of that law
      - Relocate to another member state and become subject to the laws of that stae