Equity Culture

Tel: +44 (0)7956 691 104

  • Home
  • About Us
  • Board Evaluations
  • Regulatory Compliance
  • Clients and Case-Studies
  • Noticeboard
  • Blog
  • Contact Us

Payment practices reporting

27th February 2018 3 Comments

A FTSE SMALL CAP Group Counsel & Company Secretary writes...

Companies and LLPs of a certain size will soon need to report on a half-yearly basis on their payment practices, policies and performance.  This applies for financial years beginning on or after 6 April 2017.  The information must be published through an online service provided by the government, and will be available to the public.  As regards your company/LLP who (or which department/function) has primary responsibility for meeting these requirements?  Is it regarded as a “finance” responsibility or a “legal/compliance” one?  And if your company/LLP has an audit committee, will responsibility for oversight of these requirements come within that committee’s remit?

Leave a Reply Cancel reply

Only your comment and indication of company type will be published

Comments

  1. FTSE250 said

    27th February 2018 at 4:44 pm

    For us it was legal who identified the requirement around 12M ago, put a paper together for the Board on ambit of disclosure, timelines and grey areas (we appended some of the government guidance to paper) and then worked with finance over the year who put together the numbers.

    The Audit Committee reviewed the draft disclosure and approved it on behalf of the Board.

    We also had some useful consultancy from KPMG, on how other companies had approached some of the more tricky aspects.

    • FTSE100 said

      27th February 2018 at 4:40 pm

      This is seen as a finance responsibility of our UK operating companies but with other functions eg legal and Company Secretariat involvement. It is not being put to the Audit Committee.

      • FTSE250 said

        27th February 2018 at 4:17 pm

        Payment practices reporting falls within the remit of the finance department. There are two key operating subsididiaries which we are required to report on. The operating boards for these entities (which are mostly made up of individuals from the UK&I Exec team) have oversight of the reports and approved them during one of the board meetings.

        Sections

        • Home
        • About Us
        • Board Evaluations
        • Regulatory Compliance
        • Clients and Case-Studies
        • Noticeboard
        • Blog
        • Contact Us

        Recent Notices

        • Corporate Gifts and Hospitality Policy

          Corporate Gifts and Hospitality Policy

          3rd June 2025
        • How often does your Board meet?

          How often does your Board meet?

          29th April 2025
        • Know Your Customer & Ultimate Beneficial Owner requests

          Know Your Customer & Ultimate Beneficial Owner requests

          28th March 2025
        • The Market Abuse Regulations (MAR) & Insider Dealing training

          The Market Abuse Regulations (MAR) & Insider Dealing training

          28th March 2025
        • Reviewing and updating our Board skills matrix

          Reviewing and updating our Board skills matrix

          24th February 2025

        Contact EquityCulture

        Address:

        89 Kesteven Way,
        Corby,
        Northamptonshire
        NN18 8GF

        Registered in England and Wales No. 06008649.

        • Blog
        • UK Board Evaluations
        • UK Corporate Governance

        © 2025 EquityCulture | Site Designed & Built by Midland Tech