On 25 April, BIS Department announced that following adoption in Parliament the Enterprise and Regulatory Reform Act had received Royal Assent. This text aims to support long term growth through a range of legal, managerial and institutional measures:
- company law reforms to make sure there is a link between directors’ pay and long-term company performance by giving shareholders of UK quoted companies binding votes on directors’ pay;
- a better employment tribunal system encouraging parties to come together to settle their dispute before an employment tribunal claim is lodged;
- improved whistleblowing protection for company employees;
- new Competition and Markets Authority, bringing together the competition functions of the Office of Fair Trading and the Competition Commission; strengthened legal basis for the UK Green Investment Bank;
- implementing ideas collected via the Red Tape Challenge;
- modernise the UK’s copyright regime while strengthening copyright protections. New possibility to license orphan works; new system for extended collective licensing of copyright works;
- improve consumer protection: right to view and download the data businesses hold on them in an electronic format;
- simplify regulation through reduced inspection burdens; repeal unnecessary laws and time-limit new laws so that there are only ever relevant and necessary laws in place and extend the Primary Authority Scheme to provide consistent regulatory advice to thousands more small firms.
See the Gov site for details.