Thank you to those of you who participated in our recent survey. Here is a summary of the results:
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1. Are UK company directors sufficiently aware of the Companies Act, and its significance for their business?
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| Yes, most business directors are already planning for the effects of the Companies Act. |
15%
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| Probably not – the majority of directors are unaware of the Act, or what it could mean for their business. |
61%
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| No – very few directors seem to be aware of the Act: the Government has done little to publicise the need for companies to plan for these changes. |
24%
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| 2. Would you agree that every company director needs to be aware of the expansion of directors' responsibilities | ||||
| Yes, directors responsibilities will no longer be limited to what is best for the company, but will include the interests of the environment, their staff and the community |
96%
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| No, the expanded responsibilities for directors are not significant |
4%
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| 3. You are tracking the Companies Act: how well informed are your competitors? | ||||
| Most business advisers, including solicitors and accountants, are keeping a close watch on the Companies Act and its many provisions |
40%
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| Most business advisers seem to be waiting for implementation of various aspects of the Companies Act before taking a detailed interest |
49%
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|
11%
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| Very few business advisers seem to be aware of the Companies Act, and its significance for their own business and that of their clients, which is a poor reflection on how the Government has communicated its plans | ||||
| 4. Do you believe that the Companies Act – one of the largest pieces of legislation every placed before Parliament – will achieve its declared aim of making life simpler for UK companies? | ||||
| Yes – the Act will reduce Red Tape and simplify company administration |
7%
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| Partially – companies will have to go through the pain and cost of changing their systems before they can gain benefits from the new Act |
57%
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| No – while there are definite benefits within the Act, the overall effect will demand administrative upheaval with no real reduction in Red Tape for most companies |
36%
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| 5. In your opinion, will the following measures in the Companies Act be a benefit or a problem for most UK companies? | ||||
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Benefit
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Problem
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Neither
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| Directors will be able to provide a service address for the public record |
75%
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11%
|
14%
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| A private company will not need to have a company secretary |
36%
|
41%
|
23%
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| One person will be able to form a company |
62%
|
17%
|
21%
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| Written resolutions will have to be signed within 28 days of their being circulated for signature, in order to be valid |
30%
|
34%
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36%
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| Companies can communicate with shareholders electronically, either by email, fax or via a website |
83%
|
8%
|
9%
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| Directors of a company with one class of shares will be able to allot shares without prior shareholder approval |
45%
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41%
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14%
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