We have responded to the Government's proposals to improve the UK's audit, corporate reporting and governance systems as set out in the Consultation Paper ?Restoring trust in audit and corporate governance? (CP) issued by, the Department for Business, Energy and Industrial Strategy (BEIS) in March 2021. Specifically, the proposed measures are designed to:

• ?restore public trust in the way that the UK's largest companies are run and scrutinised
• ensure that the UK's most significant corporate entities are governed responsibly
• empower investors, creditors, workers, and other stakeholders by giving them access to reliable and meaningful information on a company's performance
• keep the UK's legal frameworks for major businesses at the forefront of international best practice?

The government's proposals are widely drawn and, in our view, impose more onerous requirements than are needed to address the perceived concerns, consequently, the power provided to the regulator must be balanced by equivalent requirements for transparency, accountability and appropriate cost/benefit analysis. Stakeholder confidence in the UK corporate market, including that of the international investment community, will not be restored by an excessive and overtly interventionist regulatory regime. While we generally support the overarching principles of the government's proposals, we are concerned that significant parts of the package and the timing for implementation require fundamental revision.  We have grave concerns that the proposals in total, as constructed, would significantly reduce the UK as an attractive location for business.

Our response to the consultation can be found here.