As a Champion, Stewart will review the suggestions made to BIS for areas where existing company law regulations could be streamlined or reduced; ask additional questions of respondents where clarification is required; represent these views, together with some ideas drawn from her own experience and contacts, to Ministers in a ‘Star Chamber’, with a view to achieving real and meaningful reductions in Red Tape.
Commenting on her appointment Stewart said: “I am very excited by the opportunity to be an official Red Tape Challenge champion, because I have been deeply involved in the development of better, more appropriate regulation since the early 90’s.
As a practicing Chartered Accountant, I have often seen smaller businesses in particular struggle with the weight and complexity of bureaucracy applicable to them. Here in the UK, we have led the world in the development of differential accounting standards; we already have a ‘think small first’ approach to Company Law embodied in the 2006 Companies Act. Against this backdrop,
The Red Tape Challenge represents an opportunity to go the final mile towards ensuring that every aspect of regulation applicable to UK companies is necessary, appropriate and is as efficient as it can be.”
The Red Tape Challenge gives the public an opportunity to comment on the regulations applying to each specific sector of business, as well as on the general regulations applying across all sectors, with a view to reducing and simplifying those regulations.
Company Law is a particularly large and diverse aspect of the Challenge, in relation to which BIS has a clear objective, which is to ensure that the UK has a company law framework that gives companies the flexibility to compete and grow effectively.