Headlines have once again highlighted allegations of fraud - Volkswagen’s admission that they were designing and installing software in millions of diesel engines to cheat official emissions testing. The consequences, civil, regulatory and criminal, of such actions look likely to be severe.
There has been much comment on corporate governance over the last few months following the publication of the Financial Reporting Council’s UK Corporate Governance Code (‘the Code’). It is important to remember that the directors of both public and private companies are subject to the same duties contained in the Companies Act 2006 (’the Act’). There is no distinction between different types or size of company.