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Companies Act 2006 will bring IT closer to business

Companies Act 2006, which comes into force in October 2009, is reminiscent of the 2002 Sarbanes-Oxley Act in the US. Sarbanes-Oxley has impinged mightily on the working lives of British IT professionals working for companies listed in the US, so the kinds of implications it bears are nothing new. But the Companies Act betokens more of the same, and for a wider group.

The new rules take into scope modern electronic communications, which were not widespread in 1985 - the year of the last iteration of the act. Company directors will need to ensure that the right IT systems are in place to store and retrieve documents and data. They will also need to make sure that electronic communication with shareholders, via websites or other means, is robust and secure.

Companies Act 2006 will bring IT closer to business

Full post as published by inside Sarbanes Oxley on December 06, 2007 (boomark / email).