The Enterprise and Regulatory Reform Bill has received Royal Assent.
According to the Government, the Enterprise and Regulatory Reform Act aims to support long term growth through a range of measures, including:
- making sure there is a link between directors’ pay and long-term company performance by giving shareholders of UK quoted companies binding votes on directors’ pay. Shareholders will now have the power to hold companies to account and companies will need to listen to what they say;
- creating a better employment tribunal system by encouraging parties to come together to settle their dispute before an employment tribunal claim is lodged, through Advisory, Conciliation and Arbitration Services’ early conciliation and greater use of settlement agreements; and
- closing a loophole in whistleblowing protections which will only allow individuals to whistleblow in matters of public interest. This prevents workers from making a whistleblowing claim at an employment tribunal for purely private matters such as problems with their own individual contract. It will also introduce greater protection for individuals from harassment when they blow the whistle at work.
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