ACT Response sent via e-mail to the ASB from the ACT Derivatives Accounting Working Group (DAWG)
The Accounting Standards Board
Holborn Hall
100 Gray’s Inn Road
London
WC1X 8AL
14 October 2002
Dear Paul
Re: The Association of Corporate Treasurers proposal to the Accounting Standards Board in respect of FRED 30 and recently proposed revisions to IAS 32 and IAS 39
Non-executive directors’ main roles are those of strategic support and monitoring of management – executive directors – in a unitary board. Their independence from important potential conflicts of interest which can affect executive directors is fundamental. We set out many examples of such conflict of interest. What is required to be independent will evolve over the years. We suggest some ways of refining of the concept which would be helpful now.
ACT Derivatives Accounting Working Group (DAWG) Response to Consultation
As corporate treasurers typically have the key responsibility for managing financial instruments within UK listed companies, the response to FRED 23 of the Technical Committee of The Association of Corporate Treasurers (ACT), their professional body, is of particular interest.
ACT urges Law Commission to consider implications for wholesale markets in unfair contract terms review
Law Commission plans to review rules on unfair contract terms should exclude contractual arrangements in the wholesale markets, according to a recent consultation response from the ACT.
