From 6 April 2016 unlisted companies (including corporate trustees) will be required to keep a register of individuals who have significant influence or control over the company. From 30 June 2016 this information will also have to be reported to Companies House as part of the confirmation statement (which replaces the existing annual return).
The corporate team at Nabarro has issued a briefing on this subject. It sets out the criteria for identifying a person of significant influence or control (PSC) and the steps companies should take. Even where no PSC has been identified, the company must still make a formal statement to Companies House to that effect.
The Department for Business, Innovation and Skills has issued draft guidance for companies on identifying and recording PSCs. Of relevance to many corporate trustees will be paragraph 4.6 of the draft guidance. This confirms that the fact that a director holds a casting vote would not in itself result in that person being considered to be a PSC.
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