Companies across the globe are failing to maintain the required legislative and regulatory reporting requirements for their subsidiaries, according to TMF Group, (TMF) the world’s leading independent provider of accounting and corporate secretarial services and Computershare Governance Services (CGS), the leading subsidiary governance software supplier.
Mark Selinger, Managing Director of CGS suggests that, “The consequences for noncompliance are severe in many countries. Companies risk penalties ranging from fines, dissolution of local entities and even prison sentences for local directors by not being aware of the regional requirements applicable to all of their subsidiaries.”
“Individually, these compliance requirements are not particularly onerous. However, organizations with large group structures often find that it is the sheer volume of filings and differences in local regulatory requirements that cause them to fall behind with their reporting. We help the companies we work with put processes and procedures in place to bring structure to this area of compliance. We also leverage our extensive network of world-wide offices to provide them with local regulatory expertise,” said Jarrod Simpson, Director of TMF Group and head of Corporate Secretarial.
See full Press Release.
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