On 26 July 2022, Companies House published its Corporate Plan 2022-2023, in which it outlines how it intends to progress during the next year towards the strategic goals set out in Companies House Strategy 2020-2025. This plan marks the beginning of year three of the five-year strategy and sets out the following strategic objectives:
1. Maintaining registers and data that inspire trust and confidence: Further improvements will be made to confirmation statement compliance processes, improving data quality, increasing the role of data analytics in enforcement and data sharing where possible and to improve its data accuracy and verification checks.
2. Maximising the value of the company registers to the UK economy: Further improvements will be made to search and reporting interfaces for users, including to further enhance ‘advanced search’ functions. Data will also be made more readily available and proactively shared across other areas of government in order to assist its decision making.
3. Combating economic crime through use of analysis and intelligence: In anticipation of the changes to be rolled out under the Economic Crime (Transparency and Enforcement) Act, Companies House has developed the Register of Overseas Entities and plans to ‘step up’ its intelligence and enforcement activities (for example, using data science and digital research to leverage information held through the register and making this available to law enforcement partners through Companies House’s intelligence hub).
4. Great user experience: Companies House will continue to move existing services to new technology platforms (including to improve systems relating to, for example, online confirmation submission, director appointment and payments) with a view to continuing to provide good customer service.
5. A culture which drives high performance: Companies House intends to fully embed its three-pronged operating model (company filing; company information; and intelligence and enforcement), overhaul its approach to recruitment and retention, including to implement various employee development programmes and introduce profession-specific development interventions and a longer term talent management approach, and refresh its rewards and benefits package to reflect new ways of working.
6. Delivering value through efficient use of resources: Companies House intends to keep expenditure within delegated limits, improve the efficiency of its internal systems and processes, encourage and support flexible ways of working and develop effective working relationships across government and with other stakeholders.
The organisation states that it recognises its part to play in reducing its environmental footprint and to help contribute to the UK’s net zero targets by 2050, noting in particular that it intends to:
- continue to integrate positive environmental outcomes into its corporate plan;
- continue to develop government commitments on tackling climate change;
- implement and report its progress on implementing the Greening Government Commitments;
- monitor and subsequently reduce its environmental impact in line with its strategy; and
- continue to identify and introduce processes that will significantly improve its own environmental performance, and services that will help customers to reduce the environmental impact of transacting with Companies House.
Companies might wish to check that their recent filings and company information are complete and up to date. Inconsistencies may be queried by Companies House as it tightens its oversight and checks of company registers.
Click here for Companies House Corporate Plan 2022-2023.
Click here for Companies House Strategy 2020-2025.
This article was produced in association with White & Case UK’s Public Company Advisory team. Read their original alert here.