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Business Secretary, Vince Cable has presented the Enterprise and Regulatory Reform Bill to Parliament.
The Bill will deliver legislation aimed at improving the employment tribunal system by encouraging parties to come together to settle their dispute before an employment tribunal claim is lodged, through Acas early conciliation and greater use of Settlement Agreements.
It will also make the determination of less complex disputes quicker and cheaper for employers and employees alike, through a new ‘Rapid Resolution’ scheme. Taking away the fear of employment tribunals will give business more confidence to take on new staff.
The bill will also address the disconnect between directors’ pay and long-term company performance by giving shareholders of UK quoted companies binding votes on directors’ remuneration. This will encourage shareholders to be more engaged and companies to listen to what they say.