Cross‑border law shifts affect boards
Recent moves in the UK (Pension Schemes Bill third reading) and India (Corporate Laws Amendment Bill) are sharpening director duties on pensions, risk and compliance — a reminder that cross‑border board roles demand local legal fluency. Directors targeting international seats should be ready to demonstrate governance expertise across jurisdictions. (pensionsage.com) (caclubindia.com)
The Pension Schemes Bill was read a third time in the House of Lords on 26 March 2026. (TheyWorkForYou) (theyworkforyou.com) The Bill introduces a statutory power allowing trustees to amend scheme rules to permit ongoing payments of surplus to sponsoring employers, with new restrictions set out in Clauses 8 and 9 of the Bill. (UK Parliament bill PDF) (publications.parliament.uk) For defined‑contribution arrangements the legislation mandates new value‑for‑money assessments, a small‑pots consolidation framework (including a data platform and authorised consolidators) and gives oversight and enforcement roles to the Pensions Regulator and FCA under Clauses 10–31. (Pension Schemes Bill explanatory notes) (publications.parliament.uk) The Bill’s surplus and consolidation powers increase sponsor covenant scrutiny because trustees and the Pensions Regulator now have clearer statutory routes to test employer funding and to require schemes to be funded above an insurance/buyout level before surplus extraction. (Freshfields / The Pensions Regulator guidance) (riskandcompliance.freshfields.com) The Corporate Laws (Amendment) Bill was introduced in the Lok Sabha on 23 March 2026 and referred to a Joint Parliamentary Committee for further scrutiny. (PRS India bill summary) (prsindia.org) The Indian Bill clarifies independent‑director eligibility (including counting additional‑director service in tenure), tightens cooling‑off and association rules with firms that do work for the company, and makes default under section 164(2) result in vacancy of office after six months. (Vinod Kothari analysis) (vinodkothari.com) The Bill also shifts many minor corporate offences to penalty‑based enforcement while strengthening NFRA’s remit for auditor oversight and mandating enhanced reporting and training powers for auditors and valuers. (CAclubIndia / Taxmann) (caclubindia.com) Both legislative moves landed in late March 2026—India’s corporate reforms were tabled on 23 March and the UK pensions measure completed its Lords third reading on 26 March—creating nearly simultaneous regulatory shifts for boards with cross‑border exposure. (PRS India / TheyWorkForYou) (prsindia.org)
