The Law Society's company law committee was established in 1972 to consider the reform of company law in general and, specifically, forthcoming legislat ion and changes brought about by the then impending membership of the European Economic Community.The committee's terms of reference are more or less the same, but its remit has broadened considerably.

It continues to review and promote improvements in company law, practice and procedure, but it now also deals with financial services legislation and regulation, audit and accounting standards and guidelines, insolvency, takeovers, the UK Listing Authority and the London Stock Exchange requirements and the codes of corporate governance.The company law committee is the largest of the Law Society's specialist committees.

While there is a large representation from practitioners based in the City, the committee includes members from all of the major provincial centres and from solicitors employed in commerce and industry.

The committee also has the benefit of assistance from a number of academics and representatives of the Bar, which enables the committee's pronouncements to carry the endorsement of the law reform committee of the Bar Council.Over the course of a year the committee will submit substantive responses to more than two dozen consultation papers which are published in the form of memoranda.

Those memorandums are distributed to individual practitioners, library and information services at law firms, academics and other interested organisations.

They are also available on the Law Society's Web site: www.lawsociety.org.ukSince the last general election the company law committee has been pre-occupied by two projects.

In 1998 the Department of Trade and Industry appointed a project team overseen by a steering group to undertake a fundamental review of company law.

The object is to provide an environment which will facilitate entrepreneurship and corporate development, and a legislative framework which is attractive in a global market.The company law review has generated eight substantial consultation documents plus a series of more specialised consultations on particular issues.

The committee has been represented on the review's consultative committee by its chairman, and individual members of the committee have served on the separate single issue working groups established by the review's steering group.The review should culminate in a report to ministers in May 2001 which should form the basis of a white paper.

It is hoped that the new government will include legislation in the programme for the 2002/2003 session.

The review represents the cumulation of two campaigns waged by the company law committee throughout the 1990s.

The committee was the first body to draw attention to the complexities of the regime which prohibits the provision of financial assistance by a company for the acquisition of its own shares.

The review currently proposes the abolition of the prohibition for private companies and improvements (insofar as they are compatible with the requirements of EU directives) for public companies.The committee has also been pressing the government to acknowledge the need for company law to be kept under review and up to date on a continuous basis.

It proposed the establishment of a separate company law commission charged with presenting legislative proposals on which full consultations had taken place to ministers for implementation.

The review now proposes the establishment of a companies commission.

If implemented, this should represent a significant improvement on the present haphazard and, all too frequently, ill-considered approach to company legislation.The company law committee has also been fully engage d in the consultations leading to the Financial Services and Markets Act 2000.

In addition to written submissions, meetings with officials and briefings of parliamentarians, the committee gave evidence before the parliamentary joint committee on financial services and markets.The company law committee is always keen to receive examples of deficiencies in the existing Companies Act and related legislation from solicitors.

If solicitors have any such points, or if they would like to receive copies of the committee's submissions, they should contact Steven Durno at the Law Society, 113 Chancery Lane London WC2A 1PL, DX56 LONDON/CHANCERY LANE.COMMITTEE FACT FILE-- CHAIRMAN: Andrew Davison Eversheds, Newcastle upon Tyne -- partner since 1986.

Specialises in general company law, with particular reference to public company, corporate finance, mergers and acquisitions.

Member of the Law Society's company law committee since 1991 and chairman since 1999.

Represents the solicitors' profession on the company law review consultative committee and is a member of the London Stock Exchange primary markets group.-- COMMITTEE MEMBERSMads Andenas*, British Institute of International and Comparative LawLady Justice Arden*, Court of AppealRichard Bagley, consultant, PooleOliver Barnes, Travers Smith Braithwaite, LondonAlan Barr, Burges Salmon, BristolMark Beattie, Beachcroft Wansbroughs, LondonMartin Chester*, Theodore Goddard,LondonJohn Cone*, Erskine Chambers, LondonJonathan Coppin, Norton Rose, LondonHarriet Creamer, consultant, East SussexChristopher Dunn, Cobbetts, ManchesterMichael Franks, Law Society council memberJudith Freedman*, London School of Economics and Political SciencePaul Gilbert, Law Society council memberPeter Graham*, Paisner & Co, LondonTim Herrington*, Clifford Chance, LondonGillian Holgate, Allen & Overy, LondonVanessa Knapp, Freshfields Bruckhaus Deringer, LondonTom Mackay, Amhurst Brown Colombotti, LondonRichard Millar*, Eversheds, LondonJyoti Munsiff, Shell Transport and Trading PlcPaul Nelson, Linklaters & Alliance, LondonHugh Nineham, Lovells, LondonDavid Paterson, Herbert Smith, LondonRichard Paton*, DLA, LiverpoolDan Prentice*, Pembroke College, OxfordDaniel Rosenberg, Taylor Joynson Garrett, LondonJonathan Rushworth, Slaughter & May, LondonHelen Shilling, Simmons & Simmons, LondonAndrew Stilton, Martineau Johnson, BirminghamSir Thomas Stockdale*, Erskine Chambers, LondonJeff Sultoon, Ashurst Morris Crisp, LondonHoward Trust, Barclays, LondonRichard Ufland*, Lovells, LondonDavid Wilson, consultant, LondonPiers Wolf*, Eversheds, IpswichRobert Wright*, Erskine Chambers (retired), London*Co-opted members