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New UK Reporting Requirements – You had better get cracking

Peter Truesdale, OBE

Some questions seem always to be with us:

  • How much information about corporate responsibility should there be in the Annual Report and Accounts?
  • How can we show that what the corporate responsibility/sustainability  function does is aligned to the core business?

For UK companies at least these questions must now be provided with an answer.

Why?

Simply because the nattily titled The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 say so. These regulations apply to the reports of major UK companies. They apply for financial years beginning on or after 1 January 2017.

The regulations lay out a structure for determining what non-financial information should be included in the Strategic Report section of the Annual Report and Accounts.

It is a very comprehensive list! Comprising ‘as a minimum’

  • Environment
  • Employees
  • Social matters
  • Human Rights
  • Anti-corruption and anti-bribery

 

It’s not just a passing mention that’s required.  What’s wanted is information to enable an “an understanding of the company’s development, performance and position and the impact of its activity”. And that includes:

  • Policies
  • Due diligence
  • Outcomes
  • Biggest risks
  • Management of risks
  • KPIs
  • Links to key financial data

 

Well that’s enough for now.

Presumably whoever is in charge of your Annual Report and Accounts is already thinking about this. Maybe you should get in contact and see how you can help out!

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