The Companies Act 2006 (Strategic Report andDirectors’ Report) Regulations 2013Andrea SmithTechnical ManagerCDP
{ UK - first to make it compulsory to report GHG emissions in annual report{ Applies to quoted companies{ Strategic rep...
{ In	  the	  Directors’	  Report	  { 	  Data	  for	  whole	  company	  -­‐	  global	  { 	  Applies	  to	  reports	  pre...
{ 	  	  GHGs	  in	  tCO2e	  from	  ac4vi4es	  for	  which	  the	  company	  is	  responsible	  including	  	  •  	  the	 ...
When will my company have to start reporting?Page 5Your	  usual	  financial	  year	  	   Your	  first	  repor1ng	  year	  un...
{ 	  No	  requirement	  to	  have	  the	  data	  verified.	  	  	  { 	  	  	  Auditor	  will	  be	  required	  to	  consi...
{ 	  	  	  If	  companies	  consider	  that	  repor4ng	  emissions	  from	  ac4vi4es	  for	  which	  they	  are	  respons...
{ 	  Companies	  can	  use	  the	  methodologymethodologies	  of	  their	  choice	  •  ISO14064	  –	  Greenhouse	  gases....
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The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013

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Andrea Smith, Technical Manager at CDP's presentation on the latest published version of the proposed amendment to the UK Companies Act 2006, requiring UK quoted companies to disclose Greenhouse Gas information in their Directors' Reports.
Andrea was seconded to DEFRA to assist in the final stages of writing the proposed amendments.
Please note that this presentation's content is based on CDP's understanding of the contents of the proposed regulation and may not represent the final version to come into force.

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The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013

  1. 1. The Companies Act 2006 (Strategic Report andDirectors’ Report) Regulations 2013Andrea SmithTechnical ManagerCDP
  2. 2. { UK - first to make it compulsory to report GHG emissions in annual report{ Applies to quoted companies{ Strategic report{ Some reporting requirements removed{ Some added:• Human  rights  issues  • Women  on  the  board  • GHG  emissions  repor4ng  Regulation overviewPage 2
  3. 3. { In  the  Directors’  Report  {   Data  for  whole  company  -­‐  global  {   Applies  to  reports  prepared  in  respect  of  financial  years  ending  on  or  aAer  30  September  2013{   The  GHG  repor4ng  year  may  be  different  to  the  financial  repor4ng  year  –  but  this  must  be  stated  Reporting of GHG emissionsPage 3
  4. 4. {     GHGs  in  tCO2e  from  ac4vi4es  for  which  the  company  is  responsible  including    •   the  combus4on  of  fuel  •     the  opera4on  of  any  facility  {   GHGs  resul4ng  from  the  purchase  of  electricity,  heat,  steam  or  cooling  by  the  company  for  its  own  use  {   Comply  or  explain  what  is  missing  and  why  {   State  methodologies  used  {   Give  at  least  one  emission  intensity  metric  {   Must  repeat  previous  year’s  data  for  these  points  (with  the  excep4on  of  first  repor4ng  year)  Reporting of GHG emissionsPage 4
  5. 5. When will my company have to start reporting?Page 5Your  usual  financial  year     Your  first  repor1ng  year  under  the  regula1on    1  January  to  31  December   1  January  2013  to  31  December  2013    1  April  to  30  March     1  April  2013  to  30  March  2014    1  October  to  30  September     1  October  2012  to  30  September  2013  
  6. 6. {   No  requirement  to  have  the  data  verified.      {       Auditor  will  be  required  to  consider:    •  whether  the  informa4on  is  consistent  with  the  financial  statements  •  whether  the  informa4on  is  apparently  materially  incorrect  based  on,  or  materially  inconsistent  with,  the  knowledge  acquired  by  the  auditor  in  the  course  of  performing  the  audit  •  the  need  to  qualify  their  report  if  they  become  aware  of  either  of  above  and  the  maYer  is  unresolved.  •  They  are  not  required  to  consider  whether  the  directors’  report  complies  with  the  relevant  laws  and  regula4ons  but  if  they  become  aware  of  any  material  non-­‐compliance  then  they  would  need  to  discuss  the  maYer  with  management  and  those  charged  with  governance.      VerificationPage 6
  7. 7. {       If  companies  consider  that  repor4ng  emissions  from  ac4vi4es  for  which  they  are  responsible  means  that  they  will:  •  Not  report  on  GHG  emissions  from  certain  opera4ons  covered  by  the  consolidated  financial  statement;  or  •  Report  on  GHG  emissions  from  opera4ons  that  are  not  included  in  this  statement      they  must  make  this  clear  Reporting boundaryPage 7
  8. 8. {   Companies  can  use  the  methodologymethodologies  of  their  choice  •  ISO14064  –  Greenhouse  gases.  Part  1  (2006)  •  WRI  /  WBCSD  Greenhouse  Gas  Protocol:  A  Corporate  Accoun4ng  and  Repor4ng  Standard  (Revised  Edi4on)  •  UK  Government  GHG  repor4ng  guidance    •  Climate  Disclosure  Standards  Board  Climate  Change  Repor1ng  Framework  –  Edi1on  1.1  October  2012  •   Global  Repor4ng  Ini4a4ve  Sustainability  Repor4ng  Guidelines      MethodologyPage 8
  9. 9. www.cdp.net | @CDP

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