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Legislative changes ahead

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In recent years, The Department for Business, Innovation and Skills (BIS) has produced three discussion documents, The Future of Narrative Reporting, A Long-term Focus for Corporate Britain and The Future of Narrative Reporting (Further Consultation). These, together with other reports such as the Kay Review which called for immediate action in restoring trust and confidence in the investment chain have highlighted an urgent consensus that changes to the narrative reporting framework were needed. This autumn sees the government's response - new legislation in strategic reporting. Here, Mark Jackson, senior policy advisor at BIS, discusses the new changes.

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Legislative changes ahead

  1. 1. Narrative Reporting
  2. 2. Structure • A quick run through the various consultations • What the various reports could look like • Some of the new disclosure requirements • What we chose not to pursue • Next steps • Questions
  3. 3. 2010 to 2012 • The Long term focus for Corporate Britain – Communication of a long term strategy by companies is important • The Future of Narrative Reporting – High quality reporting out there but room for improvement especially on strategic disclosure • The Future of narrative Reporting : – Separate section for the High level messages
  4. 4. The Strategic Report • A concise report of the company’s financial year – Including: – The companies strategy – Business model – Principle risks (those that keep the board awake) – Environmental, employee, community, social and human rights information (where material) – Gender breakdown – GHG emissions (if material)
  5. 5. Directors Report • The compliance based information that the company must disclose – Possibly GHG emissions – More detailed disclosure • We do see this as a supporting document to the strategic report
  6. 6. Specific disclosures • Greenhouse gas emissions • Gender diversity • Human rights
  7. 7. What we did not pursue • Annual Directors statement – Template – Online format • Removal of other disclosure requirements – Charitable donations –
  8. 8. Current State of Play • Laid in the house on • To be debated in Parliament • No amendments allowed – only a yes or no • After this – The Minister signs regulations and they become law. • Following this we will make some “negative” instruments to finish the job
  9. 9. Any Questions ? • Thank you for listening
  10. 10. Any Questions ? • Thank you for listening

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