Stephen Haddrill comments on today’s vote in the European Parliament on the disclosure of non-financial information
News types:
Published: 15 April 2014
Stephen Haddrill, Chief Executive Officer, Financial Reporting Council said:
Notes to Editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
Press enquiries should be directed to: Peter Timberlake, Head of Communications on telephone: 020 7492 2397/ 07768 502332, or email [email protected]. Or to Sophie Broom, Communications Executive, on telephone: 020 7492 2395/ 07771 808464 or email: [email protected]
“The approval by the European Parliament of the new non-financial disclosure requirements for EU companies is a positive move for investors and complements the FRC’s work on UK Guidance on the Strategic Report, consistent with our mission to promote high quality corporate reporting to foster investment.”
“The FRC worked closely with European Union institutions and the UK government to ensure that the risk of proliferation of ‘boilerplate’ was removed. This will ensure that investors receive only relevant and proportionate information. There have been numerous debates on what information is essential; by limiting the scope to large public interest entities with over 500 employees and only including material information this will help to ensure that these increased transparency requirements will encourage better corporate conduct and better informed investment decisions. By allowing flexibility around the location of these disclosures, it will enable companies to disclose information in a manner that communicates most effectively.”
“The FRC worked closely with European Union institutions and the UK government to ensure that the risk of proliferation of ‘boilerplate’ was removed. This will ensure that investors receive only relevant and proportionate information. There have been numerous debates on what information is essential; by limiting the scope to large public interest entities with over 500 employees and only including material information this will help to ensure that these increased transparency requirements will encourage better corporate conduct and better informed investment decisions. By allowing flexibility around the location of these disclosures, it will enable companies to disclose information in a manner that communicates most effectively.”
Notes to Editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
Press enquiries should be directed to: Peter Timberlake, Head of Communications on telephone: 020 7492 2397/ 07768 502332, or email [email protected]. Or to Sophie Broom, Communications Executive, on telephone: 020 7492 2395/ 07771 808464 or email: [email protected]