Non-financial reporting including corporate governance
FRC appraises compliance with Streamlined Energy and Carbon Reporting (SECR)
The Financial Reporting Council (FRC) has reviewed compliance with the Streamlined Energy and Carbon Reporting (SECR) requirements. Concluding that sampled entities largely complied with the minimum statutory disclosure requirements, though some key observations and expectations have also been laid out.
Review of the Wates Corporate Governance Principles
Sir James Wates has looked at how large private companies are reporting against the Wates Principles. We have summarised the positives, negatives and future expectations.
FRC review of Corporate Governance Reporting
The Financial Reporting Council has published advice on applying the UK Corporate Governance Code including how to report transparently and effectively when departing from certain provisions. Find out more in our detailed summary.
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Investor expectations for Section 172 stakeholder and decisions reporting
Following the introduction of Section 172 into the Strategic Report, there has been a number of reviews into how the requirements are being addressed by companies. The following is a summary of advice from the FRC and the ICAEW including tips for subsidiaries and dealing with Covid-19.
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Remuneration reporting: the impact of the Corporate Governance Code
The FRC has published research on a sample of FTSE 350 companies to show the impact of the new provisions and principles on directors’ remuneration, outlined by the UK Corporate Governance Code. We have summarised those key findings here.
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Effects of coronavirus on reporting and auditing
The Financial Reporting Council (FRC) is advising affected companies to consider Coronavirus risk disclosures.
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Improving reporting against the UK Corporate Governance Code
Premium Listed Companies are required to report against the 2018 UK Corporate Governance Code (2018 Code) for periods commencing on or after 1 January 2019. Companies are advised to consider the points raised in the Financial Reporting Council’s (FRC) Annual Review of the UK Corporate Governance Code.
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The impact of new energy and carbon reporting requirements on large unquoted companies, LLPs and quoted companies
Effective 1 April 2019
The reporting of carbon emissions has been extended to private companies who qualify as large ie the entity or group meets two or more of the following criteria
- Over 250 employees
- Turnover more than £36m
- Balance sheet more than £18m
Changes to Companies Act including employee engagement, corporate governance and S172
Effective for financial years beginning on or after 1 January 2019.
Changes to the Companies Act 2006 and the Companies (Miscellaneous Reporting) Regulations 2018 mean new company reporting requirements for financial years starting on or after 1 January 2019.
As well as changes for quoted companies to the directors’ remuneration report, qualifying companies (different for each statement) will need to provide new statements for: employee engagement, corporate governance, compliance with section 172 Companies Act and engagement with anyone with whom they have business relationships.
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New regulations on Executive Pay for quoted companies
Effective for financial years beginning on or after 1 January 2019.
Changes to the Companies Act 2006 and the Companies (Miscellaneous Reporting) Regulations 2018 mean new company reporting reporting requirements around directors’ remuneration. These apply for financial years starting on or after 1 January 2019.
There are other new reporting requirements which apply to quoted companies depending on their size criteria. These may include statements for employee engagement and compliance with section 172 of the Companies Act 2006.
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