UK - Proposed legislation on company reporting will be a "missed opportunity" unless vital changes are made, ministers have been warned.
The Institute of Directors claims the department for trade and industry’s Operating and Financial Review will fail to overhaul the current system in its present form.
Industry consultation on the review ended last week.
But IoD head of corporate governance, Patricia Peter, warned that the proposals, as they stood, would leave directors “more burdened and exposed than ever” and prove a “costly burden” on companies.
She said specific concerns included:
Directors being liable for forecasts which are not fulfilled.
Auditors being given a role beyond their expertise.
Companies taking on a “costly task” when there is little evidence that shareholders want additional information.
But the Corporate Responsibility Coalition, which represents 120 organisations and trade unions, wants the legislation tightened to ensure shareholders receive adequate information from companies.
It wants the government to require directors to publish details of the social and environmental impact of their company, as well as financial performance.
CORE co-ordinator Brian Shaad said the current proposals would continue to reward companies for their “negative impact”.
And he criticised the Confederation of British Industries for “slowing down good business” following its claim that the OFR was a “rush to regulate”.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.