BUSINESSES are to be canvassed on the introduction of an EU directive compelling them to disclose non-financial and diversity information.
The Department of Business, Innovation and Skills (BIS) is running a consultation on a requirements which will see environmental, social, employee, human rights, anti-corruption and bribery matters, and board diversity published.
Many of the requirements are aligned with the existing UK requirements for strategic reports.
In particular, BIS is seeking input on the scope of the proposals; member state options; whether the non-financial statement should be placed outside the annual report; assurance around the non-financial statement; whether there are existing narrative reporting requirements that can be repealed; costs and benefits of the proposals.
Following the outcome of the consultation, the FRC will consider any consequential amendments to the guidance on the strategic report to reflect any changes in regulation.
The consultation is open for comment until 15 April 2016.