THE GOVERNMENT must act to stamp out “spin” in company corporate responsibility reporting, a charity for the voluntary sector has said.
In response to a BIS consultation, Directory of Social Change (DSC) has argued that a set of recommended practices should be introduced to help improve the quality, transparency and consistency of corporate social responsibility reporting.
According to DSC, the voluntary approach advocated by the government will fail to deliver fundamental improvements. Instead, one standard set of practices should be developed to eliminate the spin that distorts company reports.
The DSC argues that, rather than being burdensome red tape, the measures would provide more clarity, and be in the interests of shareholders and charities that want to work with organisations on social projects.
Earlier this year, the government axed incoming regulations that would have required companies to list their charitable donations.
The DSC previously wrote to the business secretary Vince Cable and BIS minister Jo Swinson [pictured], arguing that these changes were regressive and effectively pre-empted outcomes of the current BIS consultation.
Swinson responded that the decision to remove charitable donation information, from corporate reporting was based upon a consultation that closed in 2011.
The current consultation “Corporate responsibility: a call for views” closes on 27 September and is aimed at making companies more accountable to shareholders and the public.
What can you do to ensure your employees know the company policy and stick to it? Hear from other CFOs and experts in our free-to-view video
The quality of reporting by the UK’s top public companies has slowed despite greater economic uncertainty and increased investor demands for better disclosure, new research has found
Boards must step up their focus on corporate culture and work to foster longer-term goals if they want to win back public trust and ensure sustainable businesses, the UK accountancy regulator said
MPs have launched an inquiry on corporate governance, focusing on executive pay, directors’ duties, and the composition of boardrooms, including worker representation and gender balance in executive positions