Impact of the EU Corporate Sustainability Reporting Directive on UK companies

The EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) has been published in the Official Journal of the European Union. It will enter into force on 5 January 2023. Notwithstanding the UK’s withdrawal from the EU, the CSRD may impact UK companies because of its extra-territorial application. Companies within scope of the CSRD will be required to … Read more

FRC publishes guidance on annual report and accounts

The Financial Reporting Council (FRC) has published guidance for companies preparing their annual report and accounts (ARA) as part of its “What Makes a Good” publication series. The FRC focuses on two core themes which it believes underpin a good ARA: Corporate reporting principles – These are the principles that the FRC says that issuers should follow when … Read more

Primary Market Bulletin 42 and Market Watch 71

The Financial Conduct Authority (FCA) has published market guidance for issuers, on a range of topics, in Primary Market Bulletin 42 and for firms, on insider lists, in Market Watch 71. Primary Market Bulletin No. 42 Topics covered in Primary Market Bulletin 42 include: Unlawful disclosure of inside information – The FCA describes the situations and types of behaviour that crop up repeatedly in enquiries … Read more

FRC publishes reviews of reporting in 2021/22

The Financial Reporting Council (FRC) has published its annual review of corporate reporting for 2021/22 and its annual review of corporate governance reporting for 2022. Review of corporate governance reporting The FRC’s annual review of corporate governance reporting discusses the quality of reporting against the UK Corporate Governance Code in 2022 and its expectations for companies reporting in … Read more

FRC Lab report on net zero disclosures

The FRC Lab has published a report on net zero disclosures, which form part of the commitments companies make to reduce their greenhouse gas emissions. The report looks at how investors use these disclosures, investor views on current standards on net zero disclosures, and the challenges facing companies in making the disclosures. The FRC Lab has … Read more

TCFD report on climate-related financial disclosures

The Task Force on Climate-Related Financial Disclosures has published its fifth annual status report on the implementation of its recommendations on climate-related financial disclosures (the TCFD Recommendations). The Task Force published its TCFD Recommendations in June 2017 to help companies produce disclosures that show how they measure and respond to climate change risks. Under the Listing Rules, premium listed … Read more

Reform of Companies House

The Government has laid the Economic Crime and Corporate Transparency Bill (ECCT Bill) in Parliament which contains, among other things, draft amendments to the Companies Act 2006 to facilitate the reform of Companies House. The ECCT Bill follows an initial consultation in 2019, three follow-up consultations in 2020 and the white paper containing the Government’s … Read more

FRC Lab reports on ESG data production and disclosure of digital security risks

In August, the FRC Lab published two reports: Improving ESG data production – This report considers the current landscape and challenges for the production of ESG data and sets out actions that companies could take to improve how this data is collected. It is built around three elements – what motivates companies to collate ESG … Read more

Climate reporting – FCA and FRC reviews

The Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) have published two reports on the quality of climate-related reporting by listed companies. For financial years beginning on or after 1 January 2021, premium listed commercial companies are required to include a statement in their annual financial report setting out whether they have made disclosures … Read more