The Financial Stability Board (FSB) has announced the members of an industry-led Task Force on Climate-related Financial Disclosures (TCFD), which will be chaired by Michael Bloomberg. The Task Force was announced last month, as reported by Manifest. The Task Force will develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other […]
Read MoreThe board of retailer Next has been forced to call a general shareholder meeting next month after finding a technical infringement of the Companies Act 2006 in respect of the payment of the dividends. The issue relates to the dividends paid in February 2014 and three dividend payouts in 2015. The company said it always had […]
Read MoreCompliance with the UK Corporate Governance Code remains high,with 90 per cent of the FTSE 350 complying with all but one or two provisions, according to the Financial Reporting Council (FRC) in its report, Developments in Corporate Governance and Stewardship 2015. Data compiled by Manifest on behalf of the FRC shows that, in respect of board and […]
Read MoreThe Financial Reporting Council (FRC) has issued two consultations as part of its ramped up efforts to implement the EU Audit Regulation and Directive regime and strengthen investor confidence in governance. Board Succession Planning Following its October discussion paper UK Board Succession Planning -the FRC is now seeking input and feedback on how to achieve diverse […]
Read MoreAs we tweeted last week it’s AGM season, so that means it’s time for more consultations. Consultations are generally a good thing, even if the timing is a little inconvenient for shareholders. This article takes a look at the key takeaways from the UK’s latest consultation but then poses some tricky questions about the evolving nature […]
Read MoreThe use of underlying profit as an indicator of corporate performance risks misleading investors, according to a recent study conducted by Deloitte. The firm surveyed the 2010 annual reports of 100 publicly listed and other large New Zealand companies, finding that in 92% of the filings, the highlighted underlying profit improved the statutory profit result […]
Read MoreAdvocates for audit and accounting reform made great strides this week. Although much of the attention will be directed at the OFT’s conclusion that the audit market isn’t working, a slightly less well covered but equally welcome development emerged from the back benches of the House of Commons. New Conservative member for Wycombe, Steve Baker MP has […]
Read MoreThe UK’s competition watchdog, the Office of Fair Trading (OFT) has concluded that the audit market is not competing effectvely and is now considering a referal to the Competition Commission. Taking a lead from the House of Lords Economic Affairs select Committee’s work on audit, the OFT has decided that there are “reasonable grounds for […]
Read More“The Big Four’s domination of the large firm audit market in the UK is almost complete: in 2010 they audited 99 of the FTSE 100 largest listed firms, which change auditors every 48 years on average. It is clearly an oligopoly with all the attendant concerns about competition, choice, quality and conflict of interest. It […]
Read MoreThe carbon footprint reporting of the UK’s top 100 listed companies is highly variable claims Deloitte and only a handful of companies come close to complying with current UK government guidance [1]. According to Deloitte’s analysis, published today, many companies failed to make basic disclosures around the reporting methodology used, or accounting principles applied, highlighting a lack of transparency around […]
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