Watchdog highlights widespread box-ticking by UK plc FTSE-listed companies are treating corporate governance as a box-ticking exercise and failing to meet stakeholder expectations in their reporting, according to the Financial Reporting Council (FRC). The FRC’s Review of Corporate Governance Reporting 2020 revealed a general inconsistency and that companies were not provided high quality and transparent […]
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Audit watchdog: UK companies must report climate disclosures FRC to push companies to speed up on the race to net zero Companies are being urged to improve their reporting on climate change to meet the increased expectations of investors. On November 10, the UK’s Financial Reporting Council (FRC) called on public interest entities to report […]
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Government signals drive to boost ESG options for pension funds UK government pensions minister Guy Opperman has signalled plans to accelerate ESG action for pension funds ahead of the milestone COP26 conference in 2021. “The government will be making announcements on climate change considerations on the whole investment chain and you can expect more and […]
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Virtual AGMs get FRC green light, but questions remain Questions remain over how virtual AGMs can work for all investors, after a full season of shareholder and company meetings has been carried out online. While some “excellent practices” seen over the course of 2020 have convinced the UK regulator to encourage new, digital ways for […]
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FRC revamps UK Stewardship Code with new report obligation Prospective signatories of the UK Stewardship Code face a new reporting requirement and will soon have to prepare annual stewardship reports, following an update by the Financial Reporting Council (FRC). In a “substantial and ambitious” review, the 2012 code has been replaced by the UK Stewardship […]
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UK-listed companies offered Covid-19 issuance lifeline UK-listed companies hit by Covid-19 are being given an additional lifeline as the Pre-Emption Group (PEG) extends the easing of its issuance guidelines, allowing more share capital to be raised from shareholders. The PEG, the affiliate of the Financial Reporting Council that provides guidance on fundraisings and rights issues, […]
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UK commits to new accounting watchdog, despite delays The UK government has pledged to push ahead with a new authority to oversee corporate governance standards, following criticism from a top business committee over its inaction to date. In an open letter to the Business, Energy and Industrial Strategy (BEIS) committee, the government promised to push […]
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FRC reports highlight benefits of Covid disclosures Investors require “clear and timely” disclosures from companies during the Covid-19 pandemic to inform decision-making and drive capital allocation. Two new reports from the Financial Reporting Council have attempted to break down what investors need from companies during the current period of uncertainty. The FRC has recommended that […]
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FRC: Expectations and standards ‘still apply’ The Financial Reporting Council (FRC) has moved to remind companies that expectations and standards have not changed, despite the ongoing Covid-19 crisis. At the same time, however, the FRC clarified that it had not increased pressure on auditors to be tough. In an update, the Council said auditors should […]
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In February, the Financial Reporting Council (FRC) announced what it has called a “major review” of how companies and auditors assess and report on the impact of climate change, with the findings due to be published in the Autumn, ahead of COP26. But investors are set to play a key role in this review, according […]
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