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BEIS white paper: the long and complicated road to reform
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BEIS white paper: five steps crucial to deliver reform
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Who must disclose and how?
The European Union (EU) is at the forefront of this movement. The EU is introducing far-reaching legislation addressing the recent adoption of the Taxonomy Regulation ((EU) 2020/852, June 18, 2020, on the establishment of a framework to facilitate sustainable investment (Regulation (EU) 2020/852) and the entry into force on March 10, 2021, of the Sustainable Financial Disclosure Regulation (Regulation (EU) 2019/2088) – please refer to GT Alert “The EU Sustainable Finance Disclosure Regulation Enters into Force.”
The Taxonomy Regulation has recently been supplemented by a delegated regulation of the EU Commission (Delegated Regulation) which has laid down the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation (Annex I) or climate change adaptation (Annex II) and for determining whether that economic activity causes no significant harm to any
The Financial Reporting Council has provided more details relating to supervision under new corporate governance proposals, including broadening the regulator’s review powers to allow it to scrutinise the entire contents of a company’s annual report and accounts.
In a webinar hosted by the Financial Reporting Council (FRC), the regulator explained the scope of reviews into corporate reporting and audit quality. It also highlighted some of the practical implications of proposed changes to Public Interest Entity (PIE) auditor registration.
Among the recommendations outlined in the government’s Restoring trust in audit and corporate governance: proposals on reforms white paper is a broadening of the regulator’s review powers that would allow it to scrutinise the entire contents of a company’s Annual Report and Accounts. Currently, the regulator’s Corporate Reporting Review (CRR) powers only extend to the strategic report, the accounts themselves and the di
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