What do they mean in practice, and is there more for companies to do in year two?
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The new regulations, in our view, sought to both drive improvements in reporting but also to encourage companies to consider their wider impact. Whilst some requirements in non-financial reporting already existed, the updates to the Companies Act 2006 took this a step further.
Given the notable changes in the regulation, the PwC Corporate Reporting team conducted a review of some of the first companies captured by these new rules. Our findings show that the response has been mixed, and it is ultimately unclear if companies have chosen to ignore the change, were not aware of it or simply thought they were doing enough already.
Our review reveals some notable statistics and tips on next steps for future reporters, and those who may need to make improvements in year two.
Whilst there is broad scope for improvement, we see the focus areas that really get to the heart of this reporting requirement as follows.
Head of Corporate Reporting, PwC United Kingdom