Corporate Governance

Corporate Reporting: Who is it for and what should it cover?

  • In Person Event
  • October 19, 2022 @ 4:00 pm - 6:00 pm UTC+1

The Financial Reporting Council (FRC) has publicly stated that the Annual Report has become a document that is confused about its intended audience and purpose. It has proposed the ‘unbundling’ of the annual report into a network of interconnected reports each with a clearly defined communication objective. This would include a “Public Interest Report” in response to the growing importance of non-financial reporting.

But does the plan to issue different annual reports to different audiences risk sending out confused and conflicting messages? Do shareholders still rely on the annual report for information – and to what type/s of shareholder does this apply? With most investment professionals having other more reliable sources of information, is the annual report just a box-ticking exercise or a sop to social or environmental activists?

Understandably, in the wake of high-profile corporate failures such as Carillion and Thomas Cook, the government is keen to reform corporate governance. And in an interview with the FT, the FRC’s CEO agreed with the assessment that his organisation had been “asleep at the wheel”.

A new regulator, the Audit, Reporting and Governance Authority (ARGA) will be set up in 2023, with greater power to investigate wrongdoing by directors and to oversee auditors. This follows detailed reports into the effectiveness of audit and FRC performance itself.

Once again, then, significant changes to corporate governance are in the pipeline, leaving senior stakeholder on all sides bewildered by what will be the eventual scale and pace of change.

To bring some structure and clarity to this debate we will be joined by:

  • A leading authority on the effectiveness of Audit
  • A senior corporate lawyer specialising in Corporate Governance
  • A prominent critic of UK corporate governance regime

This session and the accompanying PARC Report will focus on the implications for reward professionals of how these potentially sweeping changes to corporate reporting and overall governance will affect their future role and priorities. 

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  • Development programmes for future reward leaders