In the ever-changing landscape of regulatory and legislative reform, it’s hard to figure out which direction you’re meant to be heading in. The below document should help clarify things, but first, here’s a bit of background:
Since June 2017, PLCs have had to follow the revised version of the UK Corporate Governance Code (UKCGC) 2016. Subsequently, since 31 December 2017, the Non-Financial Reporting (NFR) Regulations 2016 and DTR 7.2.8A R also apply. Essentially, every annual report with a year end on or after 31 December 2017 now needs to report against these new requirements.
Late 2017 also saw the FRC withdraw its draft guidance and replace it with a brief NFR ‘Q&A’ document, pending legislative changes, affecting remuneration, stakeholder engagement and governance, which will be imposed by the government in Spring 2018. Early adoption of any recommendations is still encouraged as ‘best practice’.
Beyond this, the FRC will also be completing its fundamental review of the UKCGC 2016, with companies needing to report for years ending on or after December 2019. So it’s time to keep an eye on the horizon and start preparing for the changes that are on their way.
Click on the link below to download our roadmap of the upcoming reporting legislation, regulation and best practice changes.