The FRC has launched a consultation on proposals for the Audit Enforcement Procedure, developed to implement its forthcoming responsibility for audit enforcement.
The UK governance and reporting framework encourages reporting of ESG and non-financial matters through the Guidance on the Strategic Report and Corporate Governance Code requirements for disclosure of principal risks and uncertainties and a viability statement.
The FRC also supports engagement between investors and companies in a number of ways. In relation to reporting, the Financial Reporting Lab provides an environment where investors and companies can come together to develop pragmatic solutions to today’s reporting needs. It brings companies and investors together to test new reporting formats and support innovation in reporting.
The issues of non-financial reporting, long termism and ESG investment are being considered in a number of current European initiatives, including the Non-Financial Reporting Directive, Institutions for Occupational Retirement Provision Directive and the Shareholder Rights Directive. The FRC encourages the Commission to align these initiatives and, more specifically, to use investor evidence from this consultation to inform the development of the European guidelines for reporting non-financial information.
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