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Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 SI 2016/1245

By Julia Penny

These Regulations implement an EU directive requiring certain large undertakings and groups to disclose non-financial and diversity information. 

The non-financial reporting directive (NFRD) imposes an obligation on public interest entities which have more than 500 employees to disclose a range of information. They also permit information to be disclosed on a voluntary basis. 

The directive requires a non-financial information section as a distinct part of the management report.

The information that must be shown in the report includes:

  • description of the undertaking’s business model
  • Policies in relation to:

o   Environmental

o   Employee

o   Social

o   Anti-corruption

o   Bribery

o   Human rights

  • A description of the outcome of the above policies
  • A description of the principal risks relating to the matters mentioned above, including where relevant and proportionate, a description of business relationships, products and services likely to cause adverse impacts and how these are managed
  • A description of non-financial key performance indicators relevant to the undertaking
  • For those listed on a Regulated market (eg LSE), a description of their diversity policy

The changes take effect for accounting periods commencing on or after 1 January 2017.

There is an explanatory memorandum available here.

Follow me on twitter @JSPenny
 

June 2017 

 

Disclaimer
This article is published with the understanding that SWAT UK Limited is not engaged in rendering legal or professional services. The material contained in this article neither purports, nor is intended to be, advice on any particular matter. This article is an aid and cannot be expected to replace professional judgment. SWAT UK accepts no responsibility or liability to any person in respect of anything done or omitted to be done by any such person in reliance, whether sole or partial, upon the whole or any part of the contents of this article.

 

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