Trust & Transparency agenda moves forward with the introduction of additional corporate reporting
25 October 2016
By Susan Fadil, Director, Entity Governance and Compliance team
Transparency, accountability, fairness and responsibility, are the basic principles found in good corporate governance. The foundation of corporate governance is disclosure: this encourages the confidence and trust required by all stakeholders.
Corporate governance was brought to the forefront of minds after the global financial crisis in 2007/8 and more recently by the publication in July 2013 by BIS of a discussion paper, "Transparency & Trust: Enhancing the transparency of UK company ownership and increasing trust in UK business".
Recent changes in corporate governance aimed at increasing transparency and trust mean that companies can expect to see increased disclosure requirements both in their annual financial statements and externally in the form of information to be provided on corporate websites and disclosed to stakeholders. To help you keep abreast of these changes and new corporate reporting requirements we're publishing a series of blogs which will examine:
- Modern Slavery
- Gender Pay Reporting
- Prompt Payment Code
- Tax Transparency
- 4th Money Laundering Directive – Beneficial ownership
- Executive Remuneration
The continued progress of corporate reporting developments at a UK level will continue to be influenced from Europe, US and global initiatives. The driver for recent change has centred on the transparency agenda, by acting as a good corporate citizen with strong corporate ethics, corporates should avoid the possibility of adverse public reaction and the resulting risk of damage to reputation, which ultimately would affect share value and its bottom line.