UK: Government proposals for reforming the structure of narrative reporting

The Department for Business, Innovation and Skills has published for consultation a draft of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 through which changes to the narrative reporting framework will be made: see here (pdf). Amongst other things, the Regulations introduce the requirement for companies to produce a separate Strategic Report in place of the Business Review currently found in the Director's Report (small companies will be exempt). The Regulations will require quoted companies to include in their Strategic Report information that is currently not required in the Business Review including, for example, a break down by gender of the number of directors, managers and employees within the organisation.