Large and Medium Company Reporting
As 2018 draws to a close, we are already looking toward periods commencing 1 January 2019 and in July 2018 the UK Government approved the Companies (Miscellaneous Reporting) Regulations 2018 that will come into effect from this date.
These regulations require all “large” companies to set out how they are acting in the interests of shareholders and its employees. For those companies with more than 250 employees, this includes additional reporting responsibilities in the directors’ report including:
- A summary of how directors have engaged with employees
- Details on how the directors have had regard to employee interests, and their effect
- A description of action undertaken to maintain or develop arrangements to consult employees on their views
In addition, large companies must contain a statement summarising how the directors have had regard to the need to foster the company’s business relationships with suppliers and customers.
There is clearly a move by the Financial Reporting Council to see more clear and meaningful reporting and it is therefore important that some early thought is given to reporting over the coming year.
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