IoD supports proposals for a simplified and more informative company reporting framework

Dated: 25 November 2011

The Institute of Directors has today submitted its response to the Government’s consultation on the future of narrative reporting. Commenting on the IoD’s response, Roger Barker, Head of Corporate Governance at the IoD, said:

“A new, simpler framework for company reporting is needed. Annual reports are currently far too complex and are often ignored by investors and other stakeholders. For this reason, we are broadly supportive of Government proposals to improve the structure of narrative reporting.

Reforms to narrative reporting should focus on improving the dialogue between quoted companies and their shareholders. Care should be taken to ensure that smaller companies are not affected by the proposed changes. Given the challenging economic environment, it would not be appropriate for a new reporting framework to be associated with significantly higher auditing costs.”

The IoD’s submission to the consultation can be found here .

ENDS

Contact Points

Edwin Morgan
Media Relations Manager
Institute of Directors, 116 Pall Mall, London SW1Y 5ED
Tel: +44 (0)20 7451 3392
Mob: +44 (0)7814 386 243
Email: edwin.morgan@iod.com
Website: www.iod.com/policy

Notes to editors

  • The IoD (Institute of Directors) was founded in 1903 and obtained a Royal Charter in 1906. The IoD is a non-party political organisation with upwards of 45,000 members in the United Kingdom and overseas. Membership includes directors from right across the business spectrum – from media to manufacturing, e-business to the public and voluntary sectors. Members include CEOs of large corporations as well as entrepreneurial directors of start-up companies.
  • The IoD offers a wide range of business services which include business centre facilities (including ten UK regional centres [three in London, Reading, Birmingham, Cardiff, Manchester, Nottingham, Edinburgh and Belfast] and one each in Paris and Brussels), conferences, networking events, virtual offices and hotdesking, issues-led guides and literature, as well as free access to business information and advisory services and a comprehensive Information Centre. The IoD places great emphasis on director development and has established a certified qualification for directors – Chartered Director – as well as running specific board-level and director-level training and individual career mentoring programmes.
  • In addition, the IoD provides an effective voice to represent the interests of its members to government and key opinion-formers at the highest levels. These include ministers, constituency MPs, Select Committee members and senior civil servants. IoD policies and views are actively promoted to the national, regional and trade media.
  • For further information, visit our website: www.iod.com
  • You can also keep up to date with the latest views from the IoD on twitter.com/The_IoD and at blogs.iod.com