Communicate Magazine - Government plans for corporate reporting faced mixed reception
A survey of representatives attending Black Sun's annual corporate reporting seminar, showed that there was unanimous support for the need to change the role of the corporate report so that it becomes a key tool for all communications. However 56% of the respondents said that the government’s consultation on corporate reporting may not improve engagement with shareholders.
Moreover, 46% thought that the proposals would make reporting more expensive. Although there is strong willingness to improve the quality of reporting – and steps have been taken to do so already, particularly in the governance and transparency of risk – the doubt over how the government’s plans will work has led to corporates looking to the effectiveness of their own reporting.
“Good reporting is an opportunity for a business to tell its story and engage with its stakeholders,” says Sallie Pilot, director of research at Black Sun, “but as with any changes in legislation there is understandably some trepidation among corporate as to what the government’s proposals will mean in practice. The quality of the content for narrative reporting is, in our view, primary, and that is what companies should continue to focus on in order to build greater trust and confidence with investors.”
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