Boards face a formidable piece of new work as the government pushes forward with reforms to corporate reporting.
Proposals that come as part of an effort to overhaul audit and governance ask corporate leaders to master a new discipline: reporting on their business prospects long into the future in a “resilience statement”. For some this could mean considering the business environment decades ahead.
This will be daunting. The proposals represent responsibilities never before imposed upon UK companies. But, according to experts, it should provide the chance to take a deep dive into business models and the significant issues that could knock them off course.
“It’s an important opportunity,” says Andrew Jones, director of narrative reporting
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Last week’s International Corporate Governance Network (ICGN) conference provided food for thought across a range of subjects, from audit committees, non-financial reporting to the fundamental purpose of companies.
In the second part of their global INSEAD report on successful board chairs, Stanislav Shekshnia and Veronika Zagieva compare factors such as culture, shareholder and executive relationships, and meeting preparation.
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