The Financial Reporting Council has launched a project to reshape corporate reporting in response to the “responsible business agenda” and the realisation that reports should be designed for a wider group of stakeholders.

The FRC’s revised strategic report guidance takes into account new director and company duties regarding promoting success, while considering the broader impact of their actions.

The UK reporting watchdog says corporate reporting is improving, but more detail and clarity is needed.

The FRC’s annual report says many explanations for non-compliance with corporate governance code are “poor quality”.