Sunday, 1 April 2012

BIS and the future of narrative reporting - two birds, one stone (if you've done your SFCR!)

Piece of good news for the plc insurers amongst us, if not the other sectors, the BIS put out the results of their consultation on narrative reporting for listed entities. Looks like there will be a requirement for a high-level "Strategic Report", which between ORSA executive summaries, RSRs and SFCRs, are probably already written for the Tier 1 companies! More detail on what respondents wanted in this Strategic report is on pages 6-8.

They also had substantial feedback recommending a section in Annual Report and Accounts documents regarding proportions of women on Boards (just discussed in earlier post), as well as our old friend remuneration disclosure.

Of course, anyone who has had the unbridled joy of reading through the Commission's draft Level 2 text will know that between the SFCR and RSR, these kind of disclosures will be de rigeur from 2014, so it remains to be seen how badly the executives get pilloried once they make it easy to gauge their annual package - Aviva's, Standard Life's and Pru's bosses had a good working over this week, and that's with a convoluted presentation style!

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