“This is a major blow to those seeking to drive improved transparency and trust in UK corporate reporting.
“Ensuring the UK's legislative framework is fit for purpose and sufficiently clear and robust to allow for future developments is vital if the UK is to retain its reputation for corporate transparency, so it is a surprise and disappointment that government is abandoning needed new statements to boost corporate transparency on resilience and other key matters.
“The measures set out in the draft regulations, while not perfect, were the product of extensive due process and consultation. Their withdrawal appears to signal an end to the UK process of audit and corporate governance reform initiated after the demise of Carillion, and it is to be regretted.”
Notes to editors:
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You can read about the government's decision to withdraw draft regulations on corporate and company reporting requirements here.