Corporate governance statement definition

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EU Accounting Directive—summary of main provisions

EU Accounting Directive—summary of main provisions STOP PRESS: This Practice Note is currently under review in light of major changes to non-financial reporting rules proposed by the Commission pursuant to the omnibus simplification package of 26 February 2025 This Practice Note provides an overview of the main provisions of the EU Accounting Directive (2013/34/EU). Background The EU Accounting Directive, Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (the Accounting Directive) set out a new regime for the form and content of annual financial statements, and had the fundamental objective of modernising and streamlining reporting requirements for the smallest entities (the ‘think small first’ approach). The Accounting Directive was subsequently amended by the Non-Financial Reporting Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 as...

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Briefing for directors—general duties under the Companies Act 2006

Briefing for directors—general duties under the Companies Act 2006 Every director of a company owes a number of duties to the company they are appointed to. Many of those duties have been developed by the courts over hundreds of years. The main directors' duties are set out in statute in sections 171 to 177 of the Companies Act 2006 (CA 2006). This briefing is intended to give you, the directors [and the company secretary] of [insert company name] [Limited OR PLC] (the Company) an overview of the general duties set out in the CA 2006 and to provide some practical guidance to help you comply with those duties. The failure by a director to comply with any of the general duties has potentially serious consequences for that director. This briefing is not intended to give legal advice, which should be sought on any specific issues that arise in relation to directors' duties. Who owes the general duties? Every director of a company owes each of the...

Board briefing note—environmental reporting—quoted companies

Board briefing note—environmental reporting—quoted companies Memorandum prepared by [Name of Firm] For the directors of [insert company name] (the Company) advising on annual environmental reporting 1 Scope This memorandum summarises the main environmental disclosures that the Company is required to include in its annual reports and accounts. It discusses the Listing Rule and Companies Act 2006 (CA 2006) requirements to include climate-related disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the requirement to report on greenhouse gas (GHG) emissions, energy use and energy efficiency actions under the Streamlined Energy and Carbon Reporting (SECR) regime and other environmental legislation[, and relevant principles and provisions from the UK Corporate Governance Code (UKCG Code)]. It also includes practical tips for companies in preparing environmental disclosures. As a listed company, the Company is subject to ongoing disclosure obligations under the Listing Rules, the Disclosure Guidance and Transparency Rules and the Market Abuse Regulation, which may involve the disclosure of environmental matters. These disclosure obligations are outside...