Businesses urged to take advantage of OFR and consultation legislation.
Position | LEGISLATION - Operating and financial review |
Compliance experts are encouraging businesses to make the most of two pieces of legislation that took effect last month. Listed companies are being advised to recognise the value of the new disclosure requirements of the mandatory operating and financial review (OFR). And firms of all types could improve their performance if they take a proactive approach to the Information and Consultation (I&C) of Employees Regulations 2004.
Quoted companies are now preparing OFRs for publication alongside annual reports released after January 1, 2006. The DTI hopes these will give investors a better idea of a business's performance and risk exposure.
Howard Jones, director of finance and compliance solutions at Oracle UK, believes that businesses can benefit from the regulations, but only if they take a holistic approach. He told Financial Management that directors had to have faith in the integrity of their corporate data in order to instil more confidence among stakeholders.
"This can be achieved only by taking a strategic, co-ordinated approach to OFR compliance," Jones said. "Firms that demonstrate good governance are the ones proven to deliver greater returns."
In a similar vein, Tim Roberts, MD of the internal communications consultancy at...
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