IEMA backs mandatory reporting for private companies
Non-financial reporting should be extended to all large companies in order to restore public trust, IEMA said in its response to the government’s consultation on reform of corporate governance.
The consultation, which closed today, asks for views on executive pay, how employees and customers should best be given a say in business decisions, and corporate governance in large private businesses.
IEMA’s response notes that s172 of the Companies Act sets out the statutory duties of directors. These include: promoting the success of the company; taking decisions based on the long-term consequences for the business; considering the interests of employees and business relationships with suppliers and customers; having regard to corporate environmental and community impacts; and maintaining a reputation for high standards of ...