Financial Reporting Council: Annual Reports and Accounts

Lord Boswell of Aynho Excerpts

Monday 14th February 2011 Lords Chamber

[Lord Boswell of Aynho]

My Lords, is there not a danger, which perhaps my noble friend can take on board, that lay investors will be snowed out with too much information and that items may be smuggled through when they are not particularly obvious? Can she counsel all companies to produce clear, intelligible and straightforward summary material as well as the full monty?

[Baroness Wilcox]

Yes, I think that we are all aware that these reports are difficult to work one’s way through; I have found the same myself, as have we all. The narrative reporting consultation is going on at the moment—that is the bit that comes at the front, before the financials. If we can get these things clearer and cleaner, we would all benefit. I thank my noble friend for the advice.