Financial Reporting Council: Annual Reports and Accounts

Baroness O'Neill of Bengarve Excerpts

Monday 14th February 2011 Lords Chamber

[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.

[Baroness O'Neill of Bengarve]

Does the Minister agree that what is needed in this area is less emphasis on transparency, which encourages mere disclosure in bulk, and more emphasis on communication, which has to be differentiated for its audiences, and necessarily should be differentiated for professionals and the ordinary shareholder?

[Baroness Wilcox]

My Lords, that is a very good point and I shall take it away with me.