Financial Reporting Council: Annual Reports and Accounts

Lord Harrison Excerpts

Monday 14th February 2011 Lords Chamber

[Baroness Wilcox]

As I said in the original Answer, the Financial Reporting Council is independent and can bring out any suggestions it wishes. The proposal comes from the council and does not represent the view of the Government. As I said, the law states that reports and accounts must be printed and made available. Until it is decided that the law should be changed, that is how it will stand.

[Lord Harrison]

In talking to the Financial Reporting Council, will the Minister discuss the abject failure of many firms to report on their social and environmental policies in order to keep shareholders better informed?

[Baroness Wilcox]

The Financial Reporting Council is independent, and the European Union says that we must have an audit regulator. The council has to fulfil certain requirements in law and it does so. It is not for the Government to tell it how it should distribute information.