Oral Answers to Questions

Roger Williams Excerpts

Thursday 14th October 2010 Commons Chamber

[Mr Davey]

The hon. Gentleman did not listen to either my first answer or my second answer. The Government are committed to ending gold-plating and I have said from this Dispatch Box that, once the one-in, one-out system is embedded, we will apply it to EU legislation.

[Roger Williams (Brecon and Radnorshire) (LD)]

16. What progress has been made towards reinstating an operating and financial review to ensure that directors’ social and environmental duties have to be covered in company reporting; and if he will make a statement.

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Mr Edward Davey)]

The Department is currently consulting on the future of narrative reporting which addresses the coalition commitment to reinstate an operating and financial review. The consultation closes on 19 October and we will then consider the responses and take a view on how to take this commitment forward by the end of the year.

[Roger Williams]

I thank the Minister for that reply and his active interest in this matter. I believe that this coalition Government will be the greenest Government ever, but we need to promote sustainable investment. The OFR will have a key role to play in that, especially in ensuring that the same standards apply for independent verification and financial reporting. Can the Minister assure me that the Government will support that?

[Mr Davey]

This Government will be the greenest Government ever, and when my hon. Friend reads the consultation document he will see that we have some very interesting ideas about how to improve the way in which companies report on social and environmental matters. I hope that we will be able to drive up the quality of reporting and disclosures by companies in that area.