ABI backs wider reporting plans

The Association of British Insurers has backed government proposals which would require listed companies to produce an enhanced operating and financial review (OFR).

The ABI said that all officially listed companies should comply with the proposed rules, which mean companies would have to include details of environmental and social issues in their OFRs.

The ABI conceded it was reasonable to expect more limited OFRs from smaller companies but said the rules should also apply to large non-listed companies.

However, it warned the Government against a move towards statutory OFR reporting which it said would lead ‘to a more formalistic reporting that will detract from the value it will have for investors’.

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