CIPR attacks DTI over OFR U-turn

The CIPR has accused the Department of Trade and Industry of ‘spinning’ plans to scrap the Operating and Financial Review.

CIPR head of PA Francis Ingham this week described the Government's decision to rescind the OFR, which required firms to publish details of their social and environmental impact, as 'surprising and unhelpful'.

UK companies must still produce a 'Business Review' in their director's reports to comply with European law. But Ingham dismissed  the DTI's claim that the review would be a more flexible
version of the OFR as a 'piece of spin'.

The CIPR and some of the UK's biggest fund managers, including the Cooperative Insurance Society and the London Pension Fund Authority, wrote to Secretary of State for Trade and Industry Alan Johnson last week. They warned that companies would be unsure of their reporting obligations, risking criminal penalties and a tarnished reputation.

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