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.