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International Documents on Corporate Responsibility

Edited by Stephen Tully

International Documents on Corporate Responsibility includes the principal international, regional and national instruments drafted by intergovernmental organisations or states as well as codes of conduct formulated by industry associations, trade unions and non-governmental organisations. The coverage includes the fields of human rights, international criminal and environmental law, labour standards, international trade, armed conflict, sustainable development, corruption, consumer protection and corporate governance. Each document is accompanied by a brief explanatory commentary outlining the historical origins of the instrument, the principal actors involved, controversial negotiation issues, applicable implementation procedure, and identifies further reference material.
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Chapter 11: UK: Performance of Companies and Government Departments (Reporting) Bill, 2004


Commentary: Coinciding with the UK government’s proposals for large companies to annually publish an operating and financial review (OFR), Amnesty International (UK) and the Corporate Responsibility Coalition (CORE) introduced the document below as a private member’s bill. Although it enjoyed a second reading in 2004 and has been debated several times by the House of Commons, the Bill has not yet passed into law. The Bill is an illustration of producing annual reports and expanding directors’ duties with respect to the social, environmental and economic impacts of commercial operations. Section 5 identified those companies required to publish operating and financial reviews and section 4 required approval from the board of directors. 1. Operating and Financial Review 1. The directors of a company must, for each financial year of the company in which it is a major company, prepare an operating and financial review. 2. The directors must secure that the information contained in the operating and financial review is such that the review will, in their opinion, achieve the review objective. 3. The review objective is: providing such information as will permit the members of the company, as of the approval date, to make an informed assessment of: (a) (b) (c) (d) the company’s operations; its financial position; its future strategies and prospects; and its impacts on the environment and on any communities in which the company operates . . . 2. Compulsory Content of Operating and Financial Review 1. In order to achieve the review objective, an operating and financial review must...

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