OFR revival is welcomedJuly 2010
Plans by the UK coalition government to require large companies to produce an annual Operating and Financial Review (OFR) have received a favourable reception from business.
The government's first comprehensive policy document says the OFR will be a yearly narrative overview of operations - including performance on social and environmental issues - produced separately from both annual financial and CSR reports. The Labour government got close to introducing a similar measure in the Companies Act, but backed down at the last moment.
Charles Tilley, chief executive of the Chartered Institute of Management Accountants, said the OFR 'would be a progressive step that could do much to improve the usefulness of corporate reports'.
The policy document has also pledged the government to 'investigate further ways of improving corporate accountability and transparency'. Additionally it will, through the Export Credits Guarantee Department, 'champion' UK companies that develop and export innovative green technologies - and will support co-operative social enterprises, particularly by involving them more in running public services.
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