Government lays out narrative reporting future
Accountancy, 18 October
The government has published draft regulations on the new structure for narrative reporting that will require UK companies to produce a strategic report. Quoted companies will be required to report, to the extent necessary for an understanding of the business, on their strategy, business model and any human rights issues.
Sun Life fined £600,000 for poor management
BBC News Online, 18 October
Pension provider Sun Life of Canada has been fined £600,000 for the poor management of its £1.2bn with-profits investment fund. The Financial Services Authority said that the firm’s supervision had been “unclear and inadequate”.
FTSE-350 chairs accused of governance failings
Financial Times, 17 October
Chairmen of FTSE-350 companies are failing to take responsibility for corporate governance in their annual reports and to specify the values on which their companies are run, according to a new report.
Iceland bank repays further £25m to English councils
Public Finance, 9 October
Local authorities in England have received the third tranche of money from the failed Icelandic bank, Landsbanki, the Local Government Association has revealed. The payment, worth £25m, means that councils have recovered about half of the £416m they had on deposit in the bank when it collapsed in October 2008.