Gordon Brown Chancellor of the Exchequer (Finansminister)

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1 Billede: PA Gordon Brown Chancellor of the Exchequer (Finansminister) Slide 1

2 DIRF v. Helle Bank Jørgensen PwC

3 Billede: PA Gordon Brown Chancellor of the Exchequer (Finansminister) Slide 3

4 Hvis I skulle falde i søvn under min præsentation OFR er ikke død Politikerne har spillet sig selv af banen PwC s Corporate Reporting Framework kan med fordel bruges. Slide 4

5 Agenda 1. Baggrund og indhold af det engelske OFR-koncept 2. Raporteringstrends i og uden for UK 3. Eksempler på Best Practice. Slide 5

6 Del 1: Baggrund og indhold for det engelske OFR-koncept

7 Baggrund og indhold (1) Juli 1993: ASB udgiver første OFR (3) ASB får mandat til at lave en officiel vejledning til udarbejdelse af retningslinjer for det ny OFR (5) November 2004: ABB udgiver Reporting Standard 1 (RS1) i udkast (7) Maj 2005: Endelig udgave af Reporting Standard 1 udgives (9) Januar 2006 ASB konverterer RS 1 til et Reporting Statement baseret på best practice (2) 2001: Company law Recommendation & 2002: White Paper Modernizing Company Law (4) Maj 2004: Regeringen fremlægger lovforslag om obligatorisk OFR samt Business Review (følger af EU s moderniseringsdirektiv) (6) Marts 2005: Lovforslaget vedtages 1. april 2005 Regnskaber for regnskabsår, som starter efter 1. april 2005, skal aflægges efter den ny lovgivning (8) November 2005 januar 2006 Regeringen trækker loven om obligatorisk OFR tilbage, idet den henviser til, at Business Review svarer til OFR, og at regeringen ønsker at mindske de administrative byrder Slide 7

8 Baggrund og indhold Reporting Standard 1 vs/ Reporting Statement REPORTING STANDARD 1 (RS 1) OBJECTIVE 1. The objective of the reporting standard is to specify the requirements for an OFR, which shall be a balanced and comprehensive analysis, consistent with the size and complexity of the business, of: REPORTING STATEMENT OBJECTIVE 1. The objective of the reporting standard is to specify the best practice for an OFR, which should be a balanced and comprehensive analysis, consistent with the size and complexity of the business, of: a) the development and performance of the business of the entity during the financial year; b) the position of the entity at the end of the year; c) the main trends and factors underlying the development, performance and position of the business of the entity during the financial year; and d) the main trends and factors which are likely to affect the entity s future development, performance and position, a) the development and performance of the business of the entity during the financial year; b) the position of the entity at the end of the year; c) the main trends and factors underlying the development, performance and position of the business of the entity during the financial year; and a) the main trends and factors which are likely to affect the entity s future development, performance and position, prepared so as to assist members to assess the strategies adopted by the entity and potential for those strategies to succeed. prepared so as to assist members to assess the strategies adopted by the entity and potential for those strategies to succeed. Slide 8

9 Baggrund og indhold Financial Times, 29. november 2005 Mr. Brown's decision to scrap the OFR at this late stage shows a poor grasp of the difference between necessary government regulation and superfluous red tape. The OFR would have improved the efficiency of capital markets, which the chancellor should welcome as part of his productivity strategy. Instead it has been offered up as a token gesture to the CBI, which had already accepted its general principle. Slide 9

10 Baggrund og indhold Hvor står vi så nu? OFR, Business Review eller Management Commentary? OFR: Business Review: Management Commentary Lovgivning: (Primary Legislation) Trukket tilbage 12. januar 2006 Business Review Marts 2005 (Bygger på moderniseringsdirektivet)? Vejledning til virksomheder: ASB: Reporting Standard 1/ Reporting Statement (disclosure framework) - Ingen standard - IASB Discussion Paper Slide 10

11 1. MÅLSÆTNING To specify best practice prepared so as to assist members to assess the strategies adopted by entity and the potential for those strategies to succeed. 2. PRINCIPPER 1. Eyes of the board of directors 2. Relevant to investors 3. Forward-looking orientation 4. Complement and supplement 5. Comprehensive and understandable 6. Balanced and neutral 7. Comparable over time REPORTING STATEMENT Udvalgte eksempler: Social risk in the supply chain Return on capital employed CO 2 Emissions Waste Employee health and safety 3. DISCLOSURE FRAMEWORK 4. KPI ER OG EKSEMPLER Slide 11

12 Baggrund og indhold Business review vs/ OFR Business Review Mandatory OFR Broad Content Balanced and comprehensive analysis (consistent with the size and complexity of the business) of: - The development and performance of the business during the financial year; and - The position of the company at the end of that year It must also contain: - An indication of likely future developments in the business of the company. A balanced and comprehensive analysis: - the development and performance of the business of the entity during the financial year; - the position of the entity at the end of the year; - the main trends and factors underlying the development, performance and position of the business of the entity during the financial year; and - the main trends and factors which are likely to affect the entity s future development, performance and position. To include - A fair view of the business of the company; and - The principal risks and uncertainties facing the business - The business, objectives and strategies; - Resources available; - Risks and uncertainties; - Capital structure, treasury policies, objectives and liquidity; - Environmental matters, the company s employees and social & community issues; - Policies relating to each of the above areas and the success of implementation; - Persons with whom the company has contractual arrangements; and - Receipts to, and returns from, shareholders Slide 12

13 Baggrund og indhold Business review vs/ OFR - fortsat Business Review Mandatory OFR Additional content required To the extent necessary for an understanding of the development, performance or position of the company, including: - Analysis using KPIs; - Analysis using other KPIs, including information relating to environmental and employee matters; - KPIs mean factors by reference to which the development, performance or position of the business of the company can be measured. To the extend necessary to comply with main content and additional requirements. Where appropriate must include: - Analysis using financial and other KPIs, including information relating to environmental end employee matters; - KPIs mean factors by which the development, performance or position of the company can be measured effectively; and - Must whether prepared in accordance with relevant reporting standards. KPIs must explain reason for use and quote source material. Suggested content No additional guidance. RS 1 provided a disclosure framework to help reporting companies define the content and scope of their OFRs. These included more detail than the above areas. Auditors report Board Responsibility Need to state whether content is consistent with accounts. Approved by the board of directors and signed on its behalf by a director or secretary of the company. Needs to state whether content is consistent with accounts and whether any matters have come to auditors attention that are inconsistent with the information given in the OFR. Approved by the board of directors and signed on its behalf by a director or secretary of the company. Slide 13

14 Baggrund og indhold Business review vs/ OFR - fortsat Business Review Mandatory OFR Defective reports Financial Reporting Review Panel (FRRP) holds power to assess Business Review and take companies that do not comply to court in order to seek revision. Financial Reporting Review Panel (FRRP) holds power to assess OFR and take companies that do not comply to court in order to seek revision. Criminal Penalties Directors who: - Knew review did not comply with legislation, or - Failed to take all reasonable steps to secure compliance - Are deemed guilty of an offence and are liable to a fine. Directors who: - Knew review did not comply with legislation, or - Failed to take all reasonable steps to secure compliance - Are deemed guilty of an offence and are liable to a fine. Slide 14

15 Del 2: Rapporteringstrends i og uden for UK

16 Rapporteringstrends i og uden for UK Rapporteringstrends Ledelsesberetningen Fokus: Langsigtet indtjening Supplerende beretninger Fokus: Stakeholder Impact Indhold: Indhold: Governance Risikostyring Kunder Medarbejdere Miljø Stram prioritering. Hovedvægt på politikker og processer og ofte kun få kvantitative indikatorer. Miljø Samfund Etik Korruption Osv. Mange og detaljerede oplysninger. Meget omfangsrige rapporter. Shareholder Impact Stakeholder Impact Slide 16

17 Del 3: Eksempler på Best Practice

18 Eksempler på Best Practice PwC Corporate Reporting Framework Market Overview Strategy and Structure Managing for value Performance Competitive environment Regulatory environment Macro environment Goals and objectives Governance Risk Framework Organisational Design Financial assets Physical assets Customers People Innovation Brand and intellectual assets Supply Chain Economic Operating Environmental, Social & Ethical Segmental Market definition Market Growth Market Share Other competitive environment measures Corporate governance model Quality of management model Internal controls Remuneration and incentives Operational risk Technological risk Financial risk Reputational risk Slide 18

19 Eksempler på Best Practice Principper for Forward-looking information og KPI er 7 Pillars of forward-looking Information 1. Explain the resources available to your company that help to attain your objectives and how they are managed. 2. Describe the principal risks and uncertainties that may affect your company s long-term value or prospects. 3. Clarify the significant relationships with stakeholders that are likely to influence the performance of your company and its value. 4. Provide quantified data relating to trends and factors likely to affect your company s future prospects. 5. Spell out any uncertainties underpinning forwardlooking information. 6. Communicate targets relating to those key performance indicators (KPIs) used to manage your business. 7. Demonstrate the linkage of other content areas within your OFR to your longer-term objectives and the strategies to achieve those objectives. Key Performance Indicators 1. Link to strategy 2. Definition and calculation 3. Purpose 4. Sources, assumptions and limitations 5. Future targets. Bøger fra : Slide 19

20 Eksempler på Best Practice Wells Fargo & Company Annual Report 2004 Ad. 6. Communicate targets relating to those key performance indicators (KPIs) used to manage your business. Slide 20

21 Eksempler på Best Practice Astra Zeneca Astra Zeneca er et godt eksempel på, hvordan strategien kan forklares og illustreres med velvalgte KPI er Slide 21

22 Eksempler på Best Practice Astra Zeneca (fortsat) Slide 22

23 Se flere gode eksempler på: All rights reserved. refers to the network of member firms of International Limited, each of which is a separate and independent legal entity. *connectedthinking is a trademark of. PwC