The government has published draft regulations which will require all companies to produce a separate "strategic report" for each financial year. This will replace the business review which currently appears as part of the directors' report. For quoted companies, the report must include a number of new items, including a report on the company's strategy and business model, and any human rights issues, (as part of social and community issues). It must also include the number of male and female individuals in the organisation, broken down into 3 categories namely directors, managers ( who are not also directors), and employees. This implements one of the recommendations made by Lord Davies in his report on "Women on boards" published in February 2011.
The government has asked for comments on the proposals by 15 November 2012. It has said that the new reporting requirements will come into force in October 2013, and will apply to company reports in respect of financial years which end after the implementation date.
Please click HERE for the BIS consultation document: "The future of narrative reporting: a new structure for narrative reporting in the UK, October 2012," which includes the draft regulations.