• Register
Return to: Home > News > Regulation > FTSE350 reports could be improved: PwC

FTSE350 reports could be improved: PwC

PwC UK has found FTSE 350 corporate reports are falling short of new compliance requirements as well as emerging practice and stakeholder demands.

PwC assessed that only half of the 350 clearly communicated their business models, as set out by this year’s updated requirements to the UK Corporate Governance Code.

Charles Bowman, senior corporate reporting partner, PwC warned that companies that fail to report successfully may risk falling behind the enforced changes and lose investor trust.
PWC also deemed that only 34% of companies surveyed clearly explained the activity of their boards and committees.

Despite 78% of companies suggesting that their key performance indicators are linked to executive remuneration,  PWC judged that the reports of only a quarter of the 350 companies were adequate to for readers to be able to make a direct link between the performance outcomes of the business and how management were rewarded.

“We have seen some companies make great strides in their corporate reporting and that is to be commended. However, there is massive room for improvement. The last thing businesses or capital markets need is the risk of an overnight loss of trust from unseen issues. Just because it doesn’t feature on the balance sheet, it doesn’t mean trust can be overlooked,” Bowman said.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.