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UK advisory group calls to increase corporate reporting on social impacts

An independent advisory group set up by the UK government has called for the government and the UK FRC to explore how best to encourage UK businesses to increase transparency on the contribution business makes towards the achievement of the United Nations (UN) Social Development Goals (SDGs).

The advisory group, chaired by Allianz Global Investors vice chair Elizabeth Corley, was set up by the UK Government to answer the following question: “How can the providers of savings, pensions and investments engage with individuals to enable them to support more easily the things they care about through their savings and investment choices?”

The advisory group’s report, Growing a culture of Social Impact Investing in the UK, list a series of recommendation for the government, the regulators and professional bodies.

“In regard to the FRC consultation on companies' strategic report, the FRC should explore ways in which material information, useful to wider stakeholders, can be reported in the context of the UN SDGs,” the report read.

The FRC welcomed the report in a statement and said that as part of a recent consultation (on the Strategic Report) it had encouraged companies to consider the impacts on a wider group of stakeholders and the long term success of a company. The FRC will soon consult on changes to the UK Corporate Governance Code.

More information on the report can be found on the UK government’s website.

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