On 8 May 2014, the Guidelines Monitoring Group ("GMG") published a consultation paper setting out proposed amendments to the Walker Guidelines to reflect changes introduced by the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013. The GMG makes a number of proposals, including to require the inclusion of a specific statement of conformity with the Guidelines in the annual report of the portfolio company (or an explanation for areas of noncompliance). The GMG also concluded that it will not be necessary to extend the enhanced disclosure requirements for portfolio companies to include details on greenhouse gas emissions.
The proposed changes will affect portfolio companies with accounting periods ending on or after 30 September 2014. Portfolio companies with accounting periods ending on or after 30 September 2013 may voluntarily include the additional information if they wish.
The consultation paper is available at:
http://walker-gmg.co.uk/sites/10051/files/gmg_guidelines-apr14_final.pdf
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