§ Norman BakerTo ask the Secretary of State for Trade and Industry what requirements are(a) in place and (b) proposed for businesses to provide an account of the (i) environmental and (ii) social impact of their activities. [184556]
§ Mr. TimmsWe encourage business to provide information to a wide range of stakeholder interests on their social and environmental performance. To help business report on their environmental impacts we have published a series of voluntary guidelines, which cover subjects including greenhouse gas emissions, waste and water. We also support the Business in the Community Corporate Responsibility Index and the ACCA Annual Sustainability Reporting Awards.
We published draft Regulations on the Operating and Financial Review for consultation in May 2004. These proposals will require quoted companies to provide a narrative report giving a discussion and analysis of the company's business and the main trends and factors underlying the results and financial position of the business and likely to affect performance in the future. Where necessary to an understanding of the business, directors will need to include information on employees, the environment and social and community issues.