Trade and Industry written question – answered at on 8 February 2006.
To ask the Secretary of State for Trade and Industry
(1) what methods he used to calculate the estimated financial consequences for business of the Operating and Financial Review prior to his decision not to proceed with it; and what discussions he had with the Department for Environment, Food and Rural Affairs before taking this decision;
(2) what assessment he made of the economic effects of requiring large companies to report on environmental issues under the Operating and Financial Review prior to his decision not to proceed with the scheme, with particular reference to resource efficiency.
The options to increase narrative reporting requirements and the associated costs of these were fully considered in the final regulatory impact assessment (RIA) that accompanied the Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations of March 2005 which was the subject of extensive consultation in summer 2004. No further RIA was considered necessary because the information provided in the original RIA was used by the Government to adjust its decision. In deciding to repeal the OFR, the Government chose one of the original options rather than another, and did not consider that a new RIA was necessary. Relevant Departments were consulted before the decision to repeal the OFR requirement was taken.
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