The UK Department for Business and Trade (DBT) has sought views on the non-financial reporting requirements (mainly environmental and social, including gender pay gap and modern slavery reports) with which UK companies need to comply in order to produce their annual report. We submitted a joint letter with Acas as well as a more detailed CIPD response.

“Although economic priorities and global climate emergencies require attention, company boards must also prioritise human and social capital. This was evidenced during the COVID-19 pandemic, where health and safety, labour and skill availability were all shown to being material to company performance.”

Peter Cheese, Chief Executive, CIPD

Our joint response with ACAS emphasised the body of evidence which shows a positive link between material social dimensions and long-term value-creation and risk mitigation. We also submitted a separate, more detailed CIPD response with evidence of the importance of workforce reporting to company performance and reporting.

Our evidence demonstrates the importance of reporting on good work and job quality, upskilling and innovation, understanding people risks, health and wellbeing, financial wellbeing, as well as the importance of organisational change, workforce planning and upskilling. We also highlighted our concerns with insufficient narrative reporting around gender pay gaps. 

We’ve called on the Government to:

  • Recognise the importance of social factors when considering changes to legal requirements for companies to prepare non-financial information.
  • Invite Acas and the CIPD to present the large body of evidence demonstrating the positive link between material social dimensions and long-term value-creation and risk mitigation, as well as on the implications for consistent reporting and benchmarking.
  • Acknowledge and make greater use of the large body of management information available from Acas and the CIPD on the causes of, and solutions to workplace conflict and what measurable practices create and build healthy, productive workforces.
  • Get involved with the CIPD and Acas’ programme of investor and corporate engagement, to benefit from our shared convening powers.

Read our joint letter with ACAS

CIPD/ACAS joint response
PDF document 102.4 KB

Read our full response

CIPD response to the Department for Business and Trade
PDF document 382 KB

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