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.
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 ACASCIPD/ACAS joint response
Read our full responseCIPD response to the Department for Business and Trade
Explore the CIPD's collected perspective on the key issues impacting work, including recommendations, supporting evidence and links to resources for policymakers and employers
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