A new proposal has been released with the aim to simplify corporate reporting within sustainability and finance, including overall simplification and better disclosure.
The report, from UK Finance and DLA Piper, is asking for a simplification of the Companies Act (to reduce overlap between reports, disclosures and statements), allowance of information that doesn’t change annually to be left out of reports and removal of ‘low value’ disclosures (such as notifications of office changes or routine company appointments).
Julie Shacklady, Director of Primary Markets at UK Finance, said: “The UK has some of the most trusted and transparent markets in the world – but they are at risk of being undermined by requirements that are duplicative and costly.
These well-intentioned measures can end up causing confusion, making it difficult to see the wood from the trees. By working with government and regulators, our recommendations are focused on delivering better outcomes for investors, companies and the wider UK economy.”
Over the medium term, the report also calls for a comprehensive review of the disclosure framework to eliminate duplication and the streamlining of sustainability reporting.
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