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UK Govt. retreats on requirement for companies to produce "Operating & Financial Review" - investors, trade unions, NGOs criticise the move

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1 December 2005

Government has a lot to explain on OFR [Operating & Financial Review] abolition [UK]

Author: Deborah Doane, Director, CORE Coalition (Corporate Responsibility Coalition), & Brendan Barber, General Secretary, Trades Union Congress, in Financial Times

Gordon Brown's [UK Chancellor] announcement that the government is to abolish the newly introduced operating and financial review is a slap in the face for those trying to ensure that business is more accountable for its wider impacts on society and the environment...The OFR [Operating & Financial Review] emerged from a multi-stakeholder consultation process that began in 1998...amid calls for mandatory social and environmental reporting from non-governmental organisations, trade unions, forward-looking businesses and large parts of the investment community.

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29 November 2005

Brown plan to cut red tape for business provokes chorus of disapproval [UK]

Author: Jill Treanor and Mark Milner, Guardian [UK]

...the [UK] chancellor pledged to strike out plans to implement the so-called operating and financial review (OFR) - a requirement on stock market-listed companies to provide much more information to the public about the impact of their businesses on the environment and society at large...[the decision has led to] criticism from an unlikely alliance of business leaders, City investors, trade unions and green activists.

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