Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has to transpose the EU Non-Financial Reporting Directive into UK Law.

The Non-Financial Reporting Directive^[1] will be brought into force by The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 in time for the financial year commencing on or after 1 January 2017. The Regulations were laid in both Houses on 7 November 2016. Transposition will meet the minimum requirements of the Directive which is the Government’s preferred approach to EU implementation.

The implementation of the Regulations will be supported by the Financial Reporting Council’s Guidance on the Strategic Report and guidance from the Financial Conduct Authority. Further detail on the transposition of the Directive is available at: https://www.gov.uk/government/consultations/non-financial-reporting-directive-uk-implementation

[1] Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings and groups.