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MiFID Transparency Directive Companies Act Shareholder Rights Directive Climate Change Act Going Concern |
Climate Change Act
The Climate Change Act, which received Royal Assent in November 2008, contains provisions that mandate corporate reporting on greenhouse gas emissions from 2012. The legislation does not yet define what size of company will fall within the rules or what reporting standard should be used. Under the new amendments, the Secretary of State must published guidance on corporate reporting before October 2009. The QCA has met with representatives from the CBI and Defra to discuss their progress in developing a standardised method for carbon reporting. In June 2009, Defra and the Department of Energy and Climate Change (DEC) released a consultation paper on draft guidance for companies on how to measure and report their greenhouse gas emissions. The QCA will continue to lobby for at least the initial exclusion of smaller quoted companies from any mandatory reporting requirements. For more information about the Climate Change Act, please visit Parliament's Climate Change Bill Legislation page and Defra's Climate Change Act 2008 page. Companies should also be aware of a new mandatory cap-and-trade scheme for carbon emissions in the UK called the Carbon Reduction Committment (CRC). Organisations that use more than 6,000 MWh per annum (equating approximately to an annual electricity bill of £500,000) measured through a half-hourly electricity meter will be captured under the scheme. This requires companies to measure and report on all their energy use emissions to the Environment Agency, and purchase carbon credits. The scheme will begin in April 2010. Regardless of energy usage, all companies with at least one half-hourly electricity meter registered in the UK will have to submit an information disclosure. Companies are encouraged to learn more at Defra's CRC webpage. A 'User Guide' was published in March 2009 for potential participants and a consultation launched on its implementation. Please let us have your views on mandatory corporate reporting and if you think you may affected by the CRC by emailing Kate Jalbert.
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