- All UK quoted companies with accounting periods ending on or after 30 September 2013 affected, says KPMG
Commenting on draft Companies Act requirements for mandatory Greenhouse Gas disclosures for Quoted Companies confirmed yesterday after the regulations were laid before parliament, Paul Holland, Director in the Sustainability Advisory Services team at KPMG in the UK, said:
“It’s time for companies to wake up to emissions reporting requirements. The legislation, along with new guidance also issued yesterday heralds mandatory reporting of carbon and other Greenhouse Gas emissions for all UK main quoted companies. And it’s coming in very soon as it will apply to accounting periods ending on or after 30 September 2013 – in other words for businesses with December year ends, we are already half way through the first reporting period.
“The guidance that DEFRA has issued covers how quoted companies are required to report their annual emissions in their directors’ reports.
“Some quoted companies, particularly at the larger end of the market, already publish data on their emissions. But they will still need to check that their current reporting is in line with the newly published guidelines.
“A fair number of quoted companies do not currently report this data. They will need to start thinking about how they will manage to do so – and fast. We expect audit committees to be raising this and asking what plans the companies have in place to ensure compliance.
“We have already had a number of our clients asking for help on how best to ensure this data is robust and meaningful, and we are expecting a rush of calls now that the regulations have been laid before parliament.”
For further information please contact:
Margot Cowhig, KPMG Corporate Communications
Tel: 0207 694 4246 Mobile: 07920 274856: email@example.com
KPMG Press Office: 0207 694 8773
Notes to editors.
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.