Accounting for the Environment
Conference this afternoon debated a motion from Solihull and Meriden local party called "Accounting for the Environment" Conference noted that while the UK domestic economy is currently estimated to contribute just 2% of global emissions, UK companies are responsible for between 12%-15% of emissions globally when international operations are taken into account. The Labour Government restricted the Operating and Financial Review (OFR) in the Company Law Reform Bill to require only the 1,300 firms publicly quoted on the London Stock Exchange to submit environmental and social strategies but the OFR requirement is only enforceable by company shareholders, and legal action can only be taken if a director's failure to consider these issues leads to financial loss.