Three takeaways from our Top Dogs 2022 event

Thanks to everyone who joined our webinar – ‘Top Dogs 2022: best of the FTSE 100’, held on Tuesday, July 19th

 

Guest speaker Phil Fitz-Gerald from the FRC’s Financial Reporting Lab offered insights on the direction of UK annual reporting, while Friend’s Nick White and Clive Bidwell explained how FTSE 100 reporters performed against our four key best-practice criteria – communication, fairness and balance, transparency and forward-looking information.

 

Written by
Friend

Thanks to everyone who joined our webinar – ‘Top Dogs 2022: best of the FTSE 100’, held on Tuesday, July 19th

 

Guest speaker Phil Fitz-Gerald from the FRC’s Financial Reporting Lab offered insights on the direction of UK annual reporting, while Friend’s Nick White and Clive Bidwell explained how FTSE 100 reporters performed against our four key best-practice criteria – communication, fairness and balance, transparency and forward-looking information.

 

Three big takeaways from the event:

1. Regulatory change is back
The past couple of years have been relatively quiet in terms of new reporting regulations, but that’s set to end soon. The FRC’s Phil Fitz-Gerald first discussed the forthcoming introduction of two new sustainability Standards as part of IFRS reporting, then covered new requirements on the horizon, including resilience statements (which will replace the existing viability and going concern statements), capital maintenance disclosures, and more.

2. Balance and forward-looking information remain a challenge, but some are doing better
After reading through the FTSE 100’s reports, it’s clear that many reporters are still struggling to talk meaningfully about the future – even though investor demand for such information is high, and the FRC recommends it be included. A fair and balanced tone is also typically in relatively short supply.

Of course, we were very pleased to see that some reporters did excel in these areas, and the same can be said for our other two other best-practice criteria – communication and transparency. During the seminar, we highlighted the reports that stood out this year:

Fairness and balance: Fresnillo, InterContinental Hotels Group and Rio Tinto

Forward-looking information: Experian, Legal & General and Taylor Wimpey

Communication: Airtel Africa, NEXT and Rentokil Initial

Transparency: Fresnillo, Rentokil Initial and United Utilities

3. Something exciting is happening in digital reporting
Almost every FTSE 100 reporter offers either a simple PDF download, or a summary online report. However, our client, Experian, chose to do something different this year. Their report is a true breakthrough – a full-HTML version of the annual report, with integrated ESEF tagging, created from a single source of content. We’re very proud to have collaborated with the Experian team on something which goes well beyond what any other FTSE 100 company is currently offering.

Written by
Friend