CORE welcomes the government’s announcement that it is considering requiring private companies to report on diversity, greenhouse gas emissions, and social and community issues.
CORE and our partner organisations have been pressing for the government to make private companies publish this information since 2014, when new European reporting rules were under discussion.
Any irresponsible company can exploit workers – as we’ve seen recently in the Sports Direct and BHS scandals – and harm the environment. It makes no difference whether that company is listed or privately-held.
The proposed new reporting rules would shine a light on private company operations, force boards to pay attention to social and community issues and provide more information to workers, campaigners and members of the public seeking to hold companies to account.
The Corporate Governance review is also an opportunity for the government to put human rights firmly on the agenda of company boards, something which the Modern Slavery Act has started, but the UK National Action Plans on Business and Human Rights has failed to do.