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Testing the law and the regulator  photo: lotyloty Jump to the BP complaint | Jump to the Rio Tinto complaint Laws are meaningless unless they are implemented and enforced. Under the Companies Act 2006, there is a regulator that is responsible for making sure that company reports comply with the law – the Financial Reporting Review Panel (FRRP). No-one other than the FRRP and the government are able to take a company to court for failing to comply with the law in their reports. However, the FRRP has a duty under law to receive complaints about specific companies where those companies may not be compliant with the law. The FRRP is then responsible for investigating those complaints, and looking at whether the company is compliant with the law. ClientEarth makes complaints to the FRRP under this process. We have looked at company reports, and the way that they deal with environmental and social matters, and looked at whether they are compliant with the law or not. Many, in our view, are not. By pushing the FRRP to enforce the law we are able to push for companies to comply with the law, and we are able to gain a better understanding of how effective the current law can be. Read our submissions to the FRRP:
ClientEarth submission to the FRRP re the BP Annual Report 2008 |
