Link: Special report: Modernising company law
The group, to be chaired by economist Rosemary Radcliffe, will also include HBOS chief executive Phil Hodkinson, PricewaterhouseCoopers senior partner Graham Ward, KPMG senior advisor Gerry Archer and the head of the Accounting Standards Board, Mary Keegan.
An OFR will be required by all economically significant companies in the UK under the new legislation. The recently formed working group will help develop broad principles and practical guidance on how directors can assess whether an item is material to their company and whether it must be included in an OFR.
The three-year long review of company law, undertaken by the Department of Trade & Industry, was completed in July this year.