RegulationCorporate GovernanceOFR u-turn faces legal challenge

OFR u-turn faces legal challenge

Friends of the Earth call Brown's scrapping of OFR 'unlawful'

Environmental pressure group Friends of the Earth has threatened legal action
over the government’s last minute decision to scrap the mandatory operating and
financial review.

The group wrote to chancellor Gordon Brown, accusing him of acting unlawfully
out of ‘short-term political expediency’ in abandoning the long awaited move.
The letter gave notice it intended to seek a judicial review of the decision.

FoE said Brown had acted unlawfully because his decision was ‘procedurally
unfair, irrational/perverse, a breach of legitimate expectations and based on
material errors of fact’, according to The Times.

The OFR would have required companies to provide more detailed explanations
of its operations, including any social and environmental activities.

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