The UK government has withdrawn legislation that would have imposed heightened disclosure requirements for large companies following lobbying from the financial services industry.
The legislation, which was introduced by the government three months ago, would have applied to public and private companies with at least 750 employees and £750 million in annual turnover. The proposal included new requirements for disclosing information about resilience, distributable profits, risk of material fraud, and the audit status of metrics like carbon emissions. UK Business Secretary Kemi Badenoch withdrew the "burdensome" legislation to “pursue options to reduce the burden of red tape," according to the Department for Business and Trade.
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