Summary of latest changes to regulation around reporting, AGMs and filings and welcome relief for business and reporters

Crisis is a word being used extensively at this time. We thought we’d swim upstream and offer another; relief.

A number of UK bodies have shown tremendous agility and pragmatism, providing business with some welcome relief during the current outbreak. We’ve rounded up the recent announcements in relation to reporting, AGMs and filing that have been published over the past few weeks. We hope this will be helpful to your business:

Financial Conduct Authority (FCA) Asks UK Companies to Delay Results 

On Saturday evening (20 March), the FCA wrote to all listed companies due to publish preliminary results in the next few days (40 of FTSE250) requesting that they observe a two week moratorium on the publication. The FCA recognised that unprecedented events mean that observing timetables might not give companies enough time to give due consideration. This also helps to prevent investors from acting on out-of-date information. Click herefor more details.

If you’re a subscriber to FT.com, an article on this can be found here. 

We’ve also provided a link to Next’s preliminary results, published Thursday 19 March, which shows how difficult it is for companies to put out their accounts with any sense of certainty at the moment. 

Contingency plans for AGMs

Companies planning their AGM should be considering contingency plans in light of the spread of COVID-19/Coronavirus. The ICSA Governance Institute has published new guidance, produced jointly with Slaughter and May, and with the support of the Financial Reporting Council, GC100, the Investment Association and the Quoted Companies Alliance. The guidance, available here, has also been reviewed by the Department for Business, Energy and Industrial Strategy. The guidance looks at the legal, regulatory and good practice issues associated with five options outlined.

FRC Updates 

The FRC has issued a number relevant updates in relation to COVID-19:

·      Extended Filing Guidance - published 19 March

·      AGM's & COVID-19  - published 18 March

·      FRC Update - published 17 March

·      Guidance for Auditors - published 16 March

·      Guidance on Audit issues - published 16 March

·      Advice to Companies & Auditors - published 18 February

Relaxing on Filings 

The FCA have provided some guidance for firms in responding to COVID-19. This includes advice on reporting, with the FCA stating that “Firms may experience difficulties in submitting their regulatory data, in which case we expect them to maintain appropriate records during this period and submit the data as soon as possible. Firms should not unnecessarily delay these submissions. If firms have concerns, they should contact us as soon as possible.” Further details are available here.

Companies House

Companies House are allowing companies a two-month extension on filing their accounts if, immediately before the filing deadline, it becomes apparent that accounts will not be filed on time due to the company being affected by Coronavirus. An application for the extension can be found here.

What are we doing? 

We are doing our best to keep abreast of all the changes in the marketplace and will keep you updated accordingly. As always, Black Sun will continue to provide the very best in communication’s guidance, consultancy and communications solutions for this new environment. 

We remain dedicated to cutting through the clutter and helping your business communicate effectively with your valued stakeholders as well as providing a forum for dialogue and exchange of ideas. 

In the coming weeks, we will be sharing more examples of best practice communications in challenging circumstances, to inspire and motivate for better communications. These regular updates will include examples of things like effective crisis communication, positive societal contributions and businesses that are transforming themselves to successfully operate in our evolving markets.  

We’re continuing to explore just how best to use our range of expertise and knowledge to help in these uncertain times. Remember, no one expects anyone to have all the answers, but starting an authentic dialogue now could build momentum and help differentiate your business.

Do let us know how we can help: [email protected]

From all of us at Black Sun, we hope that you, your family and your friends are all keeping safe. 

Black Sun is a stakeholder communications company. We help businesses to communicate authentically how they deliver value to inspire, engage and influence their important stakeholders. We believe that inspiring strategic communications can spark positive change and drive long-term, sustainable performance. We want to work with companies who want to build better businesses through better communications.