Operating and Financial Review (OFR): Using corporate environmental, health & safety management systems to accelerate compliance and increase competitive advantage

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Courtesy of BSI

In January 2005, the UK government published the final draft of the Regulations that will require mandatory reporting by all UK quoted companies of an Operating and Financial Review (OFR). Not only are there criminal liabilities for not completing an OFR, there are fines for Directors who complete them without due care and skill, and there are potential civil liabilities for misrepresenting a company’s future outlook and prospects.

The aim of the OFR is to provide transparency on and accountability for a company’s objectives and strategies, past performance and future prospects. However, in the long term, widespread adoption of the process will increase global competitiveness and the prospects for a stable and sustainable UK economy.

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