- No more requirement for more detail on dividend payments
- Blow to transparency efforts, says accounting body
The government’s long-standing plans to reform audit and governance standards are “in disarray” after it scrapped a bill that would have strengthened reporting requirements for the country’s biggest public and private companies, according to the Institute of Directors.
The plans, which were only formally set out in July, were withdrawn after consultation with companies who “raised concerns about imposing additional reporting requirements”, the government said on Tuesday.