Environmental and social transparency under the ... - ClientEarth

130 | Environmental and social transparency under the Companies Act 2006Annex 5: Regulatory implementation and compliance: the FRRP | 131(v) the Financial Services and Markets Act 2000 (c. 8);(d) for the purpose of enabling or assisting the Department of Enterprise, Tradeand Investment for Northern Ireland to exercise any powers conferred onit by the enactments relating to companies, directors’ disqualification orinsolvency;(e) for the purpose of enabling or assisting the Bank of England to exercise itsfunctions;(f) for the purpose of enabling or assisting the Commissioners for Her Majesty’sRevenue and Customs to exercise their functions;(g) for the purpose of enabling or assisting the Financial Services Authority toexercise its functions under any of the following—(i) the legislation relating to friendly societies or to industrial andprovident societies,(ii) the Building Societies Act 1986 (c. 53),(iii) Part 7 of the Companies Act 1989 (c. 40),(iv) the Financial Services and Markets Act 2000; or(h) in pursuance of any Community obligation.(5) It does not apply to disclosure to a body exercising functions of a public natureunder legislation in any country or territory outside the United Kingdom thatappear to the authorised person to be similar to his functions under section 456for the purpose of enabling or assisting that body to exercise those functions.(6) In determining whether to disclose information to a body in accordance withsubsection (5), the authorised person must have regard to the following considerations—(a) whether the use which the body is likely to make of the information issufficiently important to justify making the disclosure;(b) whether the body has adequate arrangements to prevent the informationfrom being used or further disclosed other than—(i) for the purposes of carrying out the functions mentioned in thatsubsection, or(ii) for other purposes substantially similar to those for which informationdisclosed to the authorised person could be used or furtherdisclosed.(7) Nothing in this section authorises the making of a disclosure in contravention ofthe Data Protection Act 1998 (c. 29).Under the Companies Act 2006, information obtained by the FRRP bycourt order cannot be disclosed if it relates to the ‘private affairs’ of anindividual or ‘any particular business’, unless consent is given. However,certain exceptions apply. Most importantly, the prohibition on disclosuredoes not apply if disclosure is to facilitate the carrying out of the FRRP’spurposes. Nor does it apply if the information is or has already been availableto the public from another source.maintained that this is essential to ensure co-operation from the companieswhose accounts it is reviewing. 324The FRRP’s policy is neither to confirm nor deny that it is enquiring into,or has ever enquired into, a particular report, unless the Chairman agreeswith the Chairman of the FRC that such a statement would be in the ‘publicinterest’.Where the directors agree to take remedial action, the FRRP will issue apress notice, but will not comment on or discuss its conclusions furtherin public. 325A.5.5.2 Engagement with complainantsIf a complaint is made by a member of the public, press or City, but noaction is taken by the FRRP, it will explain in a letter to the complainantwhy it has decided to take no further action, but will not enter into anyfurther discussion about the decision. 326 It justifies this by saying that anycomplaint ‘will have been carefully considered’. 327Where the directors agree to take remedial action, the FRRP will issue aninitial statement to the complainant, but will not comment on or discussits conclusions further in private with them.A.5.6A.5.6.1AccountabilityTo the FRC / BISCompanies Act 2006Financial Reporting CouncilOperating bodiesSupervisory function for company annual accountsand directors’ reportSecretary of State (BIS)Authorisation to share supervisoryfunctionHowever, the FRRP reportedly takes confidentiality beyond legal requirements,and treats all information that it obtains as confidential. It hasAccounting Standards Boardand other operating bodiesFinancial ReportingReview Panel