The Global Reporting Initiative (GRI) has called on the EC to make sustainability reporting mandatory in Europe and create a new regulatory pillar to oversee non-financial reporting, as the EU looks to update rules. The EC is currently reviewing its non-financial reporting directive, which includes a proposal to expand the European Financial Reporting Advisory Group’s (EFRAG) role to advise on…
Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…
The UK’s Financial Conduct Authority (FCA) regulator has found that 4,000 smaller financial services firms in the country are at heightened risk of failure because of Covid-19. The 1,500 largest financial firms in the UK are regulated by the Prudential Regulation Authority. But the survey of smaller, solo-regulated firms under the FCA’s watch revealed that 17% were operating with “low…
Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…
The Covid-19 pandemic has increased the risk of employee fraud and commercial crime, while also raising D&O liability, warned experts from CMS, who outlined potential mitigation strategies. Zaakir Mohamed, head of corporate investigations and forensics at CMS South Africa, said Covid-19 has created heightened fraud risk as individuals and organisations come under pressure. Mr Mohamed said there are three main…
Clyde & Co has warned that cyber litigation from data breaches could be the “new PPI” in the UK during 2021. In a series of predictions for the new year, Clyde & Co’s Seaton Gordon said claims management companies and claimant law firms have been “circling” the potentially lucrative market of group data privacy claims, as legal barriers to individuals…
The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…
The EC has proposed a range of new rules to govern the digital economy that would carry huge fines for big tech firms under a new Digital Markets Act, and penalties up to 2% of global turnover for those in other sectors through a revamped NIS Directive. The Digital Markets Act proposes tougher sanctions for social media sites that publish…
Litigation risk facing directors and officers (D&O) has reached a new high with Covid-19 and its economic fallout adding to the growing list of exposures, warns Allianz Global Corporate & Specialty (AGCS) in a new market report. Higher numbers of insolvencies following Covid-19, cybersecurity and environmental, social and corporate governance (ESG) scrutiny are driving an increase in exposures for D&Os,…
Europe is expected to announce new rules today that would impose large fines on tech companies for publishing illegal content or breaching competition rules. An article in AFP said the European Union’s Digital Services Act and Digital Markets Act will propose fines of up to 10% revenue for firms that break the most serious rules, and the power to ban…