The sordid saga behind the UK government's decision to disband the OFR
This is the sorry tale of how an attempt to encourage transparency and fuller disclosure from companies was suddenly scrapped by the government without a proper consultation process. When the UK government announced its decision to bring in a mandatory operating and financial review (OFR) in May 2004, then trade and industry secretary Patricia Hewitt insisted it was an attempt to ‘promote greater transparency by our companies.’ But last November, just months before the first
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