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Accounting, Society and Enviroment - Essay Example

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Companies are required to publish annual reports and business reviews to relay performance, development and positioning of the business; although the requirements encompassing the review are size and complexity of the business …
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Accounting, Society and Enviroment
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Download file to see previous pages In 2006 the Financial Reporting Review Panel extended the requirement of the annual reports to constitute of the review from the director’s of the companies (FRC, 2008). Companies which qualify as small companies are not required to publish annual reviews (PLC, 2013; KPMG, 2006) and medium sized companies are not required to publish their environmental and social policies in their annual reviews as an obligation (KPMG, 2013). For quoted companies it is required that the review in addition with a fair review of the business and major risk faced by the company; the company should also publish its environmental policy, the social policy; employee issues and also to what extent these policies were effective (PLC, 2013; KPMG, 2006; CR, 2012). Taylor Wimpey Plc is a quoted company and is registered with the London Stock Exchange; thus it is required to publish an annual report encompassing a business review, the performance and development of its business mentioning the Key Performance Indicators and also the environmental and social policies and the effect they generate on the society and environment. Ethical Policy of Taylor Wimpey Plc The company’s ethical policy is addressed as either corporate culture, corporate responsibility or under peoples and culture. The company highlights the high ethical standards it has set for its business and employees in the form of an ethical corporate culture (TWCSR, 2009; TWCSR, 2010; TWCSR, 2011). Although the company has a clear ethical policy which is implemented in all of its organizations (TWPLC, 2007), yet the policy does not get a clear and open mention in the reviews of the company. The ethical structure of the company is only described in term of qualitative data, no disclosure policy is followed. Neglect can be seen in terms of describing the clear ethical policy of the company and the implications it has had. The corporate responsibility of the company is clearly explained in the review as well as the annual reports; as the corporate responsibility of the company is in part comprised of the ethical policy of Taylor Wimpey plc (TWP, 2007). Corporate responsibility management also finds the ethical policy of the company addressed in the form of the primary stakeholder’s interests and stakeholder engagement (TWP, 2009). Chairman Kevin Beeston in his review is also found focusing of the ethics in the form corporate responsibility (TWP, 2011). The Value Cycle focuses on the ethical policy in the form of care for customers (TWCSR, 2009; TWCSR, 2010; TWCSR, 2011). Non-Financial disclosures like the ethical policy of the company can help a company reflect upon its culture and enable investors making decisions based on the information that the company voluntarily discloses (Binh, 2012; Singhvi & Desai, 1971). Diversity and Anti-Corruption policy is mentioned as part of the corporate governance structure of the company (TWP, 2011). More focus and clarity is required on the ethical responsibility; as it helps in building the trust of the company and provide the company with a competitive edge over other companies (KMPG ‘Beyond the numbers’, 2000). Social Policy of Taylor Wimpey Plc Like a balanced sheet fails to relay the complete value that a company has; the Key performance indicators for financial performance alone do not suffice for the risks and opportunities that lay ahead f any company; companies by joining their benefit with that of the society at large have come to change the way business success is perceived (KMPG ‘Beyond the numbers’, 2000). The annual reports and the business reviews of the Taylor Wimpey Plc use two Key performance indicators to determine their impact on society (TWCSR, 2009; TWCSR, 2010; TWCSR, 2011). The two key performance ind ...Download file to see next pagesRead More
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