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Over the past few years, there has been growing debate over whether companies and boards have had proper regard for their key shareholders. There has

Over the past few years, there has been growing debate over whether companies and boards have had proper regard for their key shareholders. There has also been increased scrutiny on board decision making which has drawn even more focus as a result of the COVID-19 crisis.

Several financial reporting requirements have changed in response to these concerns. The most notable change, effective for accounting periods on or after 1 January 2019, is the requirement for companies to report on how the directors have carried out their section 172 duties under the Companies Act and the UK Corporate Governance Code.

Required:

Critically evaluate the success of section 172 in improving the quality of financial reporting.

You must include in your discussions:

  1. The narrative reporting requirements with regards to section 172 of Companies Act
  2. Using an example from a UK FTSE 100 company(I choose HSBC UK), critically evaluate:
  1. How the company has complied with the requirements.
  2. The quality of the disclosures
  3. Potential developments for future section 172 reporting including the impact of the COVID-19 Crisis

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