26th March 2004 - Trucost and Business Eco help companies prepare for upcoming OFR regulation

London, Friday 26th March 2004: From 2005 regulation on company reporting in the Operating and Financial Review (OFR) is being extended to include information on a company's future plans, opportunities, risks and strategies that are considered essential to interpret company performance. Specifically, environmental issues that materially affect business will have to be disclosed in a company's annual report.  In practice, this means that an annual internal review has to be conducted to ensure that environmental issues have been considered in the company's future plans. In addition to the board, this review will involve several departments including environment, finance and procurement.

In April 2004, the Department of Trade and Industry is publishing draft regulations within the OFR, which will apply to UK companies from 2005-2006. The OFR will state that companies of a certain size should report environmental policies and performance, where relevant to their business. It is the directors’ responsibility to decide what is considered material to their business but ultimately directors may need to defend the decision-making process behind their reporting in the courts.

Trucost and Business Eco have teamed up to provide a solution.  We will take your latest financial information and other relevant information, where available, to analyse the environmental performance of your company and suppliers and to quantify financial impacts associated with the environment.  We are offering a special package to visitors to the EMF Birmingham for all orders placed by the 31st May 2004, at a price of £4,995 plus VAT to all UK-based companies.  Please visit us on Stand 32 at the EMF Birmingham NEC (31 March & 1 April ‘04) or contact Mike Harris or Rob Barker who will be pleased to assist further.

The methodology is unique and can be used to measure the performance of companies of any size, geography or industry sector. It models the interactions between the economy and the environment to identify both direct and indirect environmental impacts in financial terms. This will enable your company to:

- Decide whether your company’s environmental impacts are financially material

- Quantify the financial risk of material environmental impacts

- Incorporate the environment into decision making

- Set targets and measure progress over time and against peers.

The report will be used as the basis for developing a practical action plan to comply with OFR regulations and to improve your company’s environmental performance. This could include:

- Implementing systems for the environmental requirements of the OFR

- Identifying the practical ‘quick wins’ to reduce the environmental impacts of your company

- Staff training and raising awareness

- Supply chain management – monitoring your suppliers’ performance, motivating and developing closer relationships and training provision.

Contact:
Rob Barker
T: +44 (0)20 7321 3833
Email :info@trucost.com
Website : www.trucost.com

Mike Harris, Director, Business Eco, Chancery House, St Nicholas Way, Sutton, Surrey SM1 1JB.
T: +44 (0) 20 8288 9333
Email : mh@eco.uk.com
Website : www.eco.uk.com

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