Trucost has devised a clear and simple four-step process to help your company comply with the OFR regulation. This process follows the Department for Environment, Food and Rural Affairs' (Defra's) Reporting Guidelines for UK Business, which Trucost helped develop. Click here for more information.

Environment Minister, Elliot Morley:

"These guidelines seek to set a standard which will give business some assurance that it has reported its environmental performance to an appropriate minimum level of accuracy and detail."

The Trucost OFR process is described below:

Step One: Issue Analysis

We identify the key environmental issues and risks to your company. Through our extensive knowledge of current and future environmental legislation and industry-specific issues, we provide you with an assessment of legislation, risks and issues.

Step Two: Assessment of current measures and reporting compared with best practice and your chosen peer group

We conduct a gap analysis of your company policies, processes and reporting (both external and internal) and compare these with best practice guidance and standards and with those of your chosen peer group of companies.

Step Three: Materiality process

We identify your significant environmental issues that need to be reported in the OFR, and compare these to your peer group and sector. Issues are prioritised in rank order to determine relative levels of significance. All impacts are assessed against a standard set of materiality criteria. Relevant Key Performance Indicators (KPIs) are identified, including KPIs to assess supply chain performance if relevant, using Defra's KPI framework. An action list and road map are provided to enable compliance with the regulation and ongoing management of these isues and risks.

Step Four: Report

Trucost provides companies with a report highlighting the key environmental issues and metrics which should be included in the OFR. Using our environmental knowledge, our exprience of best class reporting and our understanding of what key groups, such as institutional shareholders, are looking for, we suggest the appropriate content and text for your OFR.

Report clients include Avis Europe, Christian Salvesen, Legal & General, Logica and Prudential.

Trucost also runs expert workshops which are designed to pull together the various departments and disciplines whose contribution is necessary to produce an effective OFR. Click here for more information about Workshops.

To find out more call +44 (0)20 7321 3833 or email info@trucost.com