Transparency – the disclosure of internal corporate information to the public – is shaping legislation and regulation across the business landscape. In recent years, the UK has introduced mandatory business reporting on issues as diverse as the gender pay gap; modern slavery in supply chains; supplier payment terms and beneficial ownership.
Osborne Clarke’s joined up approach to the transparency agenda helps businesses manage the risks – and exploit the opportunities – triggered by a transparency disclosure across four themes: the workforce, the supply chain, ownership and the environment.
In the workplace, transparency is particularly being used to drive changes in workforce diversity and pay equality.
Businesses have already had to get to grips with annual gender pay gap reporting and, whilst some businesses do this on a voluntary basis, there have been calls for mandatory race pay gap reporting to also be introduced. Next on the horizon is pay ratio reporting: quoted companies will have to report the ratio of their CEO’s pay to the average pay of their UK employees. Data will start being collected in 2019 and the first pay ratio reports will be published in the first quarter of 2020.
Find out more about how the transparency agenda is driving regulation in the workplace – and how Osborne Clarke can help.