Accounting for the Environment

4.00.00pm UTC (GMT +0000) Wed 19th Sep 2007

Conference this afternoon debated a motion from Solihull and Meriden local party called "Accounting for the Environment" Conference noted that while the UK domestic economy is currently estimated to contribute just 2% of global emissions, UK companies are responsible for between 12%-15% of emissions globally when international operations are taken into account. The Labour Government restricted the Operating and Financial Review (OFR) in the Company Law Reform Bill to require only the 1,300 firms publicly quoted on the London Stock Exchange to submit environmental and social strategies but the OFR requirement is only enforceable by company shareholders, and legal action can only be taken if a director's failure to consider these issues leads to financial loss.

Conference agreed that:

1. Large and medium-sized organisations and all government departments are encouraged to include a one-page report, based on a standard and simple template, covering:

a) Level of carbon emissions for current and the prior year, with commentary.

b) Use of raw materials and sustainable sourcing.

c) Environmental policy, including recycling.

2. As an incentive for compliance, organisations which fulfil the reporting requirements may apply for filing extensions for submission of accounts to Companies House and for tax returns.

3. All small organisations on the accepted definition are entitled to assistance in setting environmental objectives through the Department of Business, Enterprise and Regulatory Reform.