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<p>The UK has responded to the growing demand for non-financial information in UK
corporate reporting, by introducing measures to increase and improve the public disclosures
entities make. In 2013, the UK introduced the requirement for certain entities to
produce a strategic report, an ambitious change which required directors and boards
to take a broad range of issues into account in the running of their company, including
on social and environmental matters.</p><p> </p><p>These requirements were expanded
in 2016, through the introduction of additional disclosure requirements for all large
Public Interest Entities (PIEs), to require a description of the principal risks relating
to social and environmental matters. In addition to this, and where relevant, the
entity must also include a description of the business relationships, products and
services which are likely to cause adverse impacts on risks relating to social and
environmental matters, and provide a description of how the entity manages those risks.</p><p>
</p><p>More recently, in 2022, the UK became the first country in the G20 to mandate
large public and private businesses to report their climate-related financial disclosures
in line with the framework set out by the Task Force for Climate-related Financial
Disclosure, including their exposures to climate change-based risks.</p>
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