This follows the release of draft legislation over the summer designed to strengthen non-financial reporting rules after the collapse of listed companies, including BHS, Carillion and Patisserie Valerie.

Draft regulations published in July set out additional corporate and company reporting requirements for large UK listed and private companies, including an annual resilience statement, distributable profits figure, material fraud statement and triennial audit and assurance policy statement. For the first time, companies would have had to publish an annual statement about distributable profits and their company’s policy on dividends.

The plans for non-financial reporting have been abandoned after stakeholders called for more streamlining and simplification of reporting, not the addition of extra requirements. There were also concerns that the reporting would be costly to implement and would have expanded the level of corporate information in annual reports.