Countdown to OFR regulations


Companies Act becomes law, designed to ensure businesses conduct themselves properly in relation to financial information

March 1998

DTI launches long-term fundamental review of core company law, led by an independent steering group

July 2001

Steering group presents its final report to the Department of Trade and Industry

July 2002

Government publishes response to the major recommendations

July 2003

Government announces plans for reforming company law, containing three main elements, one of which is introducing a statutory Operating and Financial Review (OFR) for large companies. It follows corporate scandals such as Enron and WorldCom

January 2005

Government publishes draft regulations for OFRs

April 2005

OFR regulations due to become law. Will people measures be included in the regulations?

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