What are the huge responsibilities of people coming in building and pest inspection?

The Bureau’s wide-ranging activities will not only raise awareness of the problem and the need to reduce it through adequate risk prevention measures but, through detailed research, enable a much more detailed and Pest Inspection Report clearer picture to be built up on how arson can most effectively be reduced.At the same time, the opportunity has been taken to provide guidance on anumber ofadditional non-investment accounting issues, not covered in the earlierguidance.

Publication of the draft SORP represents a major advance ininsurance company financial reporting.It is intended to reduce the range ofaccounting treatments currently adopted by insurers.This will improve the quality ofinformation provided to investors, analysts and indeed all those with an interest ininsurers’ financial statements.

It will also assist insurers by providing guidance ona number of difficult aspects of insurance accounting.In particular I believethat the progress we have made on accounting for investment return will be widelywelcomed”.Subject to final ABI approval and clearance from the Accounting StandardsBoard (ASB),it is hoped to publish the SORP as soon as possible after the conclusionof theconsultation period.

This will enable insurers to apply it to financialstatements foraccounting periods ending on or after 31 December 1998.The pragmatic approach adopted by the Hampel Committee to corporate governance issues will, we believe, further encourage companies to explain how they comply with the spirit of the recommendations on corporate governance practice.

The Committee’s recommendations will, hopefully, bring about a more thoughtful understanding of wider corporate governance issues.The Association recognises a number of positive recommendations in the report.Theseinclude the twenty working days’ notice of an AGM, the recommendations against bundlingof resolutions, the establishment of in-house nominees to ensure shareholders’ rights arefully restored to private shareholders, and that proxy votes should be announced in respectof each resolution.

The recommendation that shareholders should exercise their votes isalso welcomed, as ABI considers that ownership carries responsibilities.The ABI voting information services (IVIS), available on the internet, enables all institutionalshareholders subscribing to the service to be aware of any instance where aninconsistency with the Hampel, Cadbury or Greenbury recommendations is perceived, andwhether any matters have been resolved so they can vote accordingly.

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