Frasers Group has declined the Financial Reporting Council’s (FRC) request to publish key findings from a review of its latest annual report.
The owner of Sports Direct and Flannels, known for past governance issues, has denied the regulator permission to release a case summary following “substantive inquiries”.
According to The Times, it is the second year running when the FRC has reviewed Frasers’ annual report, with the group again refusing to allow its findings to be made public.
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The title reports that out of 14 cases where companies withheld consent, three involve Frasers or its group companies, after the introduction of a more transparent corporate reporting review regime in 2018.
This means that Frasers Group is the only FTSE 100 company to have withheld consent.
A spokeswoman for Frasers told The Times: “The business has already addressed any queries raised by the FRC to their satisfaction. It is perfectly common for the FRC to ask questions in relation to accounts.”
“It is not apparent to the business that there is any benefit in publishing outcomes to such questioning where matters have already been resolved and so this has been its approach.”
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