Retail and consumer worlds: July 2006

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New financial reporting regulations:
Lessons learnt for board members

The new financial regulations that have been enforced in the United States (Sarbanes-Oxley) and in Europe (IFRS - International Financial Reporting Standards) are increasing the responsibility of board members in the retail and consumer sector. Board members need to understand the optimal implementation of these new regulations. And, more than ever, they need fundamental sector-specific background knowledge to inform their decisions. Over the past year, PricewaterhouseCoopers has published two white papers that make essential reading for retail and consumer board members: Streamlining Sarbanes-Oxley compliance for retail & consumer companies and IFRS in action: What do retail & consumer board members need to know?

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Corporate social responsibility - Do the right thing

This extract from Chapter 5 "Do the right thing" of the Retail & consumer outlook Australia 2006: the path continues shows how corporate social responsibility (CSR) has become a very important factor in driving business growth and building consumer loyalty. As an internationally relevant trend that is now filtering into the Australian market, retail and consumer companies can be expected to analyse and review the CSR implications of their supply chains and business organisations more deeply. Companies that fail to embrace CSR principles risk losing business to competitors as consumers, partners and investors turn towards companies that have embedded these principles across their operations and supply chains.



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