True & Fair Project
As the world faces climate change and rising social inequalities, there is a growing realisation that what we make depends on the use of carbon, access to water and clean air, or unpaid labour in the supply chain. While such resources may seem free for businesses, their price is often shouldered by society. Our project aims to change this.
As host of the True & Fair Project, SVI believes that businesses should recognise and disclose these costs in their financial statements. Directors may agree with this, either to give a true and fair view or because they want to make an appropriate commitment. And they can do this using the existing legal and accounting frameworks.
A new guide for company directors
Following a legal opinion by George Bompass KC in 2024, the True & Fair Project has produced a guide to support UK company directors who have decided that information relating to sustainability issues is necessary for their accounts to give a true and fair view.
The guide underscores directors’ legal obligation to consider sustainability information when preparing financial statements, and offers practical steps to support compliance.
Read the guide here and contact us if you are actively considering the true and fair requirement in the context of sustainability issues.
What to expect in 2025
Together with its partners, SVI is developing further guidance and resources for a range of audiences, including:
Company directors who want their companies to account for their impacts on people and planet.
Investors who, as one of the primary users of financial accounts, have a significant role to play in explaining to businesses what is material to them, and so what they expect to see in the financial statements.
Lawyers and legal networks in numerous countries to explore the implications of the company and investor guidance and resources for their jurisdiction.
No matter where you are based, we at SVI welcome your involvement. Join the campaign and be part of SVI’s movement to change the way the world accounts for value.
Learn more and get involved!
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Join the campaign
Sign up for updates about the Project
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Are Your Financial Statements True and Fair?
Read the guide to true and fair requirement in financial statements
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Full legal opinion
Issued by George Bompas KC, January 2024
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New Company Guide Empowers UK Company Directors to Consider Sustainability to Meet the True and Fair Legal Requirement
Read the announcement of the launch of the company guide, January 2025
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New Legal Opinion on True and Fair Shows Company Directors How to Include Sustainability in their Financial Accounts
Key findings, context, and insightful quotes about the opinion, January 2024
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True and Fair FAQs
What is the true and fair requirement? What is a constructive obligation? Find answers to these and other Frequently Asked Questions
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True and Fair?
Read Jeremy Nicholls’ article about how directors should be presenting accounts in the 21st century
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Sustainability Commitments and Financial Accounting
This blog summarises two important developments relating to the concept of ‘constructive obligations’, a nuanced element of financial accounting, within the context of sustainability commitments that companies are making.
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Boards can, and must, account for climate change
Accounting may not seem the most obvious arena for ambitious climate action, but a recent legal opinion highlights real opportunities for boards to drive sustainability through the company accounts.
What people are saying:
Supporters of the Campaign for True and Fair Accounts
Here are the partners that have joined our Campaign for True and Fair accounts. Together, we will be developing guidance and support for directors who want their companies to account for their impact on people and planet. We are also partnering with the Global Alliance for Impact Lawyers (GAIL) in six other countries to explore how other jurisdictions can evolve their interpretation of true and fair.
