The Government is to fast track the requirement for large companies to produce annual Operating and Financial Reviews (OFRs).

hopwood is set to advise clients on the benefits of non financial reporting - which can be spectacular in areas such as recruitment even for businesses not covered by the legislation.

Trade and Industry secretary Patricia Hewitt says the requirement - originally part of a company law bill - will be brought forward in an earlier bill likely to be introduced in the next Parliamentary session.

OFRs must include an account of stakeholder relationships, policies and performance on environmental, community, social, ethical and reputational issues. The move puts strategic public relations counsel at the heart of corporate governance.

Pre-empting the legislation, the Institute of Public Relations, in association with Business in the Community and MORI, has produced guidelines for communicators on corporate reputation reporting.