Companies Act 2014 section 1585

Interpretation – Part 28

Section 1585 defines the key terms used throughout Part 28 of the Companies Act 2014 and its associated Schedules 23 and 24, which deal with corporate sustainability reporting obligations and the assurance of such reporting.

• The section defines core concepts such as "applicable company," "sustainability matters," "sustainability reporting," and "sustainability reporting standards," establishing the scope and vocabulary for the entire corporate sustainability reporting framework.
• "Net turnover" generally has the same meaning as turnover under Part 6 of the Act, but special definitions apply for insurance undertakings (based on Council Directive 91/674/EEC) and credit institutions (based on Council Directive 86/635/EEC).
• "Public-interest entities" are defined as companies with securities traded on a regulated market in any EU or EEA Member State, credit institutions, insurance undertakings, or other entities specifically designated as such under law.
• Terms used in the sustainability reporting chapters take their meaning from the EU Accounting Directive, while terms used in the auditing and assurance chapters take their meaning from the EU Audit Directive, unless the context requires otherwise.