CMA Consults on Dedicated Financial Performance Discussion Section in Listed Company Board Reports

The CMA has opened a 30-day consultation on a dedicated section in listed companies' annual board reports analysing financial and operational performance, position and liquidity, with comments due by 20 November 2026.

What was announced

On 21 October 2026 the Capital Market Authority (CMA) published a draft to enhance disclosure in the financial performance section of the annual Board of Directors' report for public consultation. The consultation runs for 30 days, with the CMA giving 20 November 2026 as the closing date. Comments are submitted through the government's unified public consultation platform (Istitlaa).

Key details

The draft brings existing disclosure requirements on financial and operational performance together in a single, dedicated section of the board report, titled "Discussion and Analysis of Financial and Operational Performance and Financial Position". In practice this is close to the management discussion and analysis (MD&A) found in many international markets. Under the proposal, the section would at minimum cover:

• An analysis of performance, results of operations, financial position and liquidity.
• Explanations of the reasons behind material changes in the audited financial statements and the main factors driving them.
• Material trends, factors and uncertainties expected to affect future business, results and financial position.
• A year-on-year comparison of liquidity, solvency, financial position and capital resources.
• Where material, key performance indicators such as profit margins, return on capital or equity, revenue and profit growth, and operational efficiency measures, plus indicators specific to the company's business.

The CMA proposes that the requirements be mandatory for Main Market companies from the first board report issued after approval, and indicative (guidance only) for Parallel Market (Nomu) companies from the first annual board report issued in the year following approval.

Why it matters for businesses

The proposal moves board reports from a largely descriptive document towards a structured, analytical one. Listed companies would need finance teams able to explain variances, link results to operating drivers and present indicators consistently from year to year. Investors and analysts would gain a more comparable basis for assessing performance. The CMA links the draft to wider efforts to strengthen governance, transparency and shareholder participation in general assemblies.

What to watch next

• The final version after the consultation closes, including any changes to scope or timing.
• Whether the CMA issues templates or guidance on KPI selection.
• Related CMA announcements on investor rights and general assembly participation, which the regulator says will follow.

What businesses may want to do

Listed companies, and those planning a listing, may wish to review the draft on the consultation platform, consider submitting comments before the deadline, and assess whether their management reporting can already produce the analysis the draft describes. This summary is based on the CMA announcement and is not legal advice.

Sources

• Capital Market Authority: Public consultation on the draft to enhance disclosure in the financial performance section of the Board report

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