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The purpose of this paper is to explore, empirically, the contribution of human capital (HC) to value creation and the external disclosure of HC. The specific aims are to: investigate the relative contribution of HC to the generation of firm value; compare the differences in the perceptions of human resource (HR) directors and finance directors (FDs) in relation to this contribution; examine the relationship between the internal collation and external disclosure of HC information; investigate incentives and disincentives to the external disclosure of HC information; and investigate the most appropriate medium to externally disclose HC information.

A questionnaire survey of (HR) directors of UK listed companies was conducted. Responses are compared to those from FDs obtained from a previous survey on the broader concept of intellectual capital disclosure. In total, 13 follow‐up interviews were conducted. The matched views of the (HR) specialist and the FD are compared for eight case companies.

Employee skills and education, employee commitment, positive employee attitudes and behaviour, and employee motivation are considered to contribute to value creation the most. Information on employee turnover, employee training and development, and workplace safety is frequently collated. There also appears to be attempts to capture information on aspects such as employee satisfaction, motivation, and commitment. Marked differences exist between the extent to which information is internally collated and externally disclosed. External disclosure appears to be a valuable recruitment tool. However, giving away information which may harm competitive advantage is a serious concern. The annual report was considered the most effective written form of communication for disclosing HC externally. Despite some disparity in views, there is evidence to suggest recognition by FDs of the value of human capital and commitment to its external disclosure. Contrary to prior research, evidence from the small matched sample indicates no significant difference in views between the two functional specialists regarding the importance to value creation of four key HC components.

A comparison across the full range of HC issues is not possible as the FD IC survey was unable to address HC in as much detail as the HC survey.

This paper contributes to the understanding of HC and its disclosure by comprehensively investigating such issues for a large sample of UK companies.

The British government has promised a referendum on whether the United Kingdom should participate in the European single currency. There are questions about whether the UK population knows enough about economic and monetary union to make an informed decision and from what sources they received that knowledge. The European Commission has instigated an information programme for EMU. The EC sees the system of European Information Relays as an important part of its policy on disseminating information on Europe. This study investigated the role of the Relays in this, and informing the public on EMU in particular. The East Midlands was selected as a case study and a series of interviews were carried out with librarians and users. The librarians believe that the Relays have a role to play as a disseminator of information from other sources, but are hampered in their efforts by a lack of resources, lack of awareness of the EC information programme and adverse user reaction to promotion activities. In addition, there is evidence of apathy amongst potential users, who are passive in their consumption of information on EMU, mainly from mass media sources. While this study is too small to be representative, the findings indicate that the EC should improve the presentation of its publications and better target dissemination to different Relays. The UK government may have to take a more proactive role in informing the British public about EMU. However, the findings also indicate that a bigger problem is the perceived lack of accuracy and neutrality of the UK media on this topic. Since this is a major source of information for the public, this could hamper informed decision making.

The Milk (Amendment) Order, 1917, which came into force on December 31st, provides that milk shall be sold retail only by Imperial measure; that no colouring matter shall be added to milk or cream intended for sale; that no milk to which any water has been added shall knowingly be sold or offered for sale; that no person may use for the purpose of his trade any milk can or milk bottle which bears the name, trade name, trade mark, or trade device of some person other than himself or his employer, except with the consent of such person. The Order contains a new clause, in substitution for Clauses 4 and 6 of the Milk Order, 1917 (which are revoked), providing that where milk is sold wholesale by or on behalf of any person other than the producer the maximum prices chargeable shall, unless otherwise determined, pursuant to the Order, be as follows:—

Our news compiler of the last three and a half years, Paul Blake, is no longer able to take on this task following his promotion to Editor of our sister publication Information World Review. Their gain is our loss. One result of this move is a slightly different format to the News Roundup: we continue to give the main stories of the last two months, following which stories are given by overall subject rather than by vendor.