I've just asked my management team how they want to be kept informed and what they want to know.  Essentially the answer is that they want to know about anything that is going to impact what we do and how we do it.  So the key thing they want is to know if our policies and procedures will need to be changed and an outline of the change that is needed. I don't think that there is a need to tell them about every minor change to legislation (boring and counter productive if you want to hold their attention).  I have a section in my monthly report called "Looking Ahead" in which I cover that sort of thing especially if I know it will need input from other managers to identify the change needed and to plan out how we are going to address the change.  Where incidents come into the picture is that when I see something relevant I circulate it immediately either in hard copy or by email with a note explaining if this means we need to take any action ourselves.