IIRC NEWSLETTER
A message from our CEO, Charles Tilley:
COVID-19 continues to test business resilience like never before, forcing organizations internationally to review their business models.
As Business Network participants have explored in their recent discussions, it is also highlighting the importance of human and manufactured capital.
We have heard from businesses how using the Framework and embedding integrated thinking and reporting can help navigate these testing and uncertain times.
Through integrated thinking, they are analyzing, debating and addressing new risks and opportunities.
We have heard how businesses - through many years of integrated reporting - are better placed to understand and respond to their stakeholders changing needs as the pandemic plays out.
All of this feedback has reinforced to us the importance of the work we do in building financial stability and sustainable development through a multi-capital view of value creation.
We are committed to driving the quality of reporting internationally to help businesses navigate through this uncertain business environment and those looking to embed integrated reporting and integrated thinking are encouraged to get in touch to find out more: info@theiirc.org.
International Integrated Reporting Council celebrates 10 year anniversary
In our tenth year, the IIRC remains the global coalition committed to bringing about an evolution in corporate reporting. Our Framework is adopted today by some 2,000 organizations in over 70 markets, giving rise to vital national integrated reporting networks that are engaging with businesses, regulators and other market participants to embed integrated thinking and reporting within mainstream practice, fulfilling our mission.
As we enter our second decade, we are focused on securing that legacy to build a new global corporate reporting consensus around a comprehensive structure and more aligned system.
Integrated reporting is based on a number of important principles – multi-capital decision-making, the connectivity of information reflected in integrated thinking and board leadership in providing insight into business models that respond to the legitimate needs and expectations of stakeholders. In a world reshaped by a global pandemic and still facing the existential threat of climate change, this agenda has never been more relevant.
These integrated reporting concepts should become the platform for a new global system for corporate reporting – linked to a comprehensive set of standards, interconnected oversight and assurance that enables increased trust and confidence.
In 2010 – when we were founded – we had to make these arguments from first principle, create the framework, build adoption, develop the business case and secure the evidence base. That first part of our strategy has been accomplished and in 2020 we are revising our Framework and building support from our coalition to complete our mission and secure this legacy.
Today’s challenge seeks to address how we embed that integrated thinking and reporting practice into the mainstream. This means intensifying our collaboration with others, demonstrating our alignment not only within the sustainability world but our link to the financial reporting standard setters and those developing new systems of assurance.
As we celebrate our first ten years, we must also prepare for the next ten – a decade in which we look to complete our mission. The IIRC is seeking new ways to intensify the adoption of integrated thinking and reporting, and ensure our principles form the basis of a new global system reflected in regulation, market practice and assurance.
Our power to convene in this context has never been more important. The unbreakable link between the different communities that believe in a future of reporting that is multi-capital, interconnected, respectful of all resources and stakeholders, is one that the IIRC takes extremely seriously – it is the foundation of our authority.
Our current strategic discussions seek to strengthen the place of integrated thinking and reporting in the corporate reporting landscape, aligning our goals with others and achieving the long-promised comprehensive corporate reporting system that we know will contribute powerfully to the twin goals of financial stability and sustainable development.
In making this commitment we acknowledge the important work of the many national networks that translate these global aspirations into meaningful change market-by-market, securing the regulatory signposting and increasing the quality of implementation of integrated thinking and reporting.
The role of the integrated reporting networks has never been more important as we seek to complete our mission and secure the legacy that has been hard won over the first decade of the IIRC’s existence.
Special complimentary webinar: Thursday 4 June - reserve your place now!
Participants of the Business Network - which is made up of over 80 leading businesses internationally - meet monthly to discuss their approach to integrated reporting and to hear from experts to understand latest innovations and ideas.
On Thursday 4 June, 9.00-10.30BST the IIRC is extending the invitation for a one-off special webinar to hear from the CEO of one of Australia's largest pension funds, Cbus, on their approach to integrated thinking, reporting and assurance.
KPMG assurance specialist and IIRC Board Member, Michael Bray, will share insights into the process they went through with Cbus to assure its integrated report.
Pensions expert Keith Ambachtsheer will share his thoughts on the value of integrated reporting to investors and asset owners.
Places are limited at this online webinar, so we encourage you to register to reserve your space.
For further information about the Business Network and how you can join to participate in the monthly webinars email businessnetwork@theiirc.org
Have your say and spread the word: IIRC consults on Consultation Draft of International Framework
Earlier this month the IIRC launched a 90 day consultation proposing revisions to the International Framework.
The IIRC is calling for feedback through an online survey and via participation in one of over 20 virtual roundtables hosted by the IIRC's partners globally.
The Consultation Draft has been informed by the 300 responses the IIRC received on three topic papers published in February 2020, ongoing observation of market practice internationally, as well as the detailed deliberations of the IIRC's Framework Panel.
We are seeking input from stakeholders around the world to ensure the revision responds to the evolving market context and support robust, effective reporting.
We therefore ask that you share this consultation in your networks and encourage those with a stake in reporting to share their thoughts.
For further information visit: integratedreporting.org/2020revision - the consultation is open until 19 August 2020.
KPMG analyses integrated reporting in Japan
In its sixth year of analyzing the adoption of integrated reporting in Japan, KPMG has set out three key recommendations for advancing integrated reporting in its latest report:
1. Communicate a story - what are the pieces management needs to convey a value creation story?
2. Convey non-financial information with material financial impacts - why discuss materiality, and why include non-financial information?
3. Share the underlying story across all mediums - strengthen affiliations within companies and avoid inconsistencies between reporting mediums.
According to KPMG over 500 companies in Japan now publish an integrated report - including 175 out of the Nikkei 225 companies.
The report highlights the achievements and challenges of emerging disclosure trends in Japan through integrated reports.
Latest resources from the IIRC
Integrated Thinking & Strategy: State of Play Report
This report sets out a new model for integrated thinking that encourages long term, sustainable decision-making, enabling businesses to play their roles as stakeholders of a sustainable world.
The report was developed by a group of over 50 organizations globally including BASF, HSBC, Solvay, Standard Bank and ING.
An overview of integrated reporting for Chartered Secretaries and Chartered Governance Professionals
The Chartered Governance Institute and IIRC released an essential practitioner's guide to integrated reporting, articulating the role they can play in embedding integrated reporting and integrated thinking.
IIRC 2019 Integrated Report: Building consensus towards a global system
The IIRC's 2019 Integrated Report reiterates the IIRC's firm commitment to advance a globally accepted and comprehensive corporate reporting system - a system that enhances trust and enables meaningful measurement and disclosure of the value of business to investors and stakeholders representing the economy, society and the environment.
Sustainable Development Goals Disclosure Recommendations
Authored by Carol Adams, Professor of Accounting, with Paul Druckman and Russell Picot, Honorary Professors at Durham University Business School, the report offers a new approach for businesses and other organizations to address sustainable development issues.
Call for applications:
Responsible Business & Governance Awards
Organized by Institut du Capitalisme Responsable
Conor Kehoe, Former McKinsey & Company senior partner, appointed Chair of the International Integrated Reporting Council
The Challenges of Corporate Reporting post COVID-19
Ian Mackintosh, Chair, Corporate Reporting Dialogue
Integrated reporting post COVID-19
Dr Cornelis T. Van Der Lugt, University of Stellenbosch Business School
The IIRC Global Conference 2019 will now take place on 30 Nov- 1 Dec in Frankfurt, Germany
Register today
Your frequently asked questions about integrated reporting answered - visit the IIRC website.
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