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The IIRC’s Consultation Draft of the International Integrated Reporting Framework is launched to the world for review

May 21, 2013

 

The IIRC launched a Consultation Draft of the International Integrated Reporting <IR> Framework to the world in mid-April and it is now being examined by organisations across all continents.

 

The International Integrated Reporting Council (IIRC) is a global group working to bring an accepted integrated framework of reporting to businesses worldwide. The IIRC believes the next step in the evolution of corporate reporting is communicating business’ value creation.

 

The IIRC invites stakeholders to respond to the Consultation Draft in a collaborative process. More than 50 institutional investors have been involved in shaping and testing the Framework including Deutsche Bank, Goldman Sachs, Natixis, APG and Norges Bank. Fifteen events were held around the world to launch the Framework and six were hosted by stock exchanges.  

 

The South African launch of the Consultation Draft was held at the Johannesburg Stock Exchange. Professor Mervyn King SC, Chairman of the IIRC, said “The world today faces two critical and interconnected dangers: financial instability and unsustainability. Both of these dangers pose threats to the livelihoods of communities across our planet - to their wealth and welfare. They are risks that have been under-managed and under-reported for too long. The corporate reporting landscape has not kept pace with the scale of the changes that have taken place in the world economy, business and society in recent decades.”

 

"Businesses and investors have a central role in making capital allocation decisions that will ultimately determine the resilience of our financial system and the success of the economy over the short, medium and long term. Integrated Reporting brings businesses and investors to the centre of this debate. It charges them with the responsibility to communicate how they create value over time. It empowers them to create new tools and mind-sets that will improve the quality of decision-making by businesses and investors. And, crucially, it will lead to changed behaviour, a focus on the future as well as the past and a reporting model that reflects and communicates the reality of business, its operations and its impacts, in the 21st Century”.

 

Sustainability South Africa is a website that aims to provide chartered accountants and the broader business community with information about sustainable development, sustainability issues and integrated reporting.  

 

The site is a resource hub for individuals and businesses wanting to know more about sustainability and integrated reporting in South Africa. Readers can learn more about sustainability issues, sustainability reporting and integrated reporting as well as apply for training courses through the site. Articles on Integrated Reporting show case studies with KMPG, Deloitte, the United Nations and other organisations for further reading.

 

At the New York launch of the Consultation Draft at NASDAQ, Paul Druckman, Chief Executive Officer of the IIRC, said "Over the last three years, the IIRC has built consensus around the idea that the current corporate reporting model must change to meet the needs of today's business and investment environment. The Framework is the product of business and investor input and testing involving over 300 individuals and organizations. The IIRC has recruited businesses and investors to its Pilot Programme in 25 countries. So when I say this initiative is international in scope, and market-led in spirit, I mean it.”

 

The goals of Integrated Reporting are to:
 

  • Achieve a more cohesive and efficient approach to reporting
     
  • Inform capital allocation decisions
     
  • Enhance accountability and stewardship
     
  • Support integrated thinking

 

The Framework has been developed in a transparent way with input from business, investors, regulators, standard setters, accounting bodies and NGOs. It seeks to build on existing financial and non-financial reporting practices and responds to two current trends:
 

  • The need for business transparency and responsiveness to stakeholders;
     
  • The need for material information that guides corporate strategy, risk management and resource allocation

 

The Framework will undergo extensive revision until 15 July 2013.

 

 

By Katie Sheppet

@KatieSheppet