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Integrated Reporting in the news: addressing the lessons learned from the global financial crisis

August 6, 2012

 

A new report “Lenses and Clocks: Financial Stability and Systemic Risks” describes lessons learned from the global financial crisis and highlights the importance of integrated reporting in averting future crises. The report outlines four major recommendations, one of which focuses on Integrated Reporting (IR): “Build on the work of the International Integrated Reporting Committee (IIRC) and others to promote transparency in the operations of organisations.”

 

The joint report by the United Nations Environment Programme Finance Initiative (UNEP-FI), the International Institute for Sustainable Development (IISD), and The Blended Capital Group advises the creation of a new protocol requiring the world’s major stock exchanges to evaluate listed entities in terms of integrated reporting standards.

 

The IIRC is delighted by the report’s advocacy of integrated reporting as an essential element in avoiding the pitfalls of short-termism as well as aligning drivers of behaviour to long-term sustainable goals. The IIRC would go even further than the report’s emphasis on stock exchange because while integrated reporting is clearly a concern of stock exchanges and should be incorporated in listing rules, it also goes to the very heart of good governance of all entities : listed, unlisted, co-operatives, charities, NGOs, sovereigns, etc. Broader adoption of IR would result in a more effective application of both the Lens and the Clock of the report’s title.

 

“The international community should agree to the adoption by stock exchange authorities and market regulators worldwide of a United Nations protocol that requires listed entities to abide by an integrated reporting standard, covering sustainability issues and promoting transparency in the operations of financial and commercial organizations. Such a protocol would build on the work of the International Integrated Reporting Committee (sic) and would embed a requirement to include a vote on the quality of the integrated report at the annual general meetings of listed organisations.”

 

Read the full report with the text of all four recommendations.