South Africa endorses the International <IR> Framework
The Integrated Reporting Committee (IRC) of South Africa, who's influential members include the Johannesburg Stock Exchange, has this month endorsed the International <IR> Framework. This announcement sees the Framework being adopted to provide global unity in Integrated Reporting, of which over the last few years South Africa has been the forerunner.
Companies listed on the Johannesburg Stock Exchange (JSE) are now into their fourth year of Integrated Reporting, following the principles of King Code of Governance of 2009 (King III) that recommended Integrated Reporting, and in fulfilling the JSE listing requirements to comply with King III's principles or explain otherwise.
Although King III recommends that companies compile and submit an integrated report, it does not say 'how'. The International <IR> Framework has been endorsed in South Africa as the best tool for approaching Integrated Reporting. By using the Framework, South Africa will be able to get the most out of its adoption of <IR>.
Commenting on the announcement, Paul Druckman, CEO of the IIRC said, "I am delighted by this announcement from the IRC. We are very fortunate to have the intrinsic learning from South Africa and we have ensured these lessons were reflected on and included in the International <IR> Framework.
"It would be impossible to mark this announcement without paying tribute to IRC and IIRC Chairman, Professor Mervyn King. His tireless work through the three King reports over two decades has brought transparency, equality and proper disclosure of information to South Africa, and now the world."
Ansie Ramalho, CEO of the Institute of Directors in Southern Africa, the custodian of King III stated, "Organizations need to demonstrate that the board appreciates that strategy, risk, performance and sustainability are inseparable. Integrated Reporting is a manifestation of this integrated thinking and the Framework is a significant step forward in preparing an integrated report."
Members of the IRC include the Association for Savings & Investment South Africa, Banking Association South Africa, Batseta, Business Unity South Africa, Chartered Secretaries Southern Africa, Financial Services Board, Institute of Directors in Southern Africa, Institute of Internal Auditors, Government Employees Pension Fund, JSE, and the South African Institute of Chartered Accountants.