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Transcript of International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters...
![Page 1: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/1.jpg)
International Integrated Reporting Council
![Page 2: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/2.jpg)
NGOs
Companies
Investors
Accounting
Standardsetters
Regulators
Chair: Prof Mervyn KingCEO: Paul Druckman
Who is the IIRC?
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Business Network
Investor Network
IIRC Pilot Programme
![Page 4: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/4.jpg)
Our long-term vision is a world in which integrated thinking is embedded within mainstream business practice in the public and
private sectors, facilitated by <IR> as the corporate reporting norm.
The cycle of integrated thinking and reporting, resulting in efficient and productive capital allocation, will act as forces for financial
stability and sustainability.
Long Term Vision
![Page 5: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/5.jpg)
Why <IR>?
Outline
![Page 6: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/6.jpg)
• The macro perspective:
• Financial stability• Sustainability
• In practical terms:
• Concise communication of value – more than financial capital
• Focus on strategy and future orientation
• Reduce volume
• Promote connectivity of information
Why <IR>
![Page 7: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/7.jpg)
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400 Prudential annual report pages - 1850-2008
'Back end' pages 'Front end' pages
Source: Investis Research
Why <IR>: Volume of reports
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Why <IR>: More than financials
![Page 9: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/9.jpg)
STRATEGY AND GOVERNANCE
IMPLEMENTATION PLANS
BUSINESS AS USUAL
Business value
STRATEGIC ISSUES
FORECASTS / PLANS
PAST PERFORMANCE
Reporting content
Why <IR>: The reporting mismatch
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Bob Laux Senior Director of Financial Accounting and Reporting
Microsoft CorporationAICPA Insights Article
1. Communicating vs. Complying
2. Reporting the Intangibles
3. Breaking Down Silos
4. Increasing Transparency
Why should you care about <IR>?
![Page 11: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/11.jpg)
PwC took two reports to two teams at Schroders Investment Management House.
1st team studied Coloplast’s ‘full report’
2nd team studied a stripped version ‘financial report’
Source: PwC
Conclusion: “ There is a competition for capital out there – every company needs to question whether its corporate reporting is positioning them for success”
The benefit of giving the full story
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What is <IR>?
Outline
![Page 13: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/13.jpg)
strategy, governance, performance, prospects
Financialreporting
Otherreporting
concise communication about value
<IR>: A new focus
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Integrated Reporting
integrated report
integrated thinking
What is <IR>?
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<IR> aims to:
Efficient and productive allocation of capital
Cohesive and efficient approach to corporate
reporting
Support integrated thinking
Enhance accountability
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International <IR> Framework
The Framework
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The Framework: Core features
Content Elements
Fundamental Concepts
Guiding Principles
• Value Creation for the organization and for others
• The Capitals
• The Value Creation Process
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The Framework: Fundamental Concepts
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6 capitals with different combinations and connectivity
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The Framework: Fundamental Concepts
The Value Creation Process
![Page 21: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/21.jpg)
The Framework: Core features
Content Elements
Fundamental Concepts
Guiding Principles
![Page 22: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/22.jpg)
The Framework: Guiding Principles
• Strategic focus and future orientation
• Connectivity of information
• Stakeholder relationships
• Materiality
• Conciseness
• Reliability and completeness
• Consistency and comparability
Underpins preparation
Informs content
Presentation of information
Judgement is needed
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Questions to be answered
Unique story
Connections apparent
Not a set sequence
Not isolated, standalone sections
The Framework: Content elements
• Organizational overview and external environment
• Governance
• Business model
• Risk and opportunities
• Strategy and resource allocation
• Performance
• Outlook
• Basis for preparation and presentation
• General reporting guidance
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Discussion Paper
Prototype Framework
Emerging <IR>Database
Building the Business Case for <IR>
Background Papers for <IR>
IIRC Pilot Programme Yearbooks
The Framework journey so far…
Basis for Conclusions
Summary ofSignificant Issues
The Framework journey
![Page 25: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/25.jpg)
Discussion Paper
Prototype Framework
Emerging <IR>Database
Building the Business Case for <IR>
Background Papers for <IR>
IIRC Pilot Programme Yearbooks
The Framework journey ahead
Basis for Conclusions
Summary ofSignificant Issues
• Framework Development
• Guidance and Practice
• Thought leadership
• Academic community
• Databases
• Evidence Base
![Page 26: International Integrated Reporting Council. NGOs Companies Investors Accounting Standard setters Regulators Chair: Prof Mervyn King CEO: Paul Druckman.](https://reader035.fdocuments.in/reader035/viewer/2022062716/56649dce5503460f94ac2512/html5/thumbnails/26.jpg)
Business applying <IR>
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ORGANIZATIONAL OVERVIEW AND
EXTERNAL ENVIRONMENT
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The Go-Ahead Group plc Annual Report and Accounts 2012
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The Go-Ahead Group plc Annual Report and Accounts 2012
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GOVERNANCE
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Marks & Spencer Group plc Annual Report and Financial Statements 2013
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BUSINESS MODEL
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Lawson, Inc. Integrated Report 2013
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Lawson, Inc. Integrated Report 2013
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Sasol annual integrated report 2013
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Sasol annual integrated report 2013
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The Crown Estate Integrated Annual Report and Accounts 2013
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Votorantim link <IR> to their Report 2012
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RISK AND OPPORTUNITY
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Schiphol Annual Report 2012
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Schiphol Annual Report 2012
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STRATEGY
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To build a sustainable physical network that offers the flexibility to align to changes in demand
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
To develop and deliver, in an economic and sustainable way, a good customer experience, by providing effective products and services.
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
To ensure long-term value creation for the Group through the further development and growth in Kiwibank.
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
To ensure the internal structure, process and frameworks in operation at the New Zealand Post Group are positioned to offer the most efficient and profitable outcome for the Group
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
To create a range of digital services to meet changing customer needs.
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
To ensure that our people have the skills and capabilities they require to succeed, and to create a culture in the organisation that enables and encourages our people to strive for great customer outcomes
(New Zealand Post Group LimitedStatement of Corporate Intent 2012-2015)
New Zealand Post Group Annual Review 2013
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Gold Fields Integrated Annual Review 2012
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Gold Fields Integrated Annual Review 2012
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PERFORMANCE
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Stockland Annual Review 2012
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Nedbank Group Integrated Report 2012
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Nedbank Group Integrated Report 2012
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OUTLOOK
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ARM Holdings plc Annual Report & Accounts 2012
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ARM Holdings plc Annual Report & Accounts 2012
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Novo-Nordisk Annual Report 2012
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IIRC Pilot Programme YearbooksEmerging <IR> Database
Resources
www.theiirc.org
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InternationalIntegrated ReportingCouncil