|Over 250 business, investor, accountancy and regulatory leaders met in London last week to pave the way for alignment in corporate reporting around the concept of value creation.|
|The International Integrated Reporting Council’s Global Conference enabled delegates to learn about the latest advancements and innovations in integrated reporting around the world.|
|Key priorities identified at the IIRC Conference for advancing the corporate reporting system:|
Importance of the Corporate Reporting Dialogue and the demand for much needed simplification of the corporate reporting landscape through better alignmentCommon-sense regulation to catalyze the slow-movers into actionAdvancing assurance to drive data qualityEmbedding the multi-capital approach into capital marketsAdvancing system change to refocus our marketsDriving innovation and clarity around integrated thinkingEmbedding long-term value creation, an objective around which all actors in the system can convene.
|Shared for the first time at the IIRC Conference:|
|Council Chair’s appeal to move ‘further and faster’ on alignment.|
IIRC Council Chair Dominic Barton, described the International Integrated Reporting Council as a ‘wonderful platform’ which has real momentum and which crucially has corporates and investors ‘wanting to do it’. But he called on the conference to hear the message from corporates and investors that confusion remains and said that the IIRC was committed to moving faster on alignment, with clarity and selflessness, moving towards a common standard.
Read the text of Dominic’s speech.
|IIRC Chief Executive says ‘value creation’ is the key concept to advance alignment |
In his own opening speech to the Conference, IIRC Chief Executive Richard Howitt, explained how continuing progress of integrated reporting had enabled the IIRC to launch a new global strategic phase – the Momentum Phase – during the past year, but also referred to the building sense of urgency behind the IIRC’s mission and suggested that long-term value creation can be the key objective which can drive alignment in the corporate reporting landscape.
Read Richard’s full speech.
|Board leadership crucial to the development of integrated reporting.|
Speaking on behalf of the IIRC Board, Izumi Kobayashi, who has served as Vice-President of the Japanese Executives Association Keizai D?yukai for the past four years, recalled the incredible progress of integrated reporting in Japan, adopted by some 420 companies. She argued that integrated reporting is a key principle of good corporate governance, required to monitor, plan and execute a business model based on value creation. Izumi described how integrated thinking is needed for the Board itself to change the decision-making process, to adopt a long-term approach.
|IIRC Chair Emeritus recalls founding spirit|
Professor Judge Mervyn King, Chair Emeritus of the IIRC, gave a closing address to the conference, in which he recalled the history in which the IIRC was founded and called for the same spirit of collaboration and joint mission for the next phase. He said the ‘revolutionary immensity’ of the IIRC was in the concept of integrated thinking. Mervyn said that different reporting frameworks had been developed in the public good, and that their obligation was now to fulfill the public interest by avoiding competition and seeking collaboration.
|Ian Mackintosh, Chair, Corporate Reporting Dialogue, announced preliminary findings of the Better Alignment Project consultation indicating that when it comes to principles, the frameworks and standards of participants of the Corporate Reporting Dialogue are aligned and that the market believes integration of reporting will increase. However, preparers and users both face issues from different methodologies and measures in the various frameworks and standards. |
Find out more on the Corporate Reporting Dialogue website.