FOR IMMEDIATE RELEASE:
20 March 2014 – The International Integrated Reporting Council (IIRC) welcomes the announcement that the Integrated Reporting Committee (IRC) of South africa has endorsed the International <IR> Framework.
Integrated Reporting (<IR>) is a process founded on integrated thinking that results in a periodic integrated report by an organization about value creation over time.
The IRC, made up of South Africa’s leading business bodies, has been a forerunner in promoting Integrated Reporting – an initiative which is gathering momentum in capital markets, as businesses strive to communicate, in an understandable and unambiguous manner, about how they create value over time.
Companies listed on the Johannesburg Stock Exchange (JSE) are now into their fourth year of Integrated Reporting, following the principles of the King Code of Governance of 2009 (King III) that recommend Integrated Reporting, and in fulfilling the JSE listing requirements to comply with King III’s principles or explain their reasons for deviating from them.
Commenting on this 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. This formed the backbone of an extensive consultation process, with testing by businesses and investors in all regions of the world, including the 140 organizations from 26 countries that participate in the iirc Pilot Programme.
“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 (IoDSA), 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.”
Notes to editors
About the IIRC
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. Together, this coalition shares the view that communication about businesses’ value creation should be the next step in the evolution of corporate reporting. A link to the International Integrated Reporting Framework can be found here. Follow us on YouTube, Twitter and LinkedIn.
About the IRC
The members of the IRC are some of the leading bodies in South African business society and include the Association for Savings & Investment South Africa (ASISA), Banking Association South Africa (BASA), Batseta, Business Unity South Africa (BUSA), Chartered Secretaries Southern Africa (CSSA), Financial Services Board (FSB), IoDSA, Institute of Internal Auditors (IIA), Government Employees Pension Fund (GEPF), JSE, and the South African Institute of Chartered Accountants (SAICA).
Pippa Whittaker, IIRC
+44 207 504 2570