The Integrated Reporting Committee (IRC)
In South Africa in May 2010, the Integrated Reporting Committee (IRC) was established to develop guidelines on good practice in integrated reporting. Five major South African organisations founded the IRC – namely, the Association for Savings & Investment South Africa (ASISA), Business Unity South Africa (BUSA), Institute of Directors in Southern Africa (IoDSA), JSE Ltd and SAICA (The South African Institute of Chartered Accountants). Professor Mervyn King was elected as the first chairman of the IRC. Two more organisations joined the IRC in August 2010, namely the Banking Association South Africa (BASA) and the Chartered Secretaries Southern Africa (CSSA). In 2011, the Principal Officers Association and the Government Employees Pension Fund joined the IRC. Thereafter, other organisations have joined including the Institute of Internal Auditors, the Financial Services Board, SASBO (the finance trade union), and Dr Gavin Andersson from The Seriti Institute (NGO).
The objectives of the IRC, as stated in its Constitution, are: 1. To establish and to procure the recognition and acceptance of what the Committee considers is or should be good practice in integrated reporting. 2. To design, disseminate and promote standardized integrated reporting reflecting the economic, environment and social dimensions of an organisation’s activities. 3. To promote the international harmonization of integrated reporting by working with the International Integrated Reporting Council. And in this regard to consider the recommendations of the King Code on Governance reports.
To read the media release announcing the launch of the IRC, click here
The first meeting of the IRC was held on 24 May 2010 in Johannesburg. At the meeting the chairman, Professor Mervyn King, stressed the importance of the work to be done by the IRC and its working group. He said: “It’s important to note that integrated reporting is not replacing financial reporting. Reporting is evolving. The identity of companies has changed and so reporting has to change. Stakeholders must be able to make informed decisions and ensure that the company is operating as a responsible corporate citizen.” The meeting was attended by Professor Mervyn King and representatives of the founding organisations: ASISA – Leon Campher, Peter Blohm, BUSA – Jerry Vilakazi, IoDSA – Ansie Ramalho, JSE Ltd – Freda Evans, SAICA – Ewald Muller, Leigh Roberts, Graham Terry.
For a list of the organisational member representatives to the IRC, click here
Professor Mervyn King appointed to lead the global move to integrated reporting
Professor Mervyn King’s appointment as the new chairman of the International Integrated Reporting Council (IIRC) has been widely welcomed and is viewed as a tribute to his work in advancing corporate governance, sustainability reporting and integrated reporting.
To read the media release click here
The Integrated Reporting Committee Working Group (IRCWG)
At its first meeting in May 2010, the IRC sanctioned the formation of a working group. This group is required to develop guidelines on integrated reporting. The IRC has requested that the working group initially develop a framework for an integrated report, and because of the JSE’s Listing Requirements, that this be done before the end of 2010. SAICA’s Graham Terry was elected as the chairman of the working group.
In February 2010, the JSE, through its Listings Requirements, made it compulsory for all listed companies to comply with King III, including the recommendation for a company to produce an integrated report for its financial year starting on and after 1 March 2010, or to explain why it was not fulfilling the recommendations of King III.
The IRCWG is made of a wide range of people who are experts in their field – it includes academics, sustainability reporting experts, financial accounting experts and members from various industries. It is envisaged that the IRCWG will form sub-committees to assist in its work.
For a list of the members of the IRCWG click here
South Africa's Discussion Paper on a Framework
On 25 January 2011, the IRC released its first Discussion Paper Framework for Integrated Reporting and the Integrated Report. The Discussion Paper was open for public comment for a period of 90 days to 25 April 2011. The IRC thanks the many organizations and individuals who submitted their written comments to ircomments@saica.co.za The IRC also thanks the people who attended the public consultation sessions held in Johannesburg, Cape Town and Durban. The written comments are currently being considered by the IRC along with the content of the international framework and the Paper will be re-issued before the end of the year.
To download the Discussion Paper click here >>
To read the IRC media release dated 12 September 2011 click here >>
To read the IRC media release dated 20 July 2011 click here >>
To read the IRC media release dated 25 January 2011 click here >>
To read the public comment letters received on the Discussion Paper click here>>
To view a video of Professor Mervyn King, the chairman of the IRC, talking about integrated reporting click here (part 1) >> and click here (part 2) >>