By Leigh Roberts on
9/12/2011 3:39 PM
Hey, today is a glorious day. At long last, the International Integrated Reporting Committee (IIRC) released its Discussion Paper entitled 'Towards Integrated Reporting - Communicating Value in the 21st Century'. The release marks the start of the development of a generally accepted framework for an integrated report.
An accepted framework can help make integrated reporting de rigeur rather than the domain of a few enlightened companies. An accepted framework assists in comparability among companies. An accepted framework can take corporrate reporting into the 21st century. And a far-flung consultation process calling for comments on the draft framework facilitates the buy-in of the major players.
The biggest benefit of an accepted framework, as I see it, is that corporate reporting has the power to change corporate behaviour. Integrated reporting can prompt companies to see how their financial performance and strategy depends on - and impacts - society, the environment and the economy. This broader view can only be good for us all, including the company....
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By Leigh Roberts on
8/15/2011 10:34 AM
Last year in December I went to London. I had been out of the city for only a year, but I noticed some remarkable changes. The city of London was looking decidedly green. Some of the underground stations proudly displayed signs explaining that escalators were switched off in the evenings to cut carbon emissions. Small boutiques tucked away in Coventry had window signs saying their door was kept closed to save on air conditioning. Buses loudly proclaimed signs encouraging citizens to go green. And citizens were indeed going green – from bankers in Notting Hill to accountants in outlying Chippenham they had embraced recycling and buying local goods to save on carbon emissions. The fast pace of green change in London in the space of a year was remarkable.
Last month, I went to New York. I was pleasantly surprised to see the advanced state of green. Recycling is a done deal in many homes. Some of the huge neon signs in Times Square proudly state they are switched off at night to save on electricity. A...
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By Leigh Roberts on
7/17/2011 10:09 AM
When the King III Report was first released in 2009 many readers were no doubt intrigued (and confused) by the extensive reference to ‘integrated reporting’. The Report itself didn’t help much with only a limited definition of the term.
Companies listed on the JSE in South Africa were, however, obliged to apply the principles and recommendations of King III, or to explain why they were not doing so (this is because the King Codes fall into the JSE Listings Requirements). King III applied to their financial years starting on or after I March 2010.
One year later and it appears that many companies have issued combined reports, i.e. merely adding sustainability information to their annual report. And dare I say it, a ‘tick box’ approach (against the list of recommendations in King III) may have come to the fore with some companies.
But this is fine, I guess – as a starting point. It is widely acknowledged that integrated reporting will be a journey. First, you need the top leadership (including...
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By Leigh Roberts on
3/16/2011 3:06 PM
Earlier this month, SAICA (the South African Institute of Chartered Accountants) hosted a half-day seminar on integrated reporting in Cape Town and Johannesburg.
Having been the MC at both events, I was struck by the differences between the two events.
In Cape Town, the delegates seemed more accepting of the concept of integrated reporting and the benefits that an integrated report can bring (the investment analyst contingent were especially favourable).
In Johannesburg, the overall energy I picked up was that delegates seemed a bit more reluctant to embrace integrated reporting. It was as if some took the view of "oh no, yet another reporting requirement to add to my heavy workload and I'm outta time because an integrated report has to be done for this financial year".
JSE listed companies do indeed need to produce an integrated report for their financial years starting on or after 1 March 2010, or explain why they are not doing so.
While I could wax lyrical on all the arguments that can be...
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By Leigh Roberts on
1/23/2011 3:57 PM
On 25 January 2011, South Africa’s Integrated Reporting Committee (IRC) will release its Discussion Paper on a framework for an integrated report.
It will be interesting to see the response, both locally and internationally.
There may well be some criticism. Hopefully though, there will be those who see the Discussion Paper as having some worth in the “blue sky” territory of integrated reporting. For indeed, it is an area where there is little existing guidance or precedence. The working group of the IRC (it developed the Discussion Paper) had to do a lot of ‘original thinking’ and come up with what it saw was a soundly based structure for an integrated report.
The Discussion Paper reflects new ideas and concepts and as such is likely to receive some harsh words. But it is only a Discussion Paper. Changes can and will be made to the guidance.
And it’s so much easier to correct and amend existing copy than it is to start with a blank page.
...
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By Leigh Roberts on
10/29/2010 11:59 AM
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By Leigh Roberts on
10/13/2010 1:50 PM
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By Leigh Roberts on
8/18/2010 12:11 PM
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By Leigh Roberts on
7/26/2010 2:22 PM
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By Leigh Roberts on
7/15/2010 3:38 PM
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