It can be a rather surreal feeling when a plan comes together. I’m referring to the Integrated Reporting Committee. The idea was sprung by chance during a catch-up breakfast in January this year with governance guru and sustainability author and “passionista” Professor Mervyn King.

The conversation danced around the international developments and how various disparate groups - including the Global Reporting Initiative (GRI) and Accounting for Sustainability - were working together in a collaboration to form the International Integrated Reporting Committee. Surely a similar collaboration could take place locally? Especially given the need for guidance by JSE listed companies that are now required to produce an integrated report for their financial years starting on or after 1 March 2010 (this is in terms of the King III Report recommendations that form a part of the JSE’s listing requirements).

The local organisations key to integrated reporting were targeted and the task of making contact and stating the case was divied up between myself, Ewald Muller and Graham Terry from SAICA and Professor King.

The first meeting of the IRC was held on 24 May. ASISA, BUSA, IoDSA, JSE Ltd and SAICA signed and sealed the IRC’s Constitution, appointed Professor King as chairman, and set out the way forward. (Two new organisations will be admitted at the IRC’s next meeting on August 13.)

The IRC’s first command was to set up a working group. Graham Terry was appointed chairman of the working group and given the job of finding members who are experts in their field, have the available time and are passionate about integrated reporting. That task is almost done (a few acceptances are outstanding) and the first meeting is scheduled for the end of this month.
 
The IRC’s second command was to task the working group with coming up with a framework for an integrated report that can be used by listed companies and which is based on the requirements of King III. And please do that by the end of the year, they said.
 
Hmmm given that there’s not much international guidance in this area it’s a daunting task. But hey, how do you create an elephant … piece by piece.