Best practice: corporate reporting
Kate Jefferies and Michael Nugent
2 July 2013
Who is the IIRC?
What is <IR>?
The Consultation Draft
How you can participate
Outline
NGOs
Regulators
Companies
Accounting
Standard
setters
Investors
Chair: Prof Mervyn King
CEO: Paul Druckman
Who is the IIRC?
… globally accepted framework
… strategy, governance, performance and prospects
… clear, concise and comparable
… evolutio...
… corporate reporting norm
… organizations, their investors and other
stakeholders
… informed decision-making
… efficient ...
IIRC
PILOT PROGRAMME
BUSINESS
NETWORK
INVESTOR
NETWORK
Who is the IIRC?
What is <IR>?
The Consultation Draft
How you can participate
Outline
• communication
• value creation over time
• a periodic integrated report
<IR> is a
process
• strategy, governance, perfor...
strategy, governance,
performance,
prospects
Financial
reporting
Other
reporting
concise communication about value
A new f...
Catalyse corporate
reporting
Enhance
account-
ability
Inform allocation
financial capital
Support
integrated
thinking
Obje...
The essence of <IR>
Who is the IIRC?
What is <IR>?
The Consultation Draft
How you can participate
Outline
The Consultation Draft
Consultation Draft of the
International <IR>
Framework
• The IIRC and the process
• Request for com...
FUNDAMENTAL
CONCEPTS
GUIDING PRINCIPLES CONTENT ELEMENTS
Core features
FUNDAMENTAL
CONCEPTS
GUIDING PRINCIPLES CONTENT ELEMENTS
• INTRODUCTION
• THE CAPITALS
• THE BUSINESS
MODEL
• VALUE
CREATI...
Natural capital
Social and
relationship
capital
Human
capital
Intellectual
capital
Financial capital
Manufactured
capital
...
Business model
<IR> explains how an organization creates value over
time.
• Serving the interests of, and working
with, all key stakehold...
FUNDAMENTAL
CONCEPTS
GUIDING PRINCIPLES CONTENT ELEMENTS
• INTRODUCTION
• THE CAPITALS
• THE BUSINESS
MODEL
• VALUE
CREATI...
FUNDAMENTAL
CONCEPTS
GUIDING PRINCIPLES CONTENT ELEMENTS
• STRATEGIC FOCUS
AND FUTURE
ORIENTATION
• CONNECTIVITY OF
INFORM...
FUNDAMENTAL
CONCEPTS
GUIDING PRINCIPLES CONTENT ELEMENTS
• STRATEGIC FOCUS
AND FUTURE
ORIENTATION
• CONNECTIVITY OF
INFORM...
• Global context and South Africa
• European Commission issued a proposal to amend
two European Council Directives
• BIS: ...
Who is the IIRC?
What is <IR>?
The Consultation Draft
How you can participate
Outline
READ IT – CRITIQUE IT – FEEDBACK TO US
APRIL
16
JULY
15
Consultation period
IIRC Pilot
Programme
Yearbook
Emerging
<IR>
Database
Background
Papers
Building the
Business
Case
CURRENT IIRC RESOURCES
www.theiirc.org/consultationdraft2013
• Download form
• Consultation questions
• Comments on all aspects of the
Framework ...
YOUR
INVITATION
TO SHAPE THE
FUTURE OF
CORPORATE
REPORTING
www.theiirc.org/consultationdraft/2013
www.theiirc.org/consultationdraft2013
kate.jefferies@theiirc.org michael.nugent@theiirc.org
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Reporting. Integrated!

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What is Integrated Reporting <ir> and how does it enable a business to tell its value creation story? Understand key concepts in the Consultation Draft of the International <ir> Framework and how this market-led initiative is getting global traction. Hear how it fits with existing reporting practice and the wider reporting landscape, here in the UK and internationally. Michael will present about the Framework from a technical perspective and Kate will explain how the IIRC engages with business, investors and other stakeholders, they will also put <ir> in the wider reporting landscape.

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Reporting. Integrated!

  1. 1. Best practice: corporate reporting Kate Jefferies and Michael Nugent 2 July 2013
  2. 2. Who is the IIRC? What is <IR>? The Consultation Draft How you can participate Outline
  3. 3. NGOs Regulators Companies Accounting Standard setters Investors Chair: Prof Mervyn King CEO: Paul Druckman Who is the IIRC?
  4. 4. … globally accepted framework … strategy, governance, performance and prospects … clear, concise and comparable … evolution of corporate reporting … financial, governance, management commentary and sustainability reporting … adoption by report preparers … recognition of standard setters and investors. Mission
  5. 5. … corporate reporting norm … organizations, their investors and other stakeholders … informed decision-making … efficient capital allocation … creation and preservation of value … more sustainable global economy. Vision
  6. 6. IIRC PILOT PROGRAMME BUSINESS NETWORK INVESTOR NETWORK
  7. 7. Who is the IIRC? What is <IR>? The Consultation Draft How you can participate Outline
  8. 8. • communication • value creation over time • a periodic integrated report <IR> is a process • strategy, governance, performance and prospects • external environment • creation of value over the short, medium and long term An integrated report is a concise communication • in accordance with the Framework • primarily for providers of financial capital • of benefit to all stakeholders It is prepared What is <IR>?
  9. 9. strategy, governance, performance, prospects Financial reporting Other reporting concise communication about value A new focus
  10. 10. Catalyse corporate reporting Enhance account- ability Inform allocation financial capital Support integrated thinking Objectives
  11. 11. The essence of <IR>
  12. 12. Who is the IIRC? What is <IR>? The Consultation Draft How you can participate Outline
  13. 13. The Consultation Draft Consultation Draft of the International <IR> Framework • The IIRC and the process • Request for comment • Consultation questions • Draft Framework www.theiirc.org/consultationdraft/2013
  14. 14. FUNDAMENTAL CONCEPTS GUIDING PRINCIPLES CONTENT ELEMENTS Core features
  15. 15. FUNDAMENTAL CONCEPTS GUIDING PRINCIPLES CONTENT ELEMENTS • INTRODUCTION • THE CAPITALS • THE BUSINESS MODEL • VALUE CREATION Core features
  16. 16. Natural capital Social and relationship capital Human capital Intellectual capital Financial capital Manufactured capital Financial capital Manufactured capital The capitals
  17. 17. Business model
  18. 18. <IR> explains how an organization creates value over time. • Serving the interests of, and working with, all key stakeholders • Financial returns plus effects on other capitals and other stakeholders • Increase, decrease or transformation of the capitals • A wide range of interactions, activities, relationships, and causes and effects • Provide information, not measure value Creating value
  19. 19. FUNDAMENTAL CONCEPTS GUIDING PRINCIPLES CONTENT ELEMENTS • INTRODUCTION • THE CAPITALS • THE BUSINESS MODEL • VALUE CREATION Core features
  20. 20. FUNDAMENTAL CONCEPTS GUIDING PRINCIPLES CONTENT ELEMENTS • STRATEGIC FOCUS AND FUTURE ORIENTATION • CONNECTIVITY OF INFORMATION • STAKEHOLDER RESPONSIVENESS • MATERIALITY AND CONCISENESS • RELIABILITY AND COMPLETENESS • CONSISTENCY AND COMPARABILITY • INTRODUCTION • THE CAPITALS • THE BUSINESS MODEL • VALUE CREATION Core features
  21. 21. FUNDAMENTAL CONCEPTS GUIDING PRINCIPLES CONTENT ELEMENTS • STRATEGIC FOCUS AND FUTURE ORIENTATION • CONNECTIVITY OF INFORMATION • STAKEHOLDER RESPONSIVENESS • MATERIALITY AND CONCISENESS • RELIABILITY AND COMPLETENESS • CONSISTENCY AND COMPARABILITY • ORGANIZATIONAL OVERVIEW AND EXTERNAL ENVIRONMENT • GOVERNANCE • OPPORTUNITIES AND RISKS • STRATEGY AND RESOURCE ALLOCATION • BUSINESS MODEL • PERFORMANCE • FUTURE OUTLOOK • INTRODUCTION • THE CAPITALS • THE BUSINESS MODEL • VALUE CREATION Core features
  22. 22. • Global context and South Africa • European Commission issued a proposal to amend two European Council Directives • BIS: ‘The Future of Narrative Reporting: a new structure for narrative reporting’ <IR> and the reporting landscape
  23. 23. Who is the IIRC? What is <IR>? The Consultation Draft How you can participate Outline
  24. 24. READ IT – CRITIQUE IT – FEEDBACK TO US APRIL 16 JULY 15 Consultation period
  25. 25. IIRC Pilot Programme Yearbook Emerging <IR> Database Background Papers Building the Business Case CURRENT IIRC RESOURCES
  26. 26. www.theiirc.org/consultationdraft2013 • Download form • Consultation questions • Comments on all aspects of the Framework are welcome • Any or all • Please respond whether in agreement or not Responses
  27. 27. YOUR INVITATION TO SHAPE THE FUTURE OF CORPORATE REPORTING www.theiirc.org/consultationdraft/2013
  28. 28. www.theiirc.org/consultationdraft2013 kate.jefferies@theiirc.org michael.nugent@theiirc.org
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