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Integrated Reporting At Vancity (Nov 2010)
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Integrated Reporting At Vancity (Nov 2010)

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A presentation on Vancity\'s evolving reporting process, and the benefits and challenges of integrated reporting.

A presentation on Vancity\'s evolving reporting process, and the benefits and challenges of integrated reporting.

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  • 1. Integrated reporting in practice Presented by Joanne Westwood, Manager, Accountability Reporting November 25, 2010
  • 2. What I’ll talk about
    • Agenda
    • Reporting history
    • Integrated reporting: what and why?
    • Overview of Vancity’s Integrated Report & process
    • Benefits of Integrated Reporting
    • Reporting challenges
    • The future
  • 3. Vancity at-a-glance $14.5 bn assets 60 branches 407,000 members Member Member-owned, community based, full service financial institution. Major activities include day to day banking, lending and investment services.
  • 4. Toward integration (2008 onwards) Paving the way (2000-2007) The early years (1992-1997 ) Emerging standards (1998-1999) Reporting evolution
      • Board demands greater disclosure
      • 1993–adopt Ceres Principles
      • Social section added to Annual Report
      • 1996–commit to a social audit
      • 1997–Social Report
     External: standards, external recognition, awards  Internal: Vancity’s actions
      • 1992–Vancity ranks poorly in a survey of FIs on disclosure of social and environmental disclosure.
    Vision to redefine wealth Oversight of non-financial reporting moves to Audit Committee Annual reporting cycle Release 2008-09 Accountability Report and plan for a 2010 integrated Annual Report
      • Formal Board Committee established to provide oversight
      • Two-year reporting cycle
      • One of 20 organizations to pilot GRI guidelines
      • Adopt AA1000 framework
      • 1999–Exposure drafts of GRI and AA1000 released
      • GRI and AA1000 evolve
      • 2002–03 report ranked #1 in Canada
      • 2004-05 report wins best sustainability report in North America
    Economic crisis drives increased disclosure on non-financial issues 2010–International Integrated Reporting Committee 2010–Vancity ranks 3 rd of Best 50 Corporate Citizens in Canada
      • 2000–Statement of Values and Commitments
      • 2004–GRI Organizational Stakeholder
      • Inform FS sector supplement and revisions to AA1000
      • 2008–1 st FI in North America to report to GRI Level A+
  • 5.
    • An integrated report is o ne report that will:
    • Demonstrate, to stakeholders, how well Vancity is creating environmental, social and economic value through its business strategy and culture
    • (Begin to) illustrate the link between financial and non-financial performance …and hence articulate the business case for sustainability
    • Reflects Vancity’s business strategy and priorities (output), as well as informs Vancity’s business strategy and priorities (input)
    Integrated reporting: what it means to Vancity
  • 6. Integrated reporting: why?
  • 7. Overview of Vancity’s reporting and planning process Wealth redefined
  • 8. Overview of Vancity’s reporting and planning process Alignment of strategy, planning and accountability reporting Annual cycle
  • 9. Overview of Vancity’s proposed integrated 2010 Annual Report
    • About us – includes statement from CEO and Board Chair
    • Performance snapshot – includes KPIs and targets
    • Business review – based on Vancity’s business model
    • Summarized consolidate financial and non-financial statements – includes auditors’ reports
    • Glossary of terms
    • Summarized GRI content index
    • Complete consolidated financial and non-financial statements
    • Detailed GRI content index
    • Disclosure on Management Approach – to meet GRI reporting requirements
    • More on materiality and stakeholder engagement
    • More on our reporting history and process
    Printed report www.vancity.com
  • 10.
    • Reporting practices are aligned with our vision and co-operative values
    • One, consistent story to tell stakeholders
    • An expanded audience for both financial and sustainability information
    • Increased efficiencies and reduced costs? Sure – but this is not a key objective
    • Key benefit: it creates long term business value by embedding sustainability throughout the business and driving better (holistic and long-term) management decisions.
    Benefits of integrated reporting
  • 11.
      • Collecting and verifying data, and writing report, in time to meet existing annual report deadlines
      • Keeping the report short (focused) through application of materiality principle
      • Managing auditors (firms or teams) with two different assurance objectives and working with two different reporting frameworks
      • Intellectual challenge of integrating financial and non financial information in one document
      • Aligning planning and reporting processes and ensuring the same information informs both
    Reporting challenges

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