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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.

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Integrated Reporting At Vancity (Nov 2010)

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