http://bit.ly/Reporting-PwC
Selon une étude du cabinet d’audit et de conseil PwC, 80 % des investisseurs s’accordent à dire qu’un reporting de qualité influence leur perception de l’entreprise. Pour près de deux tiers d’entre eux (63 %), la qualité du reporting d’une entreprise pourrait avoir un impact financier direct sur le coût de son capital.
The inaugural edition of our accounting and financial reporting guide, Consolidation and equity method of accounting, addresses the accounting for consolidation matters under U.S. GAAP reflecting the latest standards. The guide discusses the consolidation framework and equity method of accounting, providing specific guidance and examples related to various topics such as:
The consolidation framework
Variable interest entities (VIEs)
Voting interest entities (VOEs)
Equity method investments
Joint ventures (JVs)
Intercompany transactions
Integrated Reporting - How an organisation creates value?Pooja Gupta
The aim of Integrated Reporting is about credible communication for capital (financial / manufactured / intellectual/ human / social and relationship / natural).
It is that simple – and that complex
The inaugural edition of our accounting and financial reporting guide, Consolidation and equity method of accounting, addresses the accounting for consolidation matters under U.S. GAAP reflecting the latest standards. The guide discusses the consolidation framework and equity method of accounting, providing specific guidance and examples related to various topics such as:
The consolidation framework
Variable interest entities (VIEs)
Voting interest entities (VOEs)
Equity method investments
Joint ventures (JVs)
Intercompany transactions
Integrated Reporting - How an organisation creates value?Pooja Gupta
The aim of Integrated Reporting is about credible communication for capital (financial / manufactured / intellectual/ human / social and relationship / natural).
It is that simple – and that complex
Managing Information Risk in Financial Services Andrew Smart
Managing Information Risk in Financial Services Webinar Feb 26th 2014
presented by Colin Lobley
http://manigent.com/uk.linkedin.com/pub/colin-lobley/2/7/563
Many of the fines issued by the FCA over the past few years can be attributed to poor information management. The threats from external cyber-attack and malicious insiders are escalating, with your corporate and client information being the primary target of the cyber criminals. The legal requirement on UK businesses will evolve with the proposed EU data protection regulation likely to come into force next year. It is therefore critical to implement robust information risk management.
Integrated reporting--a form of corporate disclosure that connects financial and environmental, social, and governance (ESG) performance--is the most significant development in sustainability disclosure since the advent of the GRI. And its profile will rise significantly in the coming year.
This presentation summarizes the latest developments and best practices from the field. Includes data from the International Integrated Reporting Council (IIRC), Covanta Energy, Eskom, and the Sustainability Accounting Standards Board (SASB), in addition to research by Framework LLC.
Analyzing Financial Projections as Part of the ESOP Fiduciary Process | Appra...Mercer Capital
In recent years there has been increasing concern among ESOP sponsors and professional advisors (trustees, TPAs, business appraisers, legal counsel) regarding the scrutiny of the DOL, the Employee Benefits Security Administration (“EBSA”), and the Internal Revenue Service (“IRS”). These entities (and agencies thereof) are tasked with ensuring that ESOPs comply with the Employee Retirement Income Security Act (“ERISA”) as well as with various provisions of the federal income tax code concerning qualified retirement plans (including ESOPs). Citing concerns for poor quality and inconsistency in business appraisals, the DOL has sought in recent years to expand the meaning of “fiduciary” under ERISA to include business appraisers. In the most recent forums of exchange and deriving from various court actions, there are numerous areas of concern that DOL/EBSA appear to have regarding ESOP valuations.
This paper focuses on the use of financial projections in ESOP valuations. The use (or misuse) of financial projections is often the most direct cause of over- or under-valuation in ESOPs.
Watch the full presentation Video on Youtube: http://youtu.be/775wFMtG2oE
Feb 19th 2014 "Enabling Effective Conduct Risk"
Webinar 10:00-11:00 GMT
Focusing on the FCA and the Conduct Risk agenda, in this webinar, "Enabling Effective Conduct Risk", StratexSystems will demonstrate how firms can effectively manage conduct risk by taking an integrated approach to strategy and risk management, and how the StratexPoint solution can support firms as they seek to meet the challenges of conduct risk and engage effectively with the new regulator around this agenda.
During the webinar, StratexSystems will outline:
‘The Seven Key Challenges of Conduct Risk Management’;
Managing and embedding Governance into the business
Definition and embedding the Business Model
Definition and execution of the Business Strategy with customers at its heart
Enabling & embedding Conduct Risk specific processes
Process Management, and specifically New Product Development
Product level performance and risk management
Conduct incident reporting and analysis
StratexSystems will demonstrate during the webinar that Enabling Effective Conduct Risk Management is not about throwing everything that one currently does away and starting afresh but rather building on existing strategy execution and risk management processes and tools.
Additionally, during the webinar we will demonstrate that if firms approach Conduct Risk from the right perspective, they can generate significant value, beyond simply satisfying a regulatory compliance demand.
Building a Holistic Capital Management FrameworkCognizant
For banks, capital management strategy is a complex process that must take into account a vast range of regulatory and financial factors. Adopting the holistic approach detailed here will enable banks to provide sustainable value to their clients.
Understanding and validating the uses of machine learning modelsJacob Kosoff
WHILE MACHINE LEARNING (ML) CAN OFFER THE BENEFIT OF IMPROVED MODEL RESULTS, A BANK SHOULD CONSIDER WHETHER IT IS APPROPRIATE TO ACCEPT THE ADDITIONAL COMPLEXITY, AS WELL AS THE TESTING AND MONITORING, INVOLVED. THIS ARTICLE DISCUSSES BEST PRACTICES IN PERFORMING VALIDATIONS OF MACHINE LEARNING MODELS.
Written by Shannon Kelly of Zions Bank, Jacob Kosoff of Regions Bank, Agus Sudjianto of Wells Fargo, and Aaron Bridgers of Regions Bank.
Making Conduct Risk [Good] Business As UsualAndrew Smart
Andrew Smart sought to de-mistify some of the market perceptions about Conduct Risk Management and show how to make Conduct Risk Business As Usual. He showed that Conduct Risk Management should not be regarded as a new management framework or process, rather it should be embedded within the business strategy and operational processes.
This article explores how financial institutions can provide effective risk management for qualitative models. Written by Jacob Kosoff, Ximena Zambrano, and Matthew Grayson.
What is the future of corporate reporting? AEP's Sandy Nessing, managing director of Sustainability, spoke to an MBA class at The Ohio State University's Fisher School of Business on Feb. 29, 2012, about AEP's experience, why sustainability is a growth platform as well as a risk management strategy and what the trends are in corporate reporting.
« Le jeu mobile PlayStation All Stars Island ».
Depuis, 3 ans le site web de Coca-Cola zero est alimenté en contenus destiné aux fans de jeux vidéo: les news les plus chaudes du monde du jeu vidéo, les tests des titres les plus attendus, des chroniques exclusives, des ambassadeurs tels que Bertrand Amar (journaliste, animateur et producteur), Carole Quintaine (animatrice spécialiste des jeux vidéo) : http://www.coca-cola.fr/coca-cola-zero
Campagne présentée lors de la matinée de paris 2.0 du 5 mars animée par Jérémy Dumont, planneur stratégique : http://www.pourquoitucours.fr
PARIS 2.0 : 60 campagnes de branded entertainment http://fr.amiando.com/brandedentertainment.htm
Plus d'informations : http://www.psst.fr
Managing Information Risk in Financial Services Andrew Smart
Managing Information Risk in Financial Services Webinar Feb 26th 2014
presented by Colin Lobley
http://manigent.com/uk.linkedin.com/pub/colin-lobley/2/7/563
Many of the fines issued by the FCA over the past few years can be attributed to poor information management. The threats from external cyber-attack and malicious insiders are escalating, with your corporate and client information being the primary target of the cyber criminals. The legal requirement on UK businesses will evolve with the proposed EU data protection regulation likely to come into force next year. It is therefore critical to implement robust information risk management.
Integrated reporting--a form of corporate disclosure that connects financial and environmental, social, and governance (ESG) performance--is the most significant development in sustainability disclosure since the advent of the GRI. And its profile will rise significantly in the coming year.
This presentation summarizes the latest developments and best practices from the field. Includes data from the International Integrated Reporting Council (IIRC), Covanta Energy, Eskom, and the Sustainability Accounting Standards Board (SASB), in addition to research by Framework LLC.
Analyzing Financial Projections as Part of the ESOP Fiduciary Process | Appra...Mercer Capital
In recent years there has been increasing concern among ESOP sponsors and professional advisors (trustees, TPAs, business appraisers, legal counsel) regarding the scrutiny of the DOL, the Employee Benefits Security Administration (“EBSA”), and the Internal Revenue Service (“IRS”). These entities (and agencies thereof) are tasked with ensuring that ESOPs comply with the Employee Retirement Income Security Act (“ERISA”) as well as with various provisions of the federal income tax code concerning qualified retirement plans (including ESOPs). Citing concerns for poor quality and inconsistency in business appraisals, the DOL has sought in recent years to expand the meaning of “fiduciary” under ERISA to include business appraisers. In the most recent forums of exchange and deriving from various court actions, there are numerous areas of concern that DOL/EBSA appear to have regarding ESOP valuations.
This paper focuses on the use of financial projections in ESOP valuations. The use (or misuse) of financial projections is often the most direct cause of over- or under-valuation in ESOPs.
Watch the full presentation Video on Youtube: http://youtu.be/775wFMtG2oE
Feb 19th 2014 "Enabling Effective Conduct Risk"
Webinar 10:00-11:00 GMT
Focusing on the FCA and the Conduct Risk agenda, in this webinar, "Enabling Effective Conduct Risk", StratexSystems will demonstrate how firms can effectively manage conduct risk by taking an integrated approach to strategy and risk management, and how the StratexPoint solution can support firms as they seek to meet the challenges of conduct risk and engage effectively with the new regulator around this agenda.
During the webinar, StratexSystems will outline:
‘The Seven Key Challenges of Conduct Risk Management’;
Managing and embedding Governance into the business
Definition and embedding the Business Model
Definition and execution of the Business Strategy with customers at its heart
Enabling & embedding Conduct Risk specific processes
Process Management, and specifically New Product Development
Product level performance and risk management
Conduct incident reporting and analysis
StratexSystems will demonstrate during the webinar that Enabling Effective Conduct Risk Management is not about throwing everything that one currently does away and starting afresh but rather building on existing strategy execution and risk management processes and tools.
Additionally, during the webinar we will demonstrate that if firms approach Conduct Risk from the right perspective, they can generate significant value, beyond simply satisfying a regulatory compliance demand.
Building a Holistic Capital Management FrameworkCognizant
For banks, capital management strategy is a complex process that must take into account a vast range of regulatory and financial factors. Adopting the holistic approach detailed here will enable banks to provide sustainable value to their clients.
Understanding and validating the uses of machine learning modelsJacob Kosoff
WHILE MACHINE LEARNING (ML) CAN OFFER THE BENEFIT OF IMPROVED MODEL RESULTS, A BANK SHOULD CONSIDER WHETHER IT IS APPROPRIATE TO ACCEPT THE ADDITIONAL COMPLEXITY, AS WELL AS THE TESTING AND MONITORING, INVOLVED. THIS ARTICLE DISCUSSES BEST PRACTICES IN PERFORMING VALIDATIONS OF MACHINE LEARNING MODELS.
Written by Shannon Kelly of Zions Bank, Jacob Kosoff of Regions Bank, Agus Sudjianto of Wells Fargo, and Aaron Bridgers of Regions Bank.
Making Conduct Risk [Good] Business As UsualAndrew Smart
Andrew Smart sought to de-mistify some of the market perceptions about Conduct Risk Management and show how to make Conduct Risk Business As Usual. He showed that Conduct Risk Management should not be regarded as a new management framework or process, rather it should be embedded within the business strategy and operational processes.
This article explores how financial institutions can provide effective risk management for qualitative models. Written by Jacob Kosoff, Ximena Zambrano, and Matthew Grayson.
What is the future of corporate reporting? AEP's Sandy Nessing, managing director of Sustainability, spoke to an MBA class at The Ohio State University's Fisher School of Business on Feb. 29, 2012, about AEP's experience, why sustainability is a growth platform as well as a risk management strategy and what the trends are in corporate reporting.
« Le jeu mobile PlayStation All Stars Island ».
Depuis, 3 ans le site web de Coca-Cola zero est alimenté en contenus destiné aux fans de jeux vidéo: les news les plus chaudes du monde du jeu vidéo, les tests des titres les plus attendus, des chroniques exclusives, des ambassadeurs tels que Bertrand Amar (journaliste, animateur et producteur), Carole Quintaine (animatrice spécialiste des jeux vidéo) : http://www.coca-cola.fr/coca-cola-zero
Campagne présentée lors de la matinée de paris 2.0 du 5 mars animée par Jérémy Dumont, planneur stratégique : http://www.pourquoitucours.fr
PARIS 2.0 : 60 campagnes de branded entertainment http://fr.amiando.com/brandedentertainment.htm
Plus d'informations : http://www.psst.fr
for full text article go to : www.accountingchimp.com/ratio-analysis/
In this article of Ratio Analysis, you will learn how they can be used to analyze a company. Understand the meaning and formulas associated with Liquidity ratios, Profitability ratios, Turnover ratios, and Debt ratios
Tendances relatives au capital humain en 2016 : Le leader canadien est-il déc...Deloitte Canada
Il faut revoir la conception de nos organisations et nos modes de travail. Pourtant, les répondants canadiens au sondage de Deloitte Tendances relatives au capital humain en 2016 s’occupent plutôt d’engagement et de culture. Pourquoi nos leaders sont-ils déconnectés des besoins de leur entreprise?
White paper on ICFR/IFC with implementation approachChandan Goyal
It discuss about the mandatory compliance of Internal Financial Control for Financial Reporting purpose. Further, implementation approach has also been shared.
For full text article go to : https://www.educorporatebridge.com/financial-modeling/financial-modeling-technique/ This Financial Modeling Technique will help you to understand some important techniques like color coding, circular reference, compilation of historical data, things needs to be considered before making an assumption etc in order to make a financial model easy to understand.
Delivering Value with Financial Performance: Leading FP&A Practices of High-G...Proformative, Inc.
The FP&A organization along with the rest of finance is undergoing a transformation, with increasing responsibilities and their accompanying challenges, all of which have to be undertaken with limited resources. FP&A leaders, like their peers in other finance groups, are being asked to elevate their focus and extend their reach across the organization, while still delivering on traditional blocking and tackling activities. Hear from FP&A leaders who have created significant company value while navigating high growth business environments. Learn how best practices – on KPIs, planning cycles, rolling forecasts, and other techniques – have enabled high performance, both for their functions and for their overall business.
Speakers: Eileen Tobias, Sr. Director of FP&A, NetSuite
Eric Zimmerman, Manager of Financial Planning and Analysis, Infusionsoft
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Operational Advantage | Session: 4
Finance Vision 2020 presenation used for the launching of our book at the Finance Transformation Summit (organized by Alex van Groningen) on December 2, 2008
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
Integrated reporting 101; Getting started with Integrated Reporting in IndiaVrushali Gaud-Shinde
Introduction to Integrated reporting - India
The Securities Exchange Board of India (SEBI) recently raised a circular recommending top 500 companies to adopt Integrated Reporting. This is a quick guide that answers the Why? What? How? questions to get Indian companies started with Integrated Reporting.
ALL THE DETAILS ARE MENTIONED IN THE DOCUMENT RELATED TO ALL 4 PERSPECTIVES OF BSC.
-REFERRED MAINLY FOR STRATEGIC COST MANAGEMENT.
-INCLUDES ALL THE EXPLANATION WITH APPROPRIATE EXAMPLES & CASE STUDY
Gender Accountability Reporting, New Practices of Corporate Reporting under Globalisation and IFRS.
Paper presented at XXXI st IAA Conference and International Seminar at Gujarat University Ahmedabad 22nd & 23rd Nov\'2008
Gender Accountability Reporting; presented at xxxi st Indian Accounting Association Conference and International seminar held on 22nd 23rd Nov'2008 at Gujarat University Ahmedabad.
The ES&G Accountability Forum (2013) provided participants and panelists with an opportunity to examine the question of how information (both financial and non-financial) can best be provided in a form that is useful to decision makers that are affected by, or have an affect on Canada’s companies.
This document captures key points made by panelists, their answers to questions posed, and the Forum’s participants’ table discussions. It is organized around each panel: investors, companies, evaluation organizations. We hope to encourage all groups to consider the advice and comments discussed at the Forum, and to take action on the outstanding questions and issues to improve the state of ES&G disclosure, analysis and investing that are highlighted on pages 9 & 10.
This year on September 23, 2014 in Calgary, many of these unanswered questions will be addressed at the ES&G Forum 2014: "Non-financial performance... A missed opportunity?"
Building on the last two years' discussions, participants will hear how investors and businesses are implementing innovative methods to manage investor demand for ES&G information. To learn more about & register for this year's ES&G Forum, please visit: http://bit.ly/esg-forum-2014
Measure What Matters - New Perspectives on Portfolio SelectionUMT
Stock market investors articulate their goals explicitly or implicitly by following the philosophy and methodology of a market expert that fits their investment objectives and appetite for risk. For example, for value and income stocks they may rely on the research conducted by Wharton finance professor Jeremy Siegel¹ or read up on market pros like War-ren Buffet. Much like the stock market investor, companies investing in change face similar challenges when considering where to allocate budget and resources to meet financial and strategic objectives.
Organisations spend heavily on technology, people skills and consulting to understand billions of bits of data, but they still lack clear visibility and insight.....
What impact does Customer Management have on Business PerformanceDoug Leather
We know intuitively that managing the customer portfolio well leads to improved business performance. This slide deck shares important insights into what makes customer management work and how to measure it. This is based on research done by QCi (the main players now with The Customer Framework Ltd) and although I put this deck together 6 years ago I was astounded as to how relevant the thinking still is. The sad reality is that Customer Management capability hasn't improved very much over the years (in the majority of cases, hence we are still subject to inconsistent and poor customer experience) yet it remains a topic that is spoken about and focussed upon by many organisations. The difference that I find today versus 7 or 8 years ago is that MORE people talk about customer management than previously, however I don't se much improvement in the understanding of what it involves or much improved capability in operationalizing customer centric business.(this is a generalised statement)
Similar to Etude PwC sur le reporting intégré (sept. 2014) (20)
Etude PwC "20ème édition de la CEO Survey" - Janvier 2017PwC France
Quelles sont les préoccupations des dirigeants en 2017 ?
Cette année, plus de 1300 dirigeants du monde entier ont témoigné de leur confiance en l’avenir, leur priorités stratégiques.
Recherche de talents et des futurs leaders de demain, stratégies de développement, poids de la technologie et son impact sur la confiance en l’entreprise, dynamiques opposées de mondialisation et de nationalismes impactent le quotidien des dirigeants. Quel regard portent-ils sur leur environnement ?
http://pwc.to/2k0a12Q
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For the last two decades, PwC has asked business leaders everywhere about the trends reshaping business and society. As we mark the 20th year of our annual CEO survey, we’ve observed just how much the world has changed.
Le cabinet d’audit et de conseil PwC a mené son étude « Carbon Factor » auprès des 20 principaux producteurs d’électricité européens pour la 14ème année consécutive.
Le facteur carbone (exprimé en kg CO2/MWh) se définit comme le rapport entre les émissions de CO2 générées et la production d’électricité correspondante. En 2014, il s’établit à 313 kg CO2/MWh, soit une baisse de 5,8% par rapport à 2013, pour atteindre son plus faible niveau depuis 2001.
Etude PwC : La transition énergétique pour la croissance verte (nov 2015)PwC France
Quels sont les impacts attendus et les tendances du marché français de la Transition Energétique ?
La loi sur la transition énergétique fixe des objectifs ambitieux, définissant la trajectoire énergétique de la France à moyen et long terme
Etude PwC "Total Retail 2015" Sur quoi miser aujourd’hui pour réenchanter la ...PwC France
Dans sa 5ème étude mondiale sur les consommateurs connectés - menée dans 25 pays auprès de 22 600 web-acheteurs, le cabinet d’audit et de conseil PwC révèle que la France a recruté 17% de nouveaux web-acheteurs en 2015, un chiffre en hausse par rapport à 2014.
GEMO 2016 : un digital de plus en plus cannibale ?PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
La publicité sur internet devrait y porter la croissance du secteur, et le numérique en général continue de bouleverser le business model de l’ensemble des segments, qu’il s’agisse de l’édition, de la musique, de la presse, des jeux vidéo ou bien encore de la télévision.
Infographie PwC GEMO 2016 sur l'industrie Médias et Loisirs (juin 2015)PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
Etude FCD, ESSEC et PwC sur la distribution responsable (août 2015)PwC France
Les enseignes de la Fédération du Commerce et
de la Distribution (FCD) se mobilisent depuis de
nombreuses années en faveur du développement
durable. Elles mènent des actions volontaristes
pour réduire l’impact environnemental de leur
activité, mais aussi, conformément aux exigences
de la RSE, en matière de consommation
durable, de gestion responsable des ressources
humaines et d’engagement sociétal.
Les introductions en bourse européennes affichent une forte activité au 2e trimestre grâce aux spin-off,
mais entrent de plus en plus en concurrence avec les processus de ventes.
Etude PwC CEO Survey Talent "People Strategy for the Digital Age" (juillet 2015)PwC France
Dans son étude « People strategy for the digital age : A new take on talent » menée à l’échelle mondiale, le cabinet d’audit et de conseil PwC constate que, dans un contexte de concurrence mondiale accrue, les entreprises ont désormais besoin de compétences plus diversifiées pour rester compétitives : 73% des dirigeants voient la pénurie des compétences comme une menace sérieuse à la poursuite de leur activité (contre seulement 46% en 2009).
Une des réponses consiste à mettre en place une stratégie de diversification des talents. Pour aller plus loin, les entreprises doivent également se tourner vers l’exploitation et l’analyse des données qu’elles collectent.
Dans sa dernière étude « PwC Golden Age Index : how well are OECD economies adapting to an older workforce ? », le cabinet d’audit et de conseil PwC compare l’emploi des seniors (travailleurs âgés de plus de 55 ans) dans 34 pays de l’OCDE.
Etude PwC Global Economy Watch (juin 2015)PwC France
Dans leur dernière étude « Global Economy Watch », les économistes du cabinet d’audit et de conseil PwC ont analysé les performances économiques des cinq premiers pays d’Afrique du Nord – Egypte, Algérie, Maroc, Soudan et Tunisie, près de cinq ans après les débuts du « Printemps arabe » qui a entraîné de grands bouleversements dans toute la région. Cette étude révèle les défis et les opportunités qui attendent les entreprises et les dirigeants politiques en Afrique du Nord.
Etude PwC et Essec "Grande consommation 1985 - 2015 - 2045"PwC France
A l’occasion du 30ème anniversaire de la Chaire Grande Consommation de l’ESSEC, les experts du cabinet d’audit et de conseil PwC ont imaginé les grandes évolutions du secteur de la distribution et des biens de consommation au cours des trente prochaines années.
Etude PwC sur le Top 100 des entreprises les mieux valorisées au monde en 201...PwC France
La dernière étude du cabinet d’audit et de conseil PwC « Global Top 100 Companies by market capitalisation » révèle que plus de la moitié (53) des 100 entreprises les mieux valorisées au monde sont américaines, contre seulement 4 entreprises françaises. Apple reste en tête du classement établi par PwC, avec une capitalisation boursière de 725 milliards de dollars, en hausse de 54% (+256 milliards de dollars) par rapport à 2014.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Etude PwC, AFDEL et SNJV sur "Les 100 digital"PwC France
PwC, l’AFDEL et le SNJV dévoilent l’édition 2015 du GSL 100, classements des principales entreprises de l’édition de logiciels, des services Internet et du jeu vidéo français, dans le cadre de l’étude « Les 100 digital » qui décrypte les tendances et les progressions des entreprises de la French tech.
Etude PwC Global Economy Watch (mai 2015)PwC France
Selon la dernière étude « Global Economy Watch » du cabinet d’audit et de conseil PwC, les créances libellées en dollars américains, émises hors des Etats-Unis, ont fortement augmenté au cours de ces dernières années, passant de 6 000 milliards de dollars avant l’instauration des premières mesures d’assouplissement quantitatif en novembre 2008 à environ 9 000 milliards en 2014.
Etude PwC sur l'économie collaborative (mai 2015)PwC France
En dix ans, le concept d'économie collaborative est devenu un véritable marché impliquant de nombreuses startups comme des grandes entreprises internationales. Alors que ce marché représente aujourd’hui 15 milliards de dollars, le cabinet d’audit et de conseil PwC estime qu’il atteindra 335 milliards de dollars d’ici à 2025.
Source
Les données relatives aux consommations collaboratives des Américains sont issues de l’étude « Consumer Intelligence Series: The Sharing Economy » publiée par PwC en avril 2015. Pour cette étude, 1 000 consommateurs américains, âgés de plus de 18 ans, ont été sondés en ligne entre les 17 et 22 décembre 2014.
Etude PwC sur l'intérêt des investisseurs pour l’Afrique (avril 2015)PwC France
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Etude PwC sur le reporting intégré (sept. 2014)
1. September 2014
www.pwc.com
Corporate performance:
What do investors want to know?
Powerful stories through integrated reporting
2. PwC I Powerful stories through integrated reporting t 1 u
3. Contents
Introduction 3
Executive summary 4
Survey findings 6
Higher quality corporate reporting suggests higher quality management 6
Business model disclosures should be detailed and linked to strategy 7
Information on strategy should include key priorities and actions, and progress made 11
Effective risk reporting is specific, relates to strategy and gives management’s view 12
KPIs should be explained and linked to strategy, risks and remuneration 14
Clear linkage between reported information supports better investor analysis 15
Users value annual reports for reliability and comprehensiveness 16
Conclusion 19
Appendix: Survey population 20
Contacts 21
t 2 u PwC I Powerful stories through integrated reporting
4. The growing importance of integrated reporting
Understanding the needs of investors and analysts is crucial if
management teams are to maximise the effectiveness of their
formal reporting to the capital markets. This report, the second in
our series analysing the broader information needs of investment
professionals, focuses on how management teams can best tell
their performance story through more integrated corporate
reporting1.
Over the last several years drivers of business value have changed.
Market capitalisation is now largely determined by intangible
values2. Business leaders now recognise the need to consider and
report on wider business issues: 74% of CEOs say that measuring
and reporting the total impact of their company’s activities across
social, environmental, fiscal and economic dimensions contributes
to long term success3. This could encompass the company’s
social effect on the health and education of the communities in
which it operates; its environmental effect on the air, land and
water; its fiscal effect on public coffers; and its economic effect in
terms of value added to the economy or jobs created. Meanwhile
investment professionals consistently tell us that when they
read company reports, the strategy, business model, risks and
performance metrics are all important to their analysis, as are
wider market factors, relationships and dependencies.
The majority of current reporting frameworks, however, are
not set up to support the communication of such wide-ranging
information – nor to link all the different elements of the
corporate story, from strategy through to performance measures.
They remain focused on historic, financial performance, with
information on other topics often presented in silos.
Initiatives are underway to change this, such as the International
Integrated Reporting <IR> Framework developed by the
International Integrated Reporting Council (IIRC). Companies
applying the framework may benefit from more integrated
decision-making within their organisation, as well as more
insightful reports to the market. Other organisations – such
as the Sustainability Accounting Standards Board, the Global
Reporting Initiative and Accounting for Sustainability – are also
driving change. Evidence suggests global momentum behind
more integrated reporting is building in boardrooms too. Many
businesses say they have begun an integrated reporting journey,
including Clorox and PepsiCo in the US, HSBC and Aviva in the
UK, Bayer in Germany, Aegon in the Netherlands, DBS Bank in
Singapore and Tata Steel in India.
More integrated reporting, supported by better disclosures about
key business relationships and outcomes, should provide users
of reports with a more comprehensive understanding of the risks
and longevity of individual business models. Management teams
who tell a clear business story – flowing from strategy, to business
model, to risk management and cash generation – can anticipate
greater market confidence in their company’s resilience and
ultimately an impact to cost of capital.
This report makes reference to the <IR> Framework. The
underlying principles are fundamental to integrated reporting
more generally.
We interviewed 85 investment professionals from around the
world, gaining insights into how integrated reporting can deliver
the most value to them – and potential areas for improving
current reporting.
Introduction
1 See also the first in the series, Reporting adjusted performance measures, and look out for our future publication describing investment professionals’ views on financial statement note disclosures.
2 An analysis of the S&P 500 by Intellectual Asset Management magazine found that only 16.8% of market capitalisation was based on intangible book values in 1975. By 2005 that had become 79.7%.
3 PwC’s 2014 CEO survey.
PwC I Powerful stories through integrated reporting t 3 u
5. Executive summary
More integrated reporting could enhance
investment professionals’ analysis
Investment professionals have a challenging job: gaining an
understanding of how a company’s business model operates,
how management strategies are being implemented, and how
that translates into performance and value creation is not
easy. Management teams that provide high-quality, integrated
reporting across all channels that tells a clear story not only help
investment professionals but also enhance their own reputations
and capital-raising potential.
With the growing momentum towards more future-orientated
integrated reporting, we asked investment professionals around
the world for their views on what constitutes useful corporate
reporting and where they see opportunities for management
teams to improve on today’s reporting. They told us:
• The quality of a company’s reporting impacts their perception
of management quality. Reporting quality could even have
a direct financial impact for companies: only 11% of survey
participants disagree with the idea that annual report
disclosures about strategy, risks, opportunities and other value
drivers can have a direct impact on a company’s cost of capital.
• Explaining the business model clearly is an important part
of high-quality reporting. Most investment professionals
primarily want business model explanations to focus on how a
company generates cash and generates value that will become
cash in the future. There is considerable scope for improving
the effectiveness of company reporting in these areas, and on
dependencies on key relationships and resources.
• In order to be meaningful, an explanation of a company’s
business model needs to link to its overall strategy. Reporting
on strategy should then include key priorities and actions
to allow the company to meet its objectives, and progress
made against them. This need for management teams to tell
an integrated and coherent story – across strategy, business
model, risks, resource dependencies and performance –
is raised regularly in our conversations with investment
professionals.
• There are a number of ‘effectiveness gaps’ in the reporting of
key risks to the business model. Investment professionals want
to know how these risks are managed or mitigated. However,
although understanding management’s view of potential
risks and their mitigation strategies is important, too much
boilerplate disclosure is impeding that understanding.
• Operational Key Performance Indicators (KPIs) are almost as
important as financial KPIs for company analysis and could be
reported more effectively by many companies. The majority
(75%) of investment professionals surveyed would like to see a
clear link from KPIs to remuneration policies.
• They like to see linkage between different elements of
company reporting. Among those we surveyed, 87% say that
clear links between a company’s strategic goals, risks, KPIs and
financial statements is helpful for their analysis.
• The annual report remains a valuable source document,
not only for financial information but also in relation to
governance matters and environmental, social and human
capital topics. It is also important for explaining strategy, risks
and opportunities. The reliability and comprehensiveness of
the annual report are its key strengths.
t 4 u PwC I Powerful stories through integrated reporting
6. Executive summary (continued)
Principles for higher quality, more integrated reporting
Management teams could potentially improve the usefulness of
their reporting by applying some basic principles to the critical
building blocks below. The goal is to present the story of your
business in a way that maximises investor confidence in both
the quality of information and the quality of management.
Business model
• Explain your business model clearly and concisely at both
group and segment level.
• Consider including a diagrammatic representation,
accompanied by complementary narrative.
• Although there may be some sensitivity around competitive
advantage, think about whether you have addressed the key
elements that investment professionals want to understand –
for example:
• how cash and capital flow through your business model
• dependencies on key relationships and resources
• your company’s position in the wider value chain
• key dependencies on the future supply of resources, and
your impact on that supply.
Strategy
• Are you answering the questions investment professionals
are likely to have? For example:
• What are your strategic goals and priorities?
• How are you going to achieve them?
• How are you positioned in the wider market?
• How far have you progressed against long-term goals?
• If things are changing, why?
Risk
• Be detailed and company-specific in your description of risks.
Be clear that you are giving management’s view, and explain
your risk management and mitigation actions.
• Make sure your risk reporting links to your business model,
strategy and financial performance.
KPIs
• Explicitly identify your KPIs.
• Explain why the KPIs you have chosen are relevant to
understanding the performance of your business.
• Explain the link between your strategy, key risks and KPIs.
• Be clear about how KPIs link to remuneration polices.
Linkage
• Step back: is there a clear information flow from strategy,
business model and risks through to KPIs and financial
performance?
• Consider the ease of navigation through your reporting
documents. Could you add some linkage or colour-coding to
help investment professionals find the information they need?
• Assess other forms of communication: does your investor
presentation refer to relevant parts of your annual report? Could
you go the next step and use electronic links in your reporting
to the market?
Annual report and other channels
• Make sure your annual report tells your story as clearly
as possible. This story and your key messages should
also be presented clearly and consistently across all other
communication channels to the market.
• Consider how best to convince the users of the reports that
the messages you are delivering can be relied upon.
• Consider your ability to control the data sources used by
investment professionals. Could providing high-quality
downloadable data help you improve the way you engage
with your shareholders and analysts?
PwC I Powerful stories through integrated reporting t 5 u
7. It is easy to assume that, when assessing a business, investment
professionals care only about the numbers – particularly the cash
flows and financial performance. While these are important,
high-quality contextual information is also crucial for gaining a
real understanding of the business. Adding insightful context to
the numbers enables management teams to communicate their
company’s story, not only in relation to the past, but also in terms
of where the business is heading in future.
In this survey, we asked investment professionals to consider
all elements of formal company reporting, including annual
reports, investor presentations, websites and press releases
– any information provided by the company to the market.
Their responses highlight the information they find useful, the
importance of an integrated approach, and ways in which current
reporting could be improved. Management teams that get their
reporting right can enhance their own reputation and their
company’s capital- and debt-raising opportunities.
Higher quality corporate reporting suggests
higher quality management
Management teams have many demands on their time, so why
prioritise corporate reporting? Because investment professionals
tell us that the quality of a company’s formal reporting can have
both a direct and an indirect effect on their investment decisions.
This impact is partly felt in relation to investors’ and analysts’
perceptions of management. In our survey, 80% of respondents
say their perception of the quality of a company’s reporting
affects their perception of the quality of its management. Only
7% disagree.
My perception of the quality of a company’s reporting impacts my
perception of the quality of its management
Strongly agree 36%
Agree 44%
Neither agree nor disagree 13%
Disagree 6%
Strongly disagree 1%
The quality of reporting doesn’t only influence perceptions of
management quality; 82% of investment professionals surveyed
feel more confident in their own analysis when companies
present information clearly and concisely. This could have
repercussions for companies’ ability to raise finance over time.
Those perceived as providing clear and concise information could
benefit from a lower uncertainty or risk premium.
When companies present information clearly and concisely, I feel
more confident in my analysis
Strongly agree 42%
Agree 40%
Neither agree nor disagree 10%
Disagree 7%
Strongly disagree 1%
Survey findings
“We take a dim view of companies
that report badly. It tends to be poorly
governed companies that report
badly, so we will be more sceptical
when it comes to a capital-raising or
debt issuance. Companies that
report better are more likely to get
long-term investment.”
“A long and rambling report can
suggest a lack of management focus.
Good reporting in my view shows
management have good attention
to detail.”
“Transparency of reporting is a credit
ratings factor; poor transparency can
have a negative effect.”
t 6 u PwC I Powerful stories through integrated reporting
8. Survey findings (continued)
“The disclosures in an annual report
about strategy, risks and opportunities
and other value drivers] are important
because they impact your view of
management, and that impacts your
decisions of whether or not you might
invest. It can also impact any kind of
risk premium that you want to apply
when you are thinking about long-term
cash generation.”
“It’s really more of an indirect impact;
you need to understand these business
model and strategy points in order to be
able to make sense of the financials.”
Our survey findings suggest clear repercussions for the cost
of capital: only 11% of survey respondents do not believe
that disclosures in an annual report about strategy, risks and
opportunities and other value drivers can have a direct impact
on a company’s cost of capital.
Disclosure is an annual report about strategy, risks and
opportunities and other value drivers can have a direct impact on a
company’s cost of capital
Strongly agree 27%
Agree 36%
Neither agree nor disagree 26%
Disagree 6%
Strongly disagree 5%
Even when investment professionals don’t see a direct link, the
quality of disclosures about strategy, risks, opportunities and
other value drivers could have an indirect impact on the cost of
capital. This may help to explain the 26% of survey participants
who neither agree nor disagree that a direct impact is felt.
These results send a clear message to management teams: the
quality and transparency of your external reporting is important.
It affects not only investment professionals’ perception of you in
terms of management quality, but can also have a direct impact
on uncertainty premiums and your company’s cost of capital.
Action
Consider whether your reporting presents the story of your
business in a way that maximises investor confidence in the
quality of information and the quality of management.
Business model disclosures should be detailed
and linked to strategy
Companies are required to report on business models under
many reporting regulations. For example, in the EU, this
information is required by the EU’s non-financial disclosure
directive. Integrated reporting regulatory requirements have also
been introduced in countries such as South Africa and Brazil.
But what constitutes good business model reporting? What
are the information points that really add value to investment
professionals, and how effectively do companies report that
information?
Our survey of investment professionals shows that they consider
a company’s overall explanation of its business model to be
important for analysis purposes. Investment professionals also
place high importance on management’s explanations about
how the company generates cash and how it creates value. The
need for a broader understanding of the environment in which
companies operate is indicated by the substantial importance
placed on information about dependencies on key relationships
and resources, the position of the business in the wider value
chain, and the company’s dependency and impact on the future
supply of resources. Investment professionals want a clear
understanding of how a company is positioned in its market and
its operating environment. They want to understand its impact
on infrastructure, government tax revenues and communities,
and its exposure to constrained resources such as water and to
uncertain raw materials costs.
This information is highly valued by investment professionals,
but it is not necessarily communicated clearly by companies.
Our research identifies some substantial ‘effectiveness gaps’
– particularly in relation to how companies create value and
“It might not directly inform the
investment decision, but it definitely
informs our process and it informs
our understanding of the financial
statements – so has an impact, in an
indirect way.”
PwC I Powerful stories through integrated reporting t 7 u
9. Survey findings (continued)
“An organization’s business model
is its system of transforming inputs,
through its business activities, into
outputs and outcomes that aims to
fulfil the organization’s strategic
purposes and create value over the
short, medium and long term.”
IIRC’s International Integrated
Reporting <IR> framework
generate cash, their dependencies on key relationships and
resources, and how well they articulate their overall business
model. Such gaps may reflect the evolving nature of these
disclosures as management teams experiment with content,
definition and format.
So, how could business model disclosures be improved? 70%
of the investment professionals surveyed want management to
focus primarily on how the company makes money, both in terms
of cash today and value that will convert to cash in the future.
Investment professionals who don’t feel this way tell us they find
other factors also important, such as capital allocation, how cash
flows through the business and the company’s dependencies
on other key inputs. This is the kind of contextual picture that
integrated reporting seeks to present.
A business model explanation should focus primarily on how a
company makes money
Strongly agree 44%
Agree 26%
Neither agree nor disagree 17%
Disagree 8%
Strongly disagree 5%
How important is each of these pieces of information provided by a company for your analysis, and how effective is the information that
you currently receive in all aspects of company reporting?
27
63
36
The company’s dependency
and impact on the future
supply of resources
35 31
74
39
Dependencies on key
relationships and resources
33 35 86
38
48
How the company
creates value
On a scale of 0 to 100, where 0 is not at all important
87
52
How the company
generates cash
88
55
The company’s overall
explanation of its
business model
73
42
How the business is
positioned in its wider
value chain
Importance Effectiveness
100
80
60
40
20
0
Note: The analysis has been prepared using a Likert model. A score of 100 would be equivalent to every respondent giving a score of 5/5 for
importance or effectiveness. The number in the box next to each column is the ‘effectiveness gap’.
“It’s incredibly important for an
analyst to understand the company’s
business model.”
“Sometimes with a complicated
business you can’t understand it well
because the way they make money is
sort of hidden. Understanding cash
generation over time is critical.”
“How the capital allocation works,
how capital flows through the business,
and the strategy and metrics used to
appraise that are vital.”
“You can get a general idea of the
dependencies, but rarely of who the
other key parties are. From a strategic
perspective, where the company is in its
wider value chain is very important.”
t 8 u PwC I Powerful stories through integrated reporting
10. Survey findings (continued)
“My overarching philosophy is that
there shouldn’t be a cookie-cutter
approach; a key skill of management
should be explaining their
business model and strategy clearly
and concisely.”
“Ideally, I would like to see both group
and segment level business models; I
want see how it all fits together.”
“Clear, segmented information on how
they make money is really important.
It’s a foundation of my analysis.”
“I think a picture speaks a thousand
words. We don’t need more and more,
we need the right information.”
Four out of five (80%) of the investment professionals we spoke
to feel that, in order to be meaningful, an explanation of a
company’s business model needs to link to its overall strategy.
This again emphasises the importance of linkage and integration
in delivering high-quality reporting. Company reporting that
clearly integrates operational actions and financial outcomes can
be of real value to users of a company’s reports.
An explanation of a company’s business model needs to link to its
overall strategy to be meaningful
Strongly agree 40%
Agree 40%
Neither agree nor disagree 12%
Disagree 6%
Strongly disagree 2%
At what level should management teams provide business
model descriptions? Among the investment professionals we
surveyed, only 20% like to see group-level explanations. We
found a strong consensus (favoured by 80%) that segment
information is most useful. This desire for detail is also reflected
in the finding that 60% of investment professionals surveyed
want business model explanations to give details of how a
company’s various discrete businesses work together in a group.
This call for granularity of disclosure is consistent with previous
research into the information needs of investment professionals1.
Granularity is critical because those who build their models from
the ground up have a fundamental need for segment or business
unit information2.
How do you prefer a company
to describe its business model?
Diagram
36% Narrative
64%
At what level do you prefer a
company to describe their
business model?
Group level
20% Segmental
80%
A business model explanation should give details of how multiple
discrete businesses work together in a group
Strongly agree 31%
Agree 29%
Neither agree nor disagree 26%
Disagree 13%
Strongly disagree 1%
Alongside the content and granularity of business model
reporting, the format is also important. Nearly two-thirds (64%)
of investment professionals surveyed prefer business model
information to be presented in a diagram rather than through
narrative description. In conversation, however, many investment
professionals tell us that combining both a diagram and narrative
is the best way to explain clearly the detail of a business model
and the underlying value drivers.
1 See our 2007 survey, Corporate reporting: Is it what investment professionals expect?
2 This point was also raised in the CFA Institute’s July 2013 report, Financial Reporting Disclosures: Investor Perspectives on Transparency, Trust and Volume.
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11. Only 51% of investment professionals surveyed told us that
disclosures made by companies in their annual report (or 10-K
or 20-F) help them to assess the company’s business model and
its longevity. This indicates substantial room for improvement
in the way that management teams address longer-term aspects
of business model reporting. For example, improvements can
be made in descriptions of how the business model might need
to adapt to a changing macro-economic environment or future
resource constraints. Improving the quality of such disclosures
in the annual report could be particularly appropriate given that
information on company strategy and the business model is not
time-sensitive and annual reports are often used as an ongoing
source of reference.
Disclosures made by companies in their annual report /10-K/20-F
help me to assess the company’s business model and its longevity
Strongly agree 15%
Agree 36%
Neither agree nor disagree 27%
Disagree 18%
Strongly disagree 4%
Actions
Explain your business model clearly and concisely:
• Provide specific details relevant to your company.
• Consider including a diagrammatic representation,
accompanied by complementary narrative, to explain
your business model in an accessible and transparent
way.
• Where relevant, present a business model explanation
at the segment level, including information on how those
segments work together in a group.
Although there may be some sensitivity around competitive
advantage, think about whether you have addressed the key
elements that investment professionals want to understand,
such as:
• How cash and capital flow through your business model
• Dependencies on key relationships and resources
• Your company’s position in the wider value chain
• Key dependencies on the future supply of resources, and
your impact on that supply.
Think of the business model more broadly than simply
how the company makes money today. Link your business
model explanation clearly to your strategy, making sure to
focus on the longer-term factors that could influence your
business model and its evolution in future.
Survey findings (continued)
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12. Survey findings (continued)
“An integrated report should
answer the question: Where does
the organization want to go and
how does it intend to get there?”
IIRC’s International Integrated
Reporting <IR> framework
“I really need clarity on progress made
on key strategic goals so I can assess
performance against remuneration.”
“Companies don’t do a good job of
following up on the statements they
made in previous years’ annual reports.
I need an update on what has happened
since last year.”
Information on strategy should include key
priorities and actions – and progress made
An understanding of a company’s long-term strategy is crucial
for investment professionals. It provides a link between a
company’s historical financial information, its present situation
and its future performance potential, which investors and
analysts are trying to predict in their models.
Investment professionals have many data sources available to
them, but what company-generated information on strategy do
they value most? And how effectively are management teams
providing this information?
Our survey respondents place high importance on a company’s
overall explanation of its strategy, of key priorities and actions
for meeting objectives, of progress made against those key
priorities and actions, and of how the long-term strategy relates
to the current business model. There are clear effectiveness gaps,
however. Investment professionals tell us they would like greater
clarity in this area, particularly on performance against strategic
targets and how strategy relates to the overall business model.
They would also like management teams to provide the wider
market context to the company’s strategic plans.
I think companies generally disclose enough information on future
strategic plans to allow me to feel comfortable with the judgements
I need to make
Strongly agree 1%
Agree 13%
Neither agree nor disagree 37%
Disagree 37%
Strongly disagree 12%
Worryingly, only 14% of the investment professionals we spoke
to feel that companies generally disclose enough information on
their future strategic plans to allow them to feel comfortable with
the judgements they need to make for their analysis.
How important is each of these pieces of information provided by a company for your analysis, and how effective is the information that
you currently receive in all aspects of company reporting?
24 27 31 77
31
46
How the company’s long-term strategy
relates to their current business model
80
49
Progress made against key
priorities and actions
82
55
The key priorities and actions to allow
the company to meet its objectives
On a scale of 0 to 100, where 0 is not at all important
83
59
The company’s overall
explanation of its strategy
Importance Effectiveness
100
80
60
40
20
0
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13. Actions
Put yourself in your investors’ shoes: what information
would you need if you were assessing whether to invest in
your company?
Think about how an investment professional might use what
you tell them about your strategy. Are you answering the
questions they are likely to have? Such questions could
include:
• What are your strategic goals and priorities?
• How are you going to achieve them?
• How are you positioned in the wider market?
• How far have you progressed against long-term goals?
• If things are changing, why?
If the answers to those questions are clear in your reporting,
investment professionals should be able to make a more
accurate assessment of your current performance and gain
a better understanding of your future direction.
Effective risk reporting is specific, relates to
strategy and gives management’s view
The reporting of risks has historically received much attention
from accounting standard setters, governments and regulators.
Many different risk-reporting regimes have been established
around the world. Some of the best company reporters challenge
themselves to produce innovative and insightful risk reporting.
Not everyone is best-in-class, however, so what do investment
professionals think about the current state of risk reporting?
We found that investment professionals place extremely
high importance on information concerning key risks to the
business model and their management or mitigation. Only 1%
of respondents say that understanding management’s view of
potential risks and their mitigation strategies is not important to
them.
Understanding management’s view of potential risks and their
mitigation strategies is important
Strongly agree 55%
Agree 38%
Neither agree nor disagree 6%
Disagree 1%
Strongly disagree 0%
Survey findings (continued)
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14. Survey findings (continued)
“An integrated report should
answer the question: What are the
specific risks and opportunities that
affect the organization’s ability to
create value over the short, medium
and long term, and how is the
organisation dealing with them?”
IIRC’s International Integrated
Reporting <IR> framework
“I want management’s view of their
risks, not just their lawyer’s advice.”
“I often wonder if they are really
revisited each year or if they are just
rolled forward.”
“More emphasis needs to be put on the
real risks to the company, business or
industry; some companies are specific
but others far too generic.”
“Risk reporting is too process-based; I
see very little linkage to strategy, which
really reduces its usefulness.”
“I need to know what the possible
outcome is of the risks, and I need to see
numbers. When you never get any data,
you are left to second-guess.”
However, we also found large gaps between the perceived
importance and effectiveness of company reporting on these topics
– in fact these are some of the largest ‘effectiveness gaps’ identified
in this research across all elements of company reporting.
A major reason appears to be a lack of specific (i.e. not boilerplate)
risk disclosure – over three-quarters (76%) of investment
professionals surveyed believe that today’s disclosure is too
boilerplate. In fact, a number of investment professionals tell us
they often look at bond issue prospectuses to get a more detailed
view of potential risks. Such documents usually contain more
detailed risk disclosures than the annual report1.
In our survey conversations, investment professionals
sometimes expressed doubt about whether they are reading
management’s view or that of their lawyers, as well as frustration
about the lack of linkage between a company’s risks, business
model, strategy and financial information. This is a recurring
theme of this research: linkage is an important characteristic of
high-quality reporting.
How important is each of these pieces of information provided by a
company for your analysis, and how effective is the information that
you currently receive in all aspects of company reporting?
On a scale of 0 to 100, where 0 is not at all important
39 38
91
52
85
47
The key risks to the business model How key risks are managed or mitigated
Importance Effectiveness
100
80
60
40
20
0
There is too much ‘boilerplate’ risk disclosure in company reports,
so I don’t find them very effective
Strongly agree 36%
Agree 40%
Neither agree nor disagree 15%
Disagree 7%
Strongly disagree 2%
Actions
Critically assess the quality, clarity and transparency of your
risk reporting.
Be detailed and company-specific in your description
of risks. The leading reporters we see give detail on risk
appetite and their company’s risk profile, and it is clear to
see how these factors change over time.
Be clear that you are giving your view as management, and
explain your risk management and mitigation actions.
Make sure your risk reporting links to your business model,
strategy and financial performance. Linkage across all
elements is vital for communicating your company’s story in
an integrated way.
1 With the exception of the US, where SEC rules require all risks to be listed in the 10-K.
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15. Survey findings (continued)
“An integrated report contains
qualitative and quantitative
information about performance
that may include matters such
as: Quantitative indicators with
respect to targets, and risks and
opportunities, explaining their
significance, their implications, and
the methods and assumptions used in
compiling them.”
IIRC’s International Integrated Reporting
<IR> framework
“A little colour on why the KPIs have
been chosen is really helpful.”
“KPIs really need to link to strategy,
otherwise the clarity about why the
KPI matters isn’t there and you start
to question whether they really are the
right KPIs.”
KPIs should be explained and linked to strategy,
risks and remuneration
Management teams around the world produce key performance
indicators (KPIs), either to meet regulatory requirements or to
help tell the story of their business and its performance.
Our July 2014 survey on the reporting of adjusted performance
measures looked in detail at investment professionals’ views on
how alternative performance measures and where it could be
improved1. In this report we consider investment professionals’
views on opportunities to improve KPI reporting.
A key finding is that investment professionals want to know
why management has chosen particular measures. Such an
explanation may help users of accounts to understand the
importance of a particular KPI and helps to put the company’s
performance against the target in context. Perhaps even more
importantly, companies need to demonstrate a link between
their KPIs and their strategic priorities, as well as their
business model.
The investment professionals we surveyed place almost as much
importance on operational KPIs as they do on financial KPIs. The
greatest scope for improved reporting appears to arise in relation
to those operational KPIs – this is where we found the biggest gap
between the importance investment professionals place on this
information and the perceived effectiveness of the information
they receive.
1 See our previous report: Reporting adjusted performance measures, July 2014
How important is each of these pieces of information provided by a
company for your analysis, and how effective is the information that
you currently receive in all aspects of company reporting?
On a scale of 0 to 100, where 0 is not at all important
16
85 26
69
82
56
Financial KPIs Operational KPIs
Importance Effectiveness
100
80
60
40
20
0
11
54
43
Sustainability KPIs
This provides food for thought for management teams. From
our observations, many companies report more financial than
operational KPIs – despite the fact that operational risks often
make up a large proportion of risk disclosures. Better linkage
between the business model, strategy, risks and KPIs might
help to close the effectiveness gap that investment professionals
perceive around KPI reporting.
Sustainability KPIs (which relate to issues such as local
community engagement, environmental impact, natural
resource use and employee engagement) scored more highly
with investment professionals than we have seen in the past.
This may reflect an increasing awareness of the importance of
such measures: they relate to factors underpinning a company’s
ongoing ‘licence to operate’, reflecting key dependencies to the
business model and are therefore highly relevant for long-term
investment decision-making.
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16. We also found a lot of interest in the way that KPIs link to
executive remuneration. Three out of four (75%) investment
professionals we surveyed would like to see a clear link drawn
between KPIs and remuneration policies.
I would like to see a clear link from key performance indicators to
remuneration policies
Strongly agree 44%
Agree 31%
Neither agree nor disagree 13%
Disagree 8%
Strongly disagree 4%
Actions
Explicitly identify your KPIs, which should be aligned clearly
to your overall strategy.
Explain why the KPIs you have chosen are relevant to
understanding the performance of your business.
Explain the link between your strategy, key risks and
reported KPIs.
Be clear about how KPIs link to remuneration polices.
Provide targets for KPIs and performance against those
targets.
Our recent survey, Reporting adjusted performance
measures, highlights useful ground rules for presenting
adjusted performance measures that can be applied easily
to KPIs.
Clear linkage between reported information
supports investor analysis
There is consistent demand from investment professionals for
better linkage throughout company reports. Better linkage is
about promoting cohesion, reducing repetition and highlighting
interdependencies within the business as well as between
different elements of corporate reporting. For example, a clear
link between strategy and KPIs allows investment professionals
to understand how management measures its progress against its
strategic objectives. This ability to navigate through information
is crucial to the effectiveness of increasingly integrated reporting.
A large majority of investment professionals surveyed (87%)
agree that clear links between a company’s strategic goals, risks,
KPIs and financial statements are helpful for their analysis. We
found mixed views, however, on exactly what those links should
look like. Some investment professionals prefer cross-referencing
(using clear references or links to navigate between similar topics
or to access further information) and colour-coding. Others
tell us that changing placement or using electronic linkage in
documents would be useful.
Clear links between a company’s strategic goals, risks, key
performance indicators and financial statements is helpful for
my analysis
Strongly agree 56%
Agree 31%
Neither agree nor disagree 13%
Disagree 0%
Strongly disagree 0%
Survey findings (continued)
“Operational KPIs need to be presented
more like financial KPIs, we need more
information on targets, goals and
trends, and I always seem to be asking
questions to get more information.”
“Absolutely I would like to see a clear
link between KPIs and remuneration
policies, and it’s good that the trend
seems to be heading in this direction,
although for many companies it is still
hard to see this link clearly.”
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17. Survey findings (continued)
“Cross referencing is really critical.”
“An electronic link would be even better
than colour coding.”
I find cross-referencing or colour-coding helpful for my work when I
am using an annual report/ 10-K/ 20-F
Strongly agree 23%
Agree 31%
Neither agree nor disagree 23%
Disagree 11%
Strongly disagree 12%
Actions
Take a step back: is there a clear information flow between
the strategy, business model and risks through to KPIs and
financial performance? Could you tell your story in a clearer
way?
Consider the ease of navigation through your reporting
documents. Could you add some linkage or colour-coding
to help investment professionals find the information they
need?
Assess other forms of communication. Does your investor
presentation refer to relevant parts of your annual report?
Could you go the next step and use electronic links in your
reporting to the market?
1 Or 10K /20F equivalent documents
Users value annual reports for reliability and
comprehensiveness
When investment professionals seek to understand the
operations of a business, they not only have increasingly rich
information being generated through more integrated reports,
but also a variety of communication channels through which to
receive it. We know that investment professionals use a variety
of sources of information for their analysis, but which do they
consider most important? We asked survey participants to name
their top sources for five different categories of information, from
financial information through to information on environmental,
social and human capital issues.
The results may interest management teams who spend time
preparing annual reports1 but doubt whether investment
professionals actually look at them. Across all our conversations
with investment professionals in this survey, the annual report
was consistently cited as important in every information
category. In contrast, cited data sources that did not reach the top
three for any category include sell-side research, data providers
and ad-hoc company press releases.
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18. Survey findings (continued)
“If a company is stable and I am
planning to hold the shares long term,
then I wait for the annual report rather
than focus on the preliminary earnings
announcement. The annual report has
more of a long-term perspective.”
“I spend a lot more time with annual
reports than with broker research.”
“I go to the annual report to get the
granularity on financial information.”
“The annual report is really a point of
reference; it’s the place you go for the
detail, or to refer back to when you need
to. It might not be the first port of call
for the financials – the market moves on
the prelims – but it is a very important
document.”
The table below shows the three most commonly cited data
sources for each information category.
Top information sources
Financial
information
Information about
a company’s
strategy, and
resource
allocation
Information
on risks and
opportunities
Governance
information
Environmental
social and
human capital
info
1 Annual report Investor
presentations
Dialogue with
management
Annual report Annual report
2 Preliminary
results
announcement
Dialogue with
management
Annual report Proxy
statements
Sustainability
report
3 Investor
presentations
Annual report Investor
presentations
Dialogue with
management
Website
Only 3% of investment professionals – all from the buy side – told
us they do not typically review the annual reports of companies
they follow. This may be because they often rely on sell-side
analysts or data aggregators to provide detailed analysis of the
numbers.
I typically review the annual report/ 10-K/20-F of companies that
I follow
Strongly agree 67%
Agree 24%
Neither agree nor disagree 6%
Disagree 3%
Strongly disagree 0%
We wanted to understand the factors that influence where
investment professionals go for information, so we asked them to
rank five factors in terms of their importance. Reliability
emerged as the most important factor, followed by timeliness
and comprehensiveness. Reliability and comprehensiveness are
core strengths of the annual report, which would explain its
popularity as an information source. Timeliness is an obvious
weakness of the annual report, and many of the investment
professionals we spoke to note the frequent trade-off between
timeliness and reliability.
Relative importance of factors driving selections of data source
100 89 87 77
43
Reliability Timeliness Comprehensiveness Usability Cost
Note: Reliability was most frequently ranked as most important so is set to 100.
Almost three-quarters (72%) of those surveyed think that having
all the elements of the annual report in a single document is
important. This may be because investment professionals view
the annual report as a longer-term reference source, like a
corporate encyclopaedia to which they can return to access
information on a variety of topics when they need it.
Having all the elements of an annual report/10-K/ 20-F in one
document is important to me when I am performing my analysis
Strongly agree 45%
Agree 27%
Neither agree nor disagree 14%
Disagree 13%
Strongly disagree 1%
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19. Survey findings (continued)
“Governance and strategy issues can
be much more qualitative, so you
really want to have that dialogue with
management.”
“Management dialogue is key; it is good
to hear it straight from them.”
We also asked them whether they would spend more time
analysing an annual report when they felt management had
made an effort to tell the story of the business in a clear and
transparent way. While some feel that they would, others said
they would spend more time on the less clear and transparent
reports – thinking that these perhaps indicate the companies
where more problems could be hiding.
I am more likely to spend time analysing an annual report / 10-K/20-F
when I feel management has made an effort to tell the story of the
company in a clear and transparent way
Strongly agree 22%
Agree 24%
Neither agree nor disagree 27%
Disagree 15%
Strongly disagree 12%
This reinforces the message that investment professionals
associate the quality of reporting with the quality of
management. Among those that neither agreed nor disagreed,
many said they spend time looking at annual reports in any case
– another endorsement of the value that investment professionals
place on this cornerstone of corporate financial reporting.
Relative numbers of citations of each data source across all
interviews and all information categories are shown in the ‘word
cloud’. The bigger the font, the more the citations.
Actions
Your annual report is perceived by investment professionals
as an important piece of the reporting suite; it therefore
needs to tell your company’s story as clearly as possible.
Make sure this story and your key messages are presented
clearly and consistently across all other communication
channels, recognising that investment professionals draw
on many sources of information and at different times.
Given that reliability is the most important factor for
investment professionals when choosing a data source,
consider how best to convince them that the messages you
are delivering can be relied upon.
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20. Conclusion
Building value for investment professionals
through more integrated reporting
Investment professionals see a clear link between the quality of
reporting and the quality of management. They recognise that
management teams want to maintain competitive advantage and
therefore have concerns about disclosing too much information
on business models, strategy and risks. Nevertheless, they tell
us that such disclosures (including relevant KPIs) can directly
impact a company’s cost of capital. Management teams need
to find the right balance in terms of disclosing just enough
information to be useful without giving away competitively
sensitive insights.
The effort required for delivering such high-quality reporting
is worthwhile. Investment professionals tell us they place
particular value on annual reports for their reliability and
comprehensiveness. Although they use a wide variety of other
sources of information in their company analysis, messages must
be communicated consistently and clearly across all channels in
order to present a coherent message to the market.
Some companies could do more to improve the quality of
their formal reporting – perhaps providing more detail
about their business model, describing a longer-term view
of value generation and explaining more clearly how capital
flows through the business. They could work harder to avoid
boilerplate disclosures and provide more specific information on
risks and risk management, clearly framed as management’s view
(not the view of the company’s lawyers).
Our discussions with investment professionals also highlight the
importance of linkage – a core theme of this report. Linking the
explanation of the business model to a well-defined strategy,
supported by clear performance goals and progress reports, is
important. The KPIs that are used must not only be those that
management considers important for understanding business
performance (and introduced accordingly); they must also be
linked to strategy, risks and, ideally, remuneration. This is all part
of telling a coherent, comprehensive story about the business.
Momentum behind greater future orientation and linkage
in company reporting is being generated through current
initiatives including integrated reporting. These are designed
to enhance, rather than replace, reporting as we know it today.
Given the areas where investment professionals see room for
improved reporting – particularly around cash creation, key risks,
dependencies on key resources and relationships, and operational
KPIs – more integrated reporting could perhaps provide the
solution. Developing more integrated reports could potentially
better meet the needs of investment professionals, while also
encouraging more cohesive decision-making within companies to
support longer-term value creation.
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21. Survey participants were drawn from key markets across the
world.
Participants by type
42%
8%
35%
Appendix: Survey population
We conducted interviews with 85 investment professionals from
the buy side, sell side and ratings agencies. Their roles included
equity analysts, fixed income analysts, ratings agencies, portfolio
managers, chief investment officers and heads of research.
Participants by specialism
20%
80%
Participants by geography
21%
18%
7%
28% 26%
UK
North America
Rest of Europe
Asia Pacific
Other
Equity
Fixed income
Sell side
Buy side
Ratings
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22. Contacts
For further information please enquire of your usual PwC contact or the investment community engagement team:
Hilary Eastman
T: + 44 (0)207 804 1818
E: hilary.s.eastman@uk.pwc.com
Jennifer Sisson
T: + 44 (0)207 804 8644
E: jennifer.sisson@uk.pwc.com
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