THE CORPORATE BOX BLOG: GET A BETTER VIEW OF INTEGRATED REPORTING - Integrate Report

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Corporate reporting in the age of COVID: reporters

Jun 29, 2020 | News | 0

What have the past few months of COVID been like for people involved in corporate reporting?
For some, there’s been little difference in activity. For others, the shutdowns have dramatically affected their ability to teach or consult.
In this post I talk to corporate reporters Nadia Schoeman and John Stanhope only. I’ll follow it up with a post that covers the experience of non-reporters.

Read More IIRC slowly presses Refresh on IR framework

Jun 8, 2020 | News | 0

There is still plenty of goodwill towards integrated reporting, if the early response to the International Integrated Reporting Councils framework “refresh” is anything to go by.
The IIRC is revising its existing integrated reporting framework, a process it expects to be complete by the end of 2020.
Between February 20 and March 20 it received 300 responses to three preliminary discussion papers. That at a time when the corporate world was in an upheaval due to the spread of COVID-19 and the start of economic shut downs. Getting such a response was no mean feat.

Read More What will the SASB do about tax?

Jan 17, 2020 | Opinion | 0

The Sustainability Accounting Standards Board (SASB) could, if it chose, add weight to the Global Reporting Initiatives effort to encourage companies to be less aggressive tax minimisers. Indeed, since the two organisations describe themselves as partners rather than in competition, if you were a bridge player you might even say that the GRIs tax standard was a forcing bid.
THIS POSTS KEY POINTS
SASB and GRI have different sustainability reporting frameworks.
At present, while GRI requests information relating to tax minimisation, SASB does not.
I argue that the Task Force on Climate-related Financial Disclosure (TCFD) could be a model for SASB to request information relating to tax minimisation.
(Image: SASB headquarters are in San Francisco. That citys proximity to the richest companies on Earth has placed such a strain on its housing prices that SF is now described as a city of homelessness, and its social safety nets are being stretched to breaking point. Copyright: AJC.) 

Read More GRI tax standard to give asset managers a starker choice

Jan 3, 2020 | News | 0

In early December 2019 the Global Reporting Initiative launched a new sustainability reporting standard called GRI 207. It asks companies to provide detailed information about their income tax payments. Tax is acknowledged as a social good by just about everyone, including corporations themselves. Still, many companies spend an enormous amount of time and effort on (usually legal) tax minimisation schemes.
THIS POSTS KEY POINTS
The GRIs new tax standard requests country-level information about corporate tax payments
The standard will come into full effect on January 1, 2021, although companies can adopt it immediately
It demands a lot of information, maybe too much
It is voluntary. The first question is whether shame culture will force those companies which 1) already use GRI for sustainability disclosures; and 2) expend a lot of time and money on tax minimisation to acknowledge that tax is a material issue for them. If so, they must use the new standard.
The second question is how investors will feel about the lower financial returns that must logically follow if companies start paying more tax.
(Image: Paris protest against Apples tax policy, February 2018. By Charles Platiau/Reuters) 

Read More Has integrated reporting (and the IR framework) had its day?

Dec 29, 2019 | Opinion | 0

It’s been a while since I wrote this blog. While I’ve been away from it, I’ve had a growing sense that the community I work within (finance journalism and corporate communications) suspects that integrated reporting, and the integrated reporting framework, has had its day.
Is integrated reporting, as a standalone framework, surplus to todays needs?
The UK’s strategic report, for example, fulfils many of the forward-looking and long-term horizon expectations of integrated reporting. It also requires companies to report on the impact their activities might have on non-shareholders. For UK corporate reporters, at least, the strategic report supersedes the integrated report.
THIS POSTS KEY POINTS
One of the original aims of the International Integrated Reporting Council (IIRC) framework was to unify the different kinds of non-traditional reporting
But the world of non-traditional corporate reporting still falls neatly into two camps (the worlds impact on the company; and the companys impact on the world)
Whats the role of the IIRCs framework in this insistently divided world of non-traditional corporate reporting?
(Image: The IIRCs framework is based on an idiosyncratic, six-legged concept of corporate value that is often depicted via an octopus-like illustration. graphics.pixar.com.) 

Read More Bob Laux on why tech firms ignore soft capitals – and other US issues

Apr 25, 2017 | News | 0

In January 2017 Bob Laux, formerly Microsofts senior director of financial accounting and reporting, joined the International Integrated Reporting Council (IIRC) as its North American advocate for integrated reporting. The IIRC wants him to focus on the US in particular.
Laux (pictured) has a tough job ahead of him, in a country whose financial reporting regime is more rules-based than in other jurisdictions, and whose president is hardly known for taking an interest in corporate social and environmental responsibility.
And where not even the companies with the greatest ability to be excellent reporters on the IIRCs six capitals – technology firms – seem interested.
Here Laux answers a series of questions about the reporting landscape in the United States.
Question: How do US corporate reporters see integrated reporting?

Read More Novo Nordisk 2016 report: tax, connectivity are the weak points

Mar 4, 2017 | Reviews | 0

Why is Danish drug maker Novo Nordisk considered such a stand out when it comes to integrated reporting?
The company released its annual report for 2016 in early February. It’s called an annual report, but the statement by the board of directors (p107) says it was prepared in accordance with the International Integrated Reporting framework.
The report consists of letters from the chairman, the past and present chief executives, a comprehensive and interesting discussion about performance and the operating environment, followed by  financial, social and environmental statements.
The company is considered an early adopter of the integrated thinking that underlies integrated reporting, and its annual reports are regularly cited by commentators as exemplars of good integrated reports. What does it get so right? But also, what does it get wrong?
Novo Nordisk makes 80 per cent of its revenue from diabetes treatments. The remainder is split between treatments for obesity, haemophilia and growth disorders.
Two things hit you immediately about the report. First, Novo Nordisk’s solemn reminder to investors that they need to pay attention to 2016s bad news, and to the consequent risks.

Read More IIRC to hold integrated reporting focus groups

Mar 3, 2017 | News | 0

If you live in one of the following ten countries, and you feel strongly about improving corporate reporting, put your hand up to join one of the IIRCs integrated reporting focus groups.
The International Integrated Reporting Council has launched a campaign to check the state of play in integrated reporting. You can provide feedback via a dedicated website, or via focus groups.The IIRC will hold thefocus groups in:Australia, India, Italy, Japan, the Netherlands, Malaysia, Singapore, Spain, the UK and the United States. It says other locations may be announced in due course.
Youll need to contact the IIRC to join a focus group. Contact details are on the dedicated web page.
The deadline for comments is April 30, 2017.
Its important that individuals who actually put corporate reports together go along to the meetings, or provide feedback via the website.
We too often hear advocacy groups just talking to each other when it comes to big initiatives like corporate reporting reform. But the aggregation of second-hand data, which is what the international corporate reform community does so well, can smother the vividness of lived experience.
(Image by Pixabay.)

Read More Complex thinking vs short-termism: Krzus and MacMaster on strategy design

Jan 8, 2017 | Opinion | 0

How to solve a complex problem? Where to start? How to stay focused but still manage to incorporate stray, important pieces of information?
Complex thinking specialist Jane MacMasters list of 20 questions might help.
In late 2016 I participated in a mini roundtable with two people who have a lot to contribute to the subject of strategy design.
Mike Krzus is a senior adviser specialising in integrated reporting with BrownFlynn corporate sustainability and governance consultants, which is based in Cleveland, Ohio. He was one of the early influences on integrated reporting in the run-up to the IIRCs framework.
Australia-based MacMaster (pictured) comes from a different background. She has worked in aeronautical engineering, in management consulting and as a strategist in Australia’s peak policy-setting government department, the Department of the Prime Minister and Cabinet.
This articles key points:
Strategy consultant Jane MacMaster has devised a list of questions which prompt coherent planning for people grappling with a complex challenge
She uses the list as a tool in her workshops to help bureaucrats create better public policy
Integrated reporting consultant Mike Krzus has adapted the 20 questions for use in his work with companies
The 20 questions foster focus and rigour in any kind of strategic planning

Read More Climate-related financial disclosure: how big a deal is this?

Jan 7, 2017 | News | 0

If the Task Force on Climate-Related Financial Disclosures recommendations ever become widely adopted, investors will no longer be able to claim they are uninformed about companies climate-related risks –risks that include being caught on the wrong side of the worlds transition to a lower greenhouse gas economy.
In other words, therecommendations, published on December 14, 2016, truly have the potential to speed the worlds passage away from the fossil fuels that have powered global industry for more than two centuries.
The task force was set up at the end of 2015 by an organisation called the Financial Stability Board, which promotes global financial stability and is headed by the Governor of the Bank of England, Mark Carney.
Chairedby former mayor of New York and founder and majority owner of Bloomberg L.P. Michael Bloomberg (pictured), the task force was asked to come up with a solution to a glaring information gap: not enough public information about the climate challenges facing listed companies.
THIS POSTS KEY POINTS
The task force recommends that companies clearly disclose the risks their businesses may face now and in the future as a result of climate change
The task force recommends that these risks be spelled out in mainstream financial filings such as in documents sent to the US Securities and Exchange Commission (SEC)
Disclosure will probably be in narrative form, and not necessarily as part of a companys financial statements
This is the first draft of the task forces recommendations
The task force is calling for submissions by mid-February

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THE CORPORATE BOX BLOG:GET A BETTER VIEW OF CORPORATE REPORTING

We’re at a transformative moment in the history of the corporation. Traditional accounting can’t fully account for corporate value in a world dominated by intangible assets. Shareholder value is no longer a simple matter of shareholder primacy. Numerous reporting methods have arisen to communicate what’s going on inside the corporate box. This blog tracks them all, but with a particular focus on integrated reporting.

Read more

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