Ayala Corporation, one of the largest and oldest business groups in the Philippines, has just released its first Integrated Report. Integrated Reporting was included in the Philippines Corporate Governance Code which came into force on 1 January 2017 and is expected to encourage increasing number of companies to use the International <IR> Framework.
The early adoption of Integrated Reporting by Ayala Corporation is an important signal to other companies in the region that Integrated Reporting is the future for communicating a broader story of value creation. Integrated Reporting is taking hold in Asia, with large numbers of companies adopting it as a means of enhancing their corporate governance in countries such as Japan, China, Malaysia, Singapore and now the Philippines.
“At Ayala, we are adopting the Integrated Reporting Framework in our annual report – a first in the Philippines. Developed by the International Integrated Reporting Council, the <IR> Framework has enabled the group to elevate our standards of accountability and stewardship. Integrated Reporting will allow us to better communicate our value creation through both our financial stability and sustainable development goals.” Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala.