DBS takes its first steps on the road to Integrated Reporting
With our 2012 Annual Report, DBS bank took its first step towards Integrated Reporting. At the same time we became the first Singaporean company to become a participant of the IIRC Pilot Programme.
We joined the Pilot Programme because the concept of <IR> fits well with how we already define our strategic priorities. <IR> enables us to better communicate how we are executing against our strategy and in doing so create value for our key stakeholder groups. In pursuing <IR> it is important to start with our internal processes and let the external reporting be the product of how we manage and measure ourselves internally. <IR> comprehensively challenges companies to become more transparent and succinct in their disclosures and hence naturally brings up a lot of issues around appropriateness of disclosure. The Pilot Programme is a forum where we can discuss such issues with peers. This is helpful for exploring many things, including the relevant level of disclosure. Being part of the Pilot Programme early means we can influence the future reporting in this area. <IR> has to be judged by its merits and the time may not be right for all companies to adopt such external reporting. However, the thought process that is required in terms of how companies create short and long term value seems would be useful to many companies. A word of caution – it is not easy and don’t look for a boiler plate solution. Focus on what is relevant to your company and avoid clutter.
As a new Pilot Programme participant I was delighted to join the IIRC’s CEO Paul Druckman at the APEC Business Advisory Council meeting in Singapore in April. Paul presented the practical case for Integrated Reporting and encouraged the business leaders from the 21 APEC member economies to recognise the substantial benefits of Integrated Reporting in terms of encouraging more resilient business practice, trade and financial stability. I presented DBS’ reasons for becoming a participant of the pilot programme and some of the issues we have encountered when preparing our 2012 Annual Report. This added a practical perspective. This work will feed directly into the finance ministries of these economies and help to accelerate the evolution in reporting that will benefit business, investors and the broader economy.
DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. The bank’s strong capital position, as well as “AA-” and “Aa1” credit ratings that are among the highest in the Asia-Pacific region, earned it Global Finance’s “Safest Bank in Asia” accolade for five consecutive years, from 2009 to 2013.