The Board of the International Integrated Reporting Council (IIRC) today announces that Paul Druckman, Chief Executive Officer (CEO), will step down during 2016.
Paul has agreed with the Board a process to ensure a smooth transition during the year, and is flexible about the timing of his departure. Paul will continue to lead the IIRC on its ambitious programme for 2016, for example through his membership of the B20 SME Development Task Force and leading representations to the Financial Stability Board Task Force on Climate-Related Disclosures.
The Board has discussed options with Paul for his continued involvement in the Council to leverage his passion, knowledge and commitment to the goals of integrated thinking and reporting.
Paul has served as CEO for almost five years. During this time he has overseen the development of the International Integrated Reporting Framework, released in December 2013, and masterminded the global awareness-raising and adoption of Integrated Reporting in over 25 countries.
Commenting on Paul Druckman’s decision to stand down, Chairman of the IIRC Board, Barry Melancon, said:
“On behalf of the Board, I would like to thank Paul for his inspirational service as IIRC Chief Executive. Few can doubt the personal contribution he has made in advocating better quality corporate reporting and advancing <IR> as part of the solution to today’s capital market challenges. There cannot be a business, institutional investor or accounting professional in the world that takes corporate reporting seriously that is not aware of <IR> and its potential contribution to financial stability and sustainable development. This achievement is a tremendous tribute to all those involved in the IIRC’s work during Paul’s leadership, but most especially to Paul’s uniquely effective dynamism in making it happen.
“On a personal note, it has been my pleasure to work with Paul in my first period as IIRC Board Chairman and previously as a Council member, and in that time I have witnessed his strong purpose and dedication to the public interest. Paul’s commitment to an orderly transition will ensure the IIRC doesn’t miss a beat in this critical year. He will leave his position with the Board’s thanks and appreciation for his outstanding leadership”.
Professor Mervyn King SC, Chairman of the IIRC Council, said:
“When we established an organization to create the International <IR> Framework and lead the promotion and implementation of <IR> globally, I knew Paul was the right person for the job. He is a force of nature, and has driven the IIRC with passion, energy and intelligence for almost five years. Without Paul, <IR> would not be where it is today. Having established a permanent organization with a dedicated and talented staff, and created the conditions for global adoption, I understand Paul’s desire to hand over the reins as CEO and to follow his public interest and business agendas. We hope that we will continue to benefit from Paul’s experience and energy in the years ahead, through his continued active support for, and involvement in, our movement”.
Paul Druckman said:
“Today the IIRC is stronger than it has ever been. It has a focused and committed team, a clear strategic vision and a strong new board under Barry Melancon’s very experienced Chairmanship. This has created the momentum for <IR> to become the corporate reporting norm over the next decade. It has been my immense privilege to lead the IIRC to this point, from creation to breakthrough. We have achieved wide, global recognition and acceptance of our concept – that traditional financials are one part of a multi-capitals framework and that none of them can be managed in isolation.
“It feels like the right time to step down as Chief Executive: the organization is now well established and ready for what we call the normalization phase of its development.
“I would like to pay a personal tribute to the Board, Council, Working Group, task forces and networks of the IIRC, and especially to the dedicated people who work in their own time to enhance our work globally. I owe a special debt to Mervyn King, who has provided such inspirational leadership to our movement, and counsel to me. Mervyn will always be known for creating a new paradigm through which business, society and capital markets co-exist for the benefit of all.
“Finally, I have been splendidly served by a truly talented staff team and I am grateful for their hard work, loyalty and achievement over this time. My successor will be fortunate to inherit such a strong team.”
Paul Druckman’s decision to step down was accepted by the IIRC Board on 12 February 2016. A further announcement will be made when the Board has appointed Paul’s successor as Chief Executive Officer.