Pricewaterhouse Coopers (PwC)

Pricewaterhouse Coopers (PwC)

Global, Professional Services

About Pricewaterhouse Coopers (PwC)

PwC is a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services.  The PwC UK group includes member firms in the UK, Channel Islands and the Middle East.

What PwC says about its journey towards <IR>

At PwC we have for some time now been working on more holistic reporting models. In 1999, we introduced the Value Reporting Framework which became a spark for the debate that has evolved to the concept of Integrated Reporting. The drivers behind Integrated Reporting continue to align with our own long-term vision for thriving and self-sustaining economies.

We’re working on how we can provide our stakeholders with more holistic, relevant information.  We are making sure that we articulate our approach to our own sustainability for the long term, and how we contribute to a sustainable economy.  For a number of years this has been through a separate Corporate Sustainability Annual Update.  In this update last year we reported on our campaigns relating to five megatrends that are shaping the world around us, we described our business model, and the key inputs to our business; and, following the launch of our Total Impact Measurement and Management methodology (2013), we reported on our ‘total impact’, monetising our contribution to the economy, treasury, society and the environment, and comparing it to the previous year. While it is early days in the monetisation of these factors, we have seen this model and the information it gives us to manage our business, refine over the two years that we have performed it.

The 2015 annual report will make a big jump to being integrated as we will be releasing our core financial information together with the more detailed sustainability information at the same time (September 2015). It’s not an integrated report yet but we’re building in that direction.  Another significant change this year is that we will be completely digital and instead of a print report, we’re going to tell the story of our year through videos, animations and graphics.

Implementing Integrated Reporting: PwC’s practical guide to a new business language  Discussions at the 2014 Pilot Programme conference network we hosted with the IIRC confirmed the need for a really practical guide. So, we involved PwC’s global network and have tried to capture all the lessons learnt from clients in different countries and at different stages of reporting maturity. Inside the guide, you’ll find:

  • practical steps based on the foundations of materiality, value creation and impact evaluation
  • an innovative new tool – the integrated dashboard, explained in greater detail
  • a concise business case citing recent research on the benefits of more holistic reporting
  • disclosure examples from global companies.

 

Inspiring trust through insight  Today’s assurance model doesn’t always fit with new reporting approaches for less mature, non-financial information. We’re looking at innovative ways to help build trust in organisations’ reporting as it evolves.