To coincide with the launch of World Intellectual Capital/Asset Initiative’s (WICI) framework the IIRC has signed a joint statement of collaboration with WICI. The statement sets out how WICI and the IIRC advocate for the evolution of the management and reporting of an organization’s value creation story, with a distinctive focus on intellectual and associated capitals.
WICI and the IIRC will continue a collaboration that started in June 2013 on the basis that reporting on intellectual and other associated capitals forms an essential component of Integrated Reporting and the value creation processes of organizations, while both recognizing their complementary roles. WICI and the IIRC are working together to ensure more meaningful corporate reporting in relation to these capitals. We believe that the outcome of this will be to encourage corporate behaviours and capital allocation to be more aligned to wider goals of financial stability and sustainable development.
WICI’s framework, which has been released following an international public consultation throughout 2016, will be useful to organizations that are working towards Integrated Reporting. The framework aims to help organizations better reflect many of today’s business models, where value is generated through knowledge, technology, patents and know-how. This is in addition to an organization’s strategy, procedures, governance, quality of human capital, brand and reputation, and its relationships with customers and business partners. WICI’s framework is intended to support organizations who wish to report and communicate on how they utilize intangibles for their value creation processes, thus addressing a ‘corporate reporting gap’.