The International Integrated Reporting Council (IIRC) has today [7 May 2020] published its 2019 Integrated Report ‘Building Consensus Towards a Global System’.
The report reiterates the IIRC’s firm commitment to advance a globally accepted and comprehensive corporate reporting system – a system that enhances trust and enables meaningful measurement and disclosure of the value of business to investors and stakeholders representing the economy, society and the environment. The report articulates how the IIRC has, and will continue, to work with partners to move this forward.
With business resilience tested more than ever before due to COVID19, the report sets out the IIRC’s commitment to support businesses using integrated thinking and reporting to navigate these testing and uncertain times, which is bringing to the fore the importance of a multi-capital mindset and, in particular, consideration of human and manufactured capitals.
During 2019, the IIRC saw continued growth in the adoption of integrated reporting, with the concept of integrated thinking articulated and evolved further through the work of its Integrated Thinking and Strategy Group.
The IIRC also worked closely with its partners in the Corporate Reporting Dialogue to deliver the Better Alignment Project Report on the alignment of climate-related disclosure.
The Corporate Reporting Dialogue remains an important vehicle for driving convergence of the corporate reporting system and the IIRC worked closely with its participants, as well as with key stakeholders from across the reporting landscape, to push forward a vision for a comprehensive corporate reporting system.
Commenting on the publication of the report, IIRC CEO Charles Tilley said, “Through dialogue, debate and collaboration through the IIRC Council, which brings together key stakeholders in the corporate reporting landscape globally, and the <IR> Business Network which spans 29 countries, we are committed to forging a reporting system that supports financial stability and sustainable development.
“Our mission is even more urgent today than when the IIRC was established a decade ago, with the pressing need to achieve the Sustainable Development Goals, meet the challenges foisted on us all by COVID19, and address the real risks posed by climate change.
“We understand that the world cannot wait for a robust, effective, comprehensive reporting system. In 2019, we laid the groundwork towards building consensus and this year we are committed to real action, with our partners, to ensure an effective reporting system is delivered as soon as possible.”
The report has been assured by the IIRC’s auditors, stating that, “nothing has come to our attention that causes us to believe that the Integrated Report for the year end 31 December 2019 is not prepared, in all material respects, in accordance with the International <IR> Framework.”
The report, which was prepared in partnership with Smart Media The Annual Report Company, is published in various formats to ensure the IIRC is communicating effectively with its stakeholders including, as has been the regular practice, via a comprehensive end-to-end online HTML annual report, a video summary and through a standard PDF.
Commenting, Vijith Kannangara, Chairman, Smart Media said: “Today, it is more critical than ever for organizations to be transparent and responsive – communicating how their strategy is working for them or how they are working to change it to remain effective in light of their operating environment. Publishing an online HTML integrated report is no longer a game changer but a necessity as we move into the next normal.”