Integrated Reporting: 2014 in reflection

2014 was a busy and fruitful year in Singapore’s Integrated Reporting journey, with efforts by ISCA and supporters to further raise awareness and promote the importance and necessity of <IR> to the future of corporate reporting.

Organisations exist for a variety of reasons, among which is to carry out an important mission of creating value. The beneficiaries of value creation could be capital providers, employees, suppliers, customers and even the society at large. ISCA encourages organisations to share their value creation story through enhanced corporate reporting that promotes efficient allocation of scarce resources, leading to wealth creation for the nation and ultimately, improve quality of lives. <IR> is an important strategic tool for this mission.

I am proud to say that Singapore is at the forefront of <IR> developments in the Asia Pacific region, with DBS, a top 10 listed company on the Singapore Exchange, leading the pack by being the first company in Southeast Asia to adopt <IR>. Also, Ms Chng Sok Hui, Group CFO of DBS, is Singapore’s representative on the International Integrated Reporting Council (IIRC). She provides a Singapore perspective on the international development of <IR>.

ISCA, with the formation of the <IR> Steering Committee – the first of its kind in this region, is showing its dedication towards the promotion of <IR> in Singapore. This committee brings government agencies together with senior practitioners, investors, leading corporates and academia to lead and influence the continued development of the International <IR> Framework.

The committee members are committed to our mandate, and together with our partners in ISCA and other supporting organisations, we have achieved many milestones in 2014. One example is the ISCA-National University of Singapore joint study to examine the current state of play of <IR> in Singapore covering the level of awareness and understanding. This study establishes a foundation for the formulation of policy decisions and to enhance corporate reporting in Singapore.

There are many more examples of milestones and collaborations that can be found within the pages of our inaugural year book ‘<IR>: 2014 in Reflection‘. I thought we needed to put on record the good work done in the area of corporate reporting and the development of in <IR> Singapore. I would like to express my gratitude to the many partners and contributors who have made our <IR> journey a fruitful one as well as the activities featured in the year book possible.