<IR> in Zambia

The President of the Institute of Directors Zambia, Sherry Thole, has said “Integrated reporting will challenge organisations to critically think about their reporting mechanisms and explain their decisions to stakeholders.”* Zambia is in the process of reviewing the role corporate governance plays in attracting investment, especially in areas such as transparency, accountability and corporate behaviour. <IR> can play an important role in this move towards better governance, as it brings better insight to an organisations’ risks, strategy and long-term viability.

IIRC Chairman, Professor Mervyn King, was in Zambia in February to discuss the development of good corporate reporting and governance in the country. Over 100 participants from 40 companies attended the session to discuss how <IR> focuses a company on all of the resources they use and affect, leading to better decision making and integrated thinking.

The CEO of the Zambia Institute of Chartered Accountants (ZICA), Mr. Hapenga Kabeta said, “For us at ZICA, promoting internationally comparable practice standards in Zambia is one of our core functions. It is thus an exciting moment to pioneer Integrated Reporting into the mainstream corporate reporting as it affords organisations an opportunity to concisely disseminate information on their strategy, governance, performance and prospects in the context of the external environment. Integrated Reporting anchors the reporting process in a more meaningful expression of how value is created which is helpful in providing transparency in an organisation and attracting investments. We believe Integrated Reporting is a paradigm shift that is guiding organisations on a new agenda for building value in the short and medium term as well as creating long-term stability and sustainable success.”

Ian Jameson, Region Lead, Africa, will be in Zambia next month to speak on strategic leadership and Integrated Reporting at a workshop as part of the ZICA AGM.

Ian Jameson said, “I am delighted that key figures in Zambia see Integrated Reporting as an opportunity as they work to enhance corporate governance. Companies already embarking on <IR> have reported wide ranging benefits, such as enhanced engagement with investors, and I believe Zambian businesses will gain in a similar way.”

*As reported in the Zambia Daily Mail, 17 February 2015