Paul Druckman takes <IR> message to APEC economy business leaders

Integrated Reporting could be a major accelerator of long term investment in infrastructure and strategically important economic sectors, according to a presentation delivered by IIRC Chief Executive, Paul Druckman, this month to APEC business leaders in Manila, Philippines.

Mr Druckman was invited to speak to the APEC Business Advisory Council (ABAC) Finance and Economics Working Group (FEWG).  Several of the business leaders’ recommendations to Governments across the APEC region in 2012 are aligned to issues such as promoting financial stability and better quality financial information, which are at the heart of what <IR> seeks to achieve.

Speaking after the meeting, Paul Druckman said, “APEC economies are among the most vibrant and dynamic in the world and the potential for continued economic expansion in the coming decades, particularly in the Asia Pacific region, is considerable”.  He added, “Yet APEC economies are not without their challenges, particularly the growing need to attract long-term investment in strategically important sectors including infrastructure and energy.  It is in the spirit of offering solutions to these challenges that I was honoured to present to business leaders from across APEC’s economies”.
The meeting has been seen as a huge success and has spurred further interest in <IR> in the region.  In fact, ABAC member John Denton, Partner and CEO of Corrs Chambers Westgarth, said, “The ABAC Finance and Economics Working Group invited Paul to provide additional briefing on the framework at its next meeting in Singapore”.

There are 21 countries in APEC, including the world’s three largest economies – the USA, China and Japan.The IIRC has made its intentions clear that throughout 2013 it aims to continue to build on 2012 successes of stepping up engagement in this region. It has stated its aim of spreading the benefits of <IR> in terms of promoting financial stability and building resilience into the economies within APEC.

Out of the 83 members of the IIRC Pilot Programme Business Network, 22 are from the APEC countries representing nine of APEC’s 21 member economies, these include National Australia Bank, Rosneft, Coca-Cola and Takeda Pharmaceuticals. The IIRC also have staff members in Australia, Korea, Japan and the US.

Notes to editors:

• The IIRC’s mission is to create the globally accepted International <IR> Framework that elicits from businesses information about their strategy, governance, performance and prospects in a clear, concise and comparable format. The International <IR> Framework will underpin and accelerate the evolution of corporate reporting, reflecting developments in financial, governance, social and sustainability reporting.

• Our vision is for <IR> to be accepted globally as the corporate reporting norm, benefiting businesses, their investors and other stakeholders by enabling informed decision-making that leads to efficient capital allocation and the creation and preservation of value. By encouraging a different way of thinking, <IR> will contribute towards the advancement of a more resilient global economy.

The Framework will accelerate the global evolution of corporate reporting because organisations will be able to:

o    Share information across departments, contributing to the report – adding strategic focus
and creating value for the organisation

o    Embed the Framework within the company’s own strategy

For more detailed information about the IIRC’s activities, please consult the website:https://integratedreporting.ifrs.org.

Contact Kate Turner on the Communications team at: [email protected]