'Walk jog run sprint BOLT’

With the 2012 Pilot Programme conference in Amsterdam just behind us, the buzz generated by over 170 representatives from the Pilot Programme business and investor networks, the IIRC Board and Working Group and other collaborators, is growing.

Over the two days of the conference, delegates pushed forward the corporate reporting evolution as they debated the latest draft Prototype of the International <IR> framework, shared experiences and case studies from their innovations and discussed the roadmap for <IR> on the global stage with accounting, investor and capital market experts.  As one delegate pointed out though, it was often in the breaks and at the Hermitage Museum in the evening of the first day that the real work was done – as ideas were exchanged between Chiefs of Investor Relations, Financial Controllers, Heads of Sustainability and Investment portfolio managers. Tip for next year – we need longer coffee breaks!

For me there are three phrases that particularly caught my imagination at the conference and capture the essence of the IIRC Pilot Programme. The first was quoted by Ian Ball, CEO of the International Federation of Accountants. He was discussing how standard setters and regulators were watching the call from businesses and investors for <IR> and behind him was the slightly unlikely figure of Usain Bolt looming on the screens.  ‘Walk jog run sprint BOLT’.  Perfect. The momentum we’ve seen as we have grown to over 80 organisations in the business network, 25 in the investor network and many outside of the Pilot Programme pushing the boundaries of corporate reporting – I’d say puts us very much past the first stages. To my mind we’re at the ‘run’.

The second key phrase for me came from Yvo de Boer, former Executive Secretary of the UN Framework convention on Climate Change, as he dramatically let a poster drop to the floor with the word ‘Sustainability’ written on it. Indeed, the ‘S’ word has become a complex mix of different interpretations. He told the audience very simply how today’s non-financials will be tomorrow’s financials.   It was a theme echoed in the closing statement of Peter Bakker, President World Business Council for Sustainable Development and deputy Chair of the IIRC.  With over half of the business network represented by a financial professional at the conference it is a message that many are acting on.

Lelanie Sherman, Financial Reporting General Manager at South Africa’s Eskom’s gave me my third key phrase as she shared Eskom’s experiences in the second year of <IR>. She said –‘Keep it simple; Start somewhere.’   If I remember correctly, this is just what Livy recalled as the Romans stood defending their city all those years ago: ‘Periculum in Mora’ ([act now] because there is danger in delay!).  Lelanie was one of a number of business network representatives who shared case studies across the two days. I am thrilled that so many of the Pilot Programme businesses have taken on the challenge of <IR> instinctively, and participants were offered the chance to convey their stories and case studies in the Pilot Programme 2012 Yearbook.

Over 35 businesses and a number of investors contributed insights on ‘Getting Started’ and the five technical topic areas currently being worked on (Reporting the business model; Value; Capitals; Connectivity and Materiality).  The Yearbook is in a really easy to read ‘flipbook’ form and I hope will be a rich source of practical information for those looking to prepare integrated reports.  For me it also begins to capture some of the tangible business benefits that organisations embarking on <IR>, are experiencing.
I am really grateful to the Pilot Programme members who took time out to contribute their insights to the Yearbook and to Trucost and Black Sun for bringing the stories to life.  Sincere thanks to KPMG (and my personal apology to Matt Chapman for the grey hairs we’ve undoubtedly left him with) who superbly hosted the conference where all this came together.

So the question, I suppose is where does this buzz take us…… well, certainly from ‘run’ to ‘sprint’ and then who knows?