For Vancity, integrated reporting was a natural progression given its vision, co-operative nature, and its integrated business strategy and organizational scorecard. Its reporting practices are driven by the board of directors who view accountability and transparency as key elements of good governance and values-based banking.
Vancity believes an integrated approach to management and reporting simply means a better run business. Management and employees take a broader and longer-term view to making decisions and have a deeper understanding of the external context in which they operate, including the views of multiple stakeholders. Such an approach, can lead to the early identification of emerging risks and highlight opportunities for strategic differentiation.
Vancity has been measuring and reporting on its social and environmental performance since 1997. It first considered producing an integrated report in 2005, when it began work to strengthen the linkages between reporting, strategic planning, performance reporting and risk management and to align financial and accountability reporting processes. Vancity transitioned to integrated reporting in 2010.
In 2011, Vancity was the first Canadian organization to join the IIRC’s Pilot Program. The 2016 Annual Report was Vancity’s seventh integrated report and its first that officially followed the International <IR>Framework.
Vancity is a values-based financial co-operative serving the needs of its more than 543,000 member-owners and their communities, with offices and 60 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $28.2 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.