Thursday Dec 12, 2024
Thursday Dec 12, 2024
Tuesday, 25 February 2020 01:27 - - {{hitsCtrl.values.hits}}
The International Integrated Reporting Council (IIRC) last week began the process of refreshing the International Integrated Reporting (IR) Framework, and calling for market feedback on specific themes that will inform the nature and direction of the revision.
Coinciding with the IIRC's 10th anniversary in 2020, the revision will respond to an evolving market context and further embed integrated reporting and thinking into mainstream business practice.
This revision is the first since the IR Framework was published in December 2013. The corporate reporting system has progressed considerably since then, with businesses around the world acknowledging the increased importance of a range of capitals beyond purely financial.
Organisations are also adapting and responding to global megatrends, such as the Sustainable Development Goals and climate change, a growing focus on stewardship and corporate governance, and inclusive capitalism.
Within this context, integrated reporting has solidified its role in changing the way companies think, plan and communicate their value creation on a multi-capital basis.
Company boards are adopting the principles of integrated reporting to manage risks, opportunities and outcomes, and to report to investors and other stakeholders on their strategy, governance, performance and prospects for long term success. The focus of the revision is to emphasise how organisations can use the IR Framework even more effectively.
Embracing an evolving context and ensuring we are market led is at the heart of the IIRC’s decision to refresh the IR Framework and firmly entrench the relevance of integrated reporting in a rapidly changing corporate landscape.
The IIRC has identified key themes around which it invites feedback, outlined in three topic papers – covering business model considerations, responsibility for an integrated report, and charting a path forward. Each topic paper separately invites market feedback via an online survey, to cater to respondents’ areas of interest, knowledge and experience.
Views can be shared here [www.integratedreporting.org/2020revision] between Thursday 20 February and Friday 20 March. Input on the topic papers will inform the proposals in a planned May 2020 Consultation Draft of the IR Framework.
IIRC Chief Technical Officer Lisa French said, “Over the last seven years, the IIRC has learned a great deal from the application of the IR Framework by around 2,000 businesses in over 70 countries. While the feedback is clear that the IR Framework is a robust tool that has stood the test of time, our IR Business Network participants and others in the corporate reporting system have been clear about where they believe minor modifications and clarifications will enhance the effectiveness of the IR Framework.”
“Our three topic papers are central to how the IR Framework, and perhaps the IIRC’s broader agenda, should evolve. With this in mind, we are keen to hear from you now, so that the consultation draft we release in May 2020 reflects your experiences and meets your demands,” she added.
