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IIRC INTEGRATED REPORT 2017 / Progress through dialogue: developing the Corporate Reporting Dialogue

Progress through dialogue: developing the Corporate Reporting Dialogue

Strategic theme 4:

Progress through dialogue: developing the Corporate Reporting Dialogue

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Activities/outputs

Meetings

We convened three meetings of the Corporate Reporting Dialogue in 2017. A particular focus has been ongoing efforts to upscale the work of the Dialogue by establishing a joint, independently funded project to align the different frameworks and metrics in the context of how they relate to the Financial Stability Board Task Force on Climate-related Financial Disclosure (FSB TCFD), to better communicate this and the wider progress of the Dialogue to the market, and to enhance the capacity of the Dialogue by contributing funding towards the cost of participation for the different organizations, including the IIRC. We expect to confirm funding for this project in 2018.

Outputs

The Dialogue issued a response to the FSB TCFD recommendations, which included a specific call for integrated risk management – a very good sign of close cooperation between the different frameworks on a key issue.

Other engagement

The IIRC presented to the IFRS Trustees, and renewed MoUs with IFRS Foundation (IASB) and also CDP. We were also appointed to the advisory group of the (now launched) Social and Human Capital Protocol.

Performance indicators

IASB

There was clear endorsement from Hans Hoogervorst, IASB Chair, at our New York Council meeting, who said that through integrated reporting organizations can, “address more clearly resources that are not included in financial statements. The increasing awareness that environmental and societal restrictions have an impact on long-term value creation is also clear”.

We helped lead sessions at the Global IFRS Conference and at the Accountancy Europe Conference, which both demonstrated that integrated reporting is at the heart of international debates about the future of the corporate reporting system.

IASB’s new thinking on the concept of materiality is partly based on our joint work in the Corporate Reporting Dialogue. Furthermore, IASB are preparing a revision to the Management Commentary Practice Statement in the light of global developments in corporate reporting, including integrated reporting – a significant development which will help build a bridge from financial reporting to integrated reporting.

Going forward

Going forward our KPIs will include the score from IIRC stakeholder survey questions below:

  • To what extent do you agree that integrated reporting promotes a more connected and efficient approach to corporate reporting?
  • To what extent do you agree that integrated reporting is an ‘umbrella’ for corporate reporting, providing the context and linkages for other forms of reporting?
  • How connected do you think the current elements of corporate reporting are today?
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