ISO standard complements <IR> Framework

“Through promoting integrated thinking, ISO 26000 and the International <IR> Framework support companies in understanding and enhancing the value they create for society and for financial investors. In addition, both encourage organisations to communicate how they plan to deliver value over the short, medium and longer term.” This was the headline statement from a publication by the International Organization for Standardization, which considers how ISO 26000 and the International <IR> Framework together can support organisations.

The publication states, “Whereas the IIRC provides an overarching framework to support integrated thinking and reporting, ISO 26000 provides detailed guidance on how the thinking aspect, in particular, can develop within an organisation. Those looking to start their journey would be advised to consider using ISO 26000 as a complement to the International <IR> Framework.”

Published in 2010, International Standard ISO 26000 gives guidance on social responsibility and is intended for use by organisations of all types and sizes, in all spheres, in order to assist them in their efforts to operate in the socially responsible manner that society increasingly demands.

This publication will help businesses trying to navigate between the different standards and frameworks available. Paul Druckman, CEO, IIRC commented, “We commend ISO on producing this document, bringing clarity to businesses using both our frameworks in order to communicate effectively. There are many standards and frameworks available to businesses, but not enough information on how they can all fit together. We thoroughly agree with ISO’s conclusions, and social responsibility is very much a part of the connection between <IR> and ISO.”

He continued, “ISO is an important participant of the Corporate Reporting Dialogue (CRD), an initiative introduced by the IIRC in order to promote greater coherence, consistency and comparability between corporate reporting frameworks. In the coming months the CRD will be publishing a landscape map which will provide a snapshot of how corporate reporting initiatives, including ISO 26000, align.”