Integrated Reporting Impacts After a Decade
Through examining the evolution of integrated reporting over the past decade, Dr. John Dumay delves into changes, feedback, and future impacts on the Framework. Level I and II integrated reports from 2012-2019 are analyzed, alongside missed opportunities and competition in key markets. The discussion extends to product innovation, EU Directive influence, and competing frameworks uptake.
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Integrated reporting and change? The impacts after a decade of integrated reporting DR JOHN DUMAY, ASSOCIATE PROFESSOR OF ACCOUNTING & FINANCE 14/09/2020
Product Innovation? International <IR> Draft Framework released in 2011 Based on a periodic report Reporting is an old Accounting technology International <IR> Framework adopted in 2013 Mainly adopted the draft framework Feedback sought from The market 2017 No changes to the framework Feedback sought to proposed changes from The Market 2020 Some changes will be made but they are a light touch Investors did not make any significant input on the proposed changes Changes appear more technical than substantial Some discussion of technology but will not be included in the current changes The IIRC is leading the Corporate Reporting Dialogue and participating in the Better Alignment Project What will be the impact on the <IR> Framework in the future?
Level I and II Integrated Reports 2012-2019 900 800 700 600 587 510 500 428 301 400 206 300 90 22 200 285 3 249 240 235 219 196 100 92 53 0 2012 2013 2014 2015 2016 2017 2018 2019 Level I Level II Source: corporateregister.com 14 August, 2020 For comparison the IIRC Foundation (2017) Annual Report discloses that: As at 31 December 2017, the <IR> Examples Database identified 371 examples of emerging best practice and 524 companies in the list of <IR> reporters, with 107 new organizations added in 2017 while corporateregister.com reports 677 reports with 91 added in 2017. Thus, there is a reasonable similarity between the two data sources.
Missed opportunity? EU Directive 2014/95/EU Use of <IRF> versus GRI in Europe 2012-2018 2000 1813 1727 1682 1602 1564 1541 1483 1500 1000 500 204 186 155 110 68 31 18 0 2012 2013 2014 2015 2016 2017 2018 <IRF> GRI Source: Corporateregister.com data as at 15 April 2020, accessed 16 April 2020.
Competition Key markets Competing Frameworks Take Up Australia Operating & Financial Review Corporate Governance Guidelines Low and growing? United Kingdom Strategic Report Low and growing Europe EU Directive Low and growing Japan Corporate Governance Guidelines Medium and stabilising India Global Reporting Initiative Low and growing South Africa Global Reporting Initiative Medium and declining United States 10-K Report Sarbanes Oxley Act 2002 Low and stable? China Global Reporting Initiative Almost non-existant Internationally Global Reporting Initiative UN Sustainable Development Goals IFRS Practice Statement on Management Commentary UN Global Compact Low and growing
Consolidated Accounts Operations of the Integrated Reporting Foundation (Inc. 2017), which is controlled by the IIRC is material from 2018
IIRC Income 2012- 2019 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2012 2013 2014 2015 2016 2017 2018 2019 Network Contributions Council Contributions Grants and other contributions Other Income / Training & Events
International Integrated Reporting Council The Better Alignment Project 776k (2018) 323k (2019) 200k (2017) 200k (2018) International Integrated Reporting Foundation The Fortune Trust Angela Samuel (Mrs Angela Druckman 2017) Coutts & Co Michael Bloomberg Nat Simons & Laura Baxter-Simons
