An overview of integrated reporting for Chartered Secretaries and Chartered Governance Professionals
The benefits to an organisation that embarks on the journey to prepare an integrated report cannot be overstated. In the beginning, it can be a long journey as it requires a holistic approach, bringing together contributions from all aspects of an organisation to provide a clear understanding of its overall strategy, governance, performance and prospects.
For those preparing the integrated report, judgment is essential. Every organisation is different and employs the capitals in different ways. There needs to be an understanding of what is material to value creation, and what is not; how to disclose the necessary information, and to what extent. Preparation will reveal much and will no doubt uncover metrics and key performance indicators that had not been as clear in the past. It is all part of the journey.
Chartered Secretaries and Chartered Governance Professionals have much to offer in establishing integrated reporting and integrated thinking into the governance framework of an organisation. Transparency goes to the heart of good governance, and as governance professionals, we have the skills and experience to advise organisations on reporting frameworks that best meet the needs of both preparers and users. There is an opportunity here that will benefit the organisation, its stakeholders and the profession.
- Integrated reporting promotes a cohesive and efficient approach to corporate reporting. It can improve the quality of information available to providers of financial capital to enable a more efficient and productive allocation of capital.
- An integrated report aims to tell the organisation’s value creation ‘story’ in a more holistic and comprehensive way than an annual report, with its focus largely on historical financial data.
- An essential element in the successful implementation of integrated reporting is the establishment of a strong and committed project team, reporting to a board sponsor or sub‑committee.
- Chartered Secretaries and Chartered Governance Professionals are an important link between the board and the organisation. They can be used effectively to bring the board and the integrated reporting project team together as part of the team.
- Transparency goes to the heart of good governance, and as governance professionals, we have the skills and experience to advise organisations on reporting frameworks that best meet the needs of both preparers and users.
Tim Sheehy, Director General of The Chartered Governance Institute, provides a summary of the key insights that are explored in ‘An overview of integrated reporting for Chartered Secretaries and Chartered Governance Professionals’.
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