The Integrated Reporting Movement. Eccles Robert G.

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СКАЧАТЬ Report on Corporate Governance for South Africa 2002,” King Committee on Corporate Governance. pp. 91–92. http://library.ufs.ac.za/dl/userfiles/documents/Information_Resources/KingII%20Final%20doc.pdf, accessed February 2014. As an idea, “sustainability” was gleaned from the way “Our Common Future” (commonly known as the Brundtland Report) defined the term “sustainable development” in 1987 to mean “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” United Nations. “Report of the World Commission on Environment and Development: Our Common Future,” no page numbers in online report, http://www.un-documents.net/wced-ocf.htm, accessed May 2014.

35

Schulschenk, “Interview Summary Report,” p. 10.

36

“National Framework for Sustainable Development,” Sustainability South Africa Website, http://www.sustainabilitysa.org/GlobalResponse/SAGovern mentsresponse/NationalFrameworksandPolicies.aspx, accessed February 2014.

37

“King Report on Corporate Governance for South Africa 2009,” King Committee on Corporate Governance, Introduction and Background, The Need for King III, p. 2, http://www.library.up.ac.za/law/docs/king111report.pdf, accessed January 2014. When the Companies Act was revised in 2008, it fundamentally rewrote South African company law to give legal authority to some of the guidance in King II. In addition to introducing the concept of an Independent Review as a way to audit company financial statements, the Act touched upon issues like appointment of board members to the board of directors, which King III then sought to elaborate upon. For example, the Companies Act acknowledged the importance of appointing a board for company governance, but King III expanded extensively on the role and function of the board. The Companies Act clarified procedures for the appointment or election of directors, but King III went a step further to describe the qualities of people who might be appointed, also providing guidance for the appointment and duties of CEO and chairman, which were not discussed in the Companies Act. Further differences necessitating that a third King Code be published related to board committees in general, group boards, audit committees, social and ethics committees, risk committees, remuneration committees, and nomination committees. PricewaterhouseCoopers. “The board of directors and committees – a comparison between the new Companies Act and King III,” October 2011, http://www.pwc.co.za/en_ZA/za/assets/pdf/companies-act-series-3.pdf, accessed February 2014.

38

The UN-supported Principles for Responsible Investment initiative is an international network of investors working together to understand the implications of sustainability for investors and to support signatories to incorporate such issues into their investment decision-making and ownership practices by putting the UN's six Principles for Responsible Investment into practice. UN Principles for Responsible Investment. About the PRI Initiative, http://www.unpri.org/, accessed February 2014.

39

“Institutional Investors.” King III Introduction and Background, Section 7. http://www.library.up.ac.za/law/docs/king111report.pdf, accessed February 2014.

40

Institute of Directors in Southern Africa, “King Report on Governance for South Africa 2009,” p. 109, http://african.ipapercms.dk/IOD/KINGIII/kingiiireport, accessed February 2014.

41

Ibid., p. 111. Clarity and a long-term outlook were emphasized: “Integrated reporting should be focused on substance over form and should disclose information that is complete, timely, relevant, accurate, honest, accessible, and comparable with past performance of the company. It should also contain forward-looking information.” Sustainability was to be interwoven with financial reporting. In addition to reporting on the company's financial performance, the company should put its economic performance into context by discussing the environment in which it functioned and its impact on stakeholders, as well as strategies for mitigating any negative outcomes. In short, “the integrated report should describe how the company has made its money.”

42

Ibid., p. 111.

43

Ibid., p. 111. Since King III was published, the interplay between the 2008 Companies Act and the King Code has begged a number of questions about the relationship between governance principles and legislation. King III was written to reflect the changes in company law, but the Companies Act did not go into effect until 2011, causing many to believe a process of refinement is necessary to bring the reports into alignment with legislation. This in itself has caused strong reactions among supporters of principles-based approach. While King III was more progressive than its predecessors by leaps and bounds, some felt it had gone too far. Amid these debates, integrated reporting gained cachet on the international and domestic stages.

44

The UN Committee on Governance and Oversight was formed to recommend improvements that affect management and the governing structures that serve the United Nations. For further information, see “Implementation of decisions contained in the 2005 World Summit Outcome for action by the Secretary-General: Comprehensive review of governance and oversight within the United Nations and its funds, programmes and specialized agencies.” Report of the Secretary-General. 10 July 2006. United Nations General Assembly, http://www.un.org/ga/president/62/issues/resolutions/a-60-883.pdf, accessed in February 2014.

45

Schulschenk, “Interview Summary Report,” p. 9.

46

The IRC of SA was established by the joint efforts of the Association for Savings and Investment South Africa (ASISA), Business Unity South Africa (BUSA), Institute of Directors in South Africa (IoDSA), JSE Ltd, and the South African Institute of Chartered Accountants (SAIA).

47

The South African Institute of Chartered Accountants. The Integrated Reporting Committee (IRC) of South Africa “Framework for Integrated Reporting and the Integrated Report,” https://www.saica.co.za/Technical/SustainabilityandIntegratedReporting/IRGuidance/tabid/2372/language/en-ZA/Default.aspx, accessed April 2014.

48

Ibid.

49

Ibid., p. 9.

50

The Paper further explains that materiality needs to be defined by answering three questions: (1) Are the “right things” being reported? (2) What level of error or omission in the data would influence the assessments and decisions of stakeholders in the organization?, and (3) Is the organization being response to the legitimate interests and expectations of its key stakeholders (sometimes referred to as stakeholder inclusiveness)? Ibid.

51

Ibid., p. 17.

52

Ibid., p. 17.

53

For a list of members see “Framework for Integrated Reporting and the Integrated Report Discussion Paper,” by the Integrated Reporting Committee of South Africa, January 25, 2011, p. 25.

54

“IFAC Sustainability Framework 2.0,” International Federation of Accountants. International Federation of Accountants Website, http://www.ifac.org/publications-resources/ifac-sustainability-framework-20, accessed February 2014.

55

SustainabilitySA. Integrated Reporting, The Integrated Reporting Committee of South Africa, http://www.sustainabilitysa.org/IntegratedReporting/TheIntegratedReportingCommitteeofSouthAfrica.aspx, accessed April 2014.

56

Ernst СКАЧАТЬ