The Integrated Reporting Movement. Eccles Robert G.

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СКАЧАТЬ the costs attached to the independent assurance of those indicators.100 Achieving credibility of nonfinancial information was paramount and, from 2012, the topic of assurance of nonfinancial KPIs began to receive more attention from reporters.101 That same year, an international group of accounting and legal experts led by the country's Independent Regulatory Board for Auditors was formed in South Africa to address the development of an appropriate assurance process over integrated reporting.102

      Our Reflections on the South African Experience

      In tracing the origins of mandatory integrated reporting back to the period of 1990–1994, when the full consequences of the decision to end apartheid remained unknown, it becomes clear that South Africa's corporate governance journey developed from a unique set of circumstances. The emergence of mandated integrated reporting in South Africa was a small consequence of tumultuous political and social change as the country passed from apartheid to an era of social and economic inclusion. The architects of South Africa's new reality saw corporate governance as a way to rehabilitate the country's national image and attract the foreign capital that fled during the apartheid-era sanctions.103 Sustainability reporting, and then integrated reporting, were simply one component of a much larger effort to make South African companies exemplars of corporate governance.

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      A 2012 report compiled by Jess Schulschenk for Ernst & Young South Africa refers to the 2009 King Code as transitioning from a “comply or explain” to an “apply or explain” approach. Although integrated reporting is not “mandatory” in a strict legislative sense, for convenience we will use this term throughout the chapter with the understanding that it means “comply or explain,” and following the 2009 King Code's appearance, “apply or explain.” “Interview Summary Report.” Compiled by Jess Schulschenk in collaboration with the Albert Luthuli Centre for Responsible Leadership at the University of Pretoria. Publishe

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A 2012 report compiled by Jess Schulschenk for Ernst & Young South Africa refers to the 2009 King Code as transitioning from a “comply or explain” to an “apply or explain” approach. Although integrated reporting is not “mandatory” in a strict legislative sense, for convenience we will use this term throughout the chapter with the understanding that it means “comply or explain,” and following the 2009 King Code's appearance, “apply or explain.” “Interview Summary Report.” Compiled by Jess Schulschenk in collaboration with the Albert Luthuli Centre for Responsible Leadership at the University of Pretoria. Published by Ernst & Young South Africa. August 2012. 1–40. In February 2010, the principles of the King Code of Governance of 2009 (King III), including those that recommend integrated reporting, were incorporated into the Johannesburg Stock Exchange's listing requirements and listed companies were obliged to apply the King III principles or explain their reasons for deviating from them (for financial years starting on and after 1 March 2010). SustainabilitySA. www.sustainabilitysa.org, accessed May 2014,

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Not all listed companies produce integrated reports. There is no accurate number of the number of companies that do.

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Nonfinancial information refers to environmental, social, and governance (ESG) information that reflects company performance in these areas.

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On April 16, 2013, the European Commission issued a proposal to require large EU companies to report on social and environmental issues in annual financial reports. “Proposal for a Directive of the European Parliament and of the Council amending Council Directives 78/660/EEC and 83/349/EEC as regards disclosure of nonfinancial and diversity information by certain large companies and groups.” European Commission. Strasbourg, France. April 16, 2013, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2013:0207:FIN: EN: PDF, accessed April 2014. On April 15, 2014 the plenary of the European Parliament adopted this directive by a vote of 599 to 55 from its 28 member states. http://ec.europa.eu/internal_market/accounting/non-financial_reporting/index_en.htm, accessed April 16, 2014. In July of 2010, France took a step towards mandating integrated sustainability and financial reporting for large companies with a law called Grenelle II, Article 225 of which states that all listed companies on the French stock exchanges, including subsidiaries of foreign companies listed in France, and unlisted companies, must incorporate information on “the social and environmental consequences” of company activities or publish a justification for the exclusion of information if it is deemed irrelevant. Ernst & Young. “How France's new sustainability reporting law impacts US companies” 2012, http://www.ey.com/Publication/vwLUAssets/Frances_sustainability_law_to_impact_US_companies/$FILE/How_Frances_new_sustainability_reporting_law.pdf, accessed February 2014.

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Brazil's BM&FBOVESPA and India's Bombay Stock Exchange have taken concrete steps to encourage listed companies to use sustainability reporting, and eight member exchanges of the World Federation of Exchanges (WFE) have joined the UN's Sustainable Stock Exchanges initiative to help research how stock exchanges can facilitate corporate transparency. In 2012, the WFE published the first “sustainability disclosure ranking” to benchmark the annual change in performance of global stock exchanges. Morrow, Doug. “Measuring Sustainability Disclosure on the World's Stock Exchanges.” World-Exchanges.org, http://www.world-exchanges.org/insight/views/measuring-sustainability-disclosure-world%E2%80%99s-stock-exchanges, accessed February 2014.

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Also known as social accounting, nonfinancial reporting is the process of communicating the social and environmental effects of an organization's economic actions to society at large and particular stakeholders (interest groups). PwC. Audit and Assurance Services, “What is corporate reporting?” http://www.pwc.com/gx/en/corporate-reporting/frequently-asked-questions/publications/what-is-corporate-reporting.jhtml, accessed February 2014.

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“Statistical Release for Census 2011 (embargoed until October 30, 2012).” Published by Statistics South Africa for the South African government, Private Bag X44, Pretoria 0001. Population was 51,770,560 people as of 2011. P0301.4. http://www.statssa.gov.za/publications/P03014/P030142011.pdf, accessed February 2014.

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Empirical СКАЧАТЬ