The body that created integrated reporting, the system of financial reporting that prioritises long-term value creation, and which has gained popularity internationally, has made a worldwide call for feedback on its use and implementation.
The International Integrated Reporting Council (IIRC), set up with the backing of Prince Charles, published its reporting framework in 2013. Since then 1,500 companies have signed up to use integrated reporting, or <IR>, as the organisation terms it.
Among the users providing feedback is AXA, the insurance giant, which this year produced its first integrated report alongside its 2020 strategic plan, which incorporates integrated thinking.
Christian Thimann, AXA’s group head of strategy, sustainability and public affairs, said: “Our work with the IIRC has enabled us to translate this focus within the company into our external reporting in a concrete way.”
The IIRC will host ten focus groups around the world seeking feedback on the experience of companies implementing integrated reporting.
Richard Howitt, chief executive of the IIRC, said the adoption of integrated reporting in countries such as Japan and South Africa demonstrated that it is seen as “ground breaking” and “beneficial”.
“It’s now time for us to further assess how this tool is being used to assist the quality of the reporting, reinforce its relevance to new challenges and ensure it remains fully in tune with market needs,” said Hewitt.
Focus groups will take place in Australia, India, Italy, Japan, the Netherlands, Malaysia, Singapore, Spain, the UK and the United States with other locations to be announced.
The IIRC is also taking feedback via a dedicated webpage.