Realizing the benefits: the impact of Integrated Reporting
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This presentation by the IIRC presents research carried out by Black Sun on the tangible impacts of Integrated Reporting. The study was conducted with participants of the three year IIRC Pilot Programme, a network of 140 influential businesses such as HSBC and Marks & Spencer and investors from 26 countries that have helped the IIRC develop and test the International Integrated Reporting Framework, building on earlier research from 2012. Key findings: Corporates are seeing tangible benefits of moving towards better, forward-looking, holistic reporting.
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Realizing the benefits: the impact of Integrated Reporting
- 2. [Insert pic of cover of report]
- 3. Realizing the benefits: the impact of Integrated Reporting
- 4. Realizing the benefits “It is crystal clear from this new research undertaken in partnership with Black Sun that adopting <IR> is leading to important breakthroughs in organizations’ understanding and articulation of how they create (and destroy) value.” Paul Druckman CEO IIRC
- 5. Realizing the benefits: key findings <IR> benefits Breakthroughs in understanding value creation Improving what is measured Improving management information and decision making A new approach to stakeholder relations Connecting departments and broadening perspectives
- 6. Realizing the benefits: key findings <IR> benefits 92%of respondents see increased understanding of value creation as a current benefit
- 7. Realizing the benefits: key findings <IR> benefits 79%of respondents believe providers of financial capital have greater confidence in the long-term viability of business models
- 8. Realizing the benefits: key findings <IR> benefits 65%of respondents are experiencing better long-term decision making
- 9. Realizing the benefits “In this second research survey, we found more evidence of <IR> having an impact on engagement with external stakeholders, including investors. We also found more evidence of strategic benefits, particularly benefits related to decision making.” Sallie Pilot Black Sun
- 10. Resources For further information on <IR> please go to www.theiirc.org • The International <IR> Framework • Emerging Integrated Reporting Database • Research reports • The <IR> Business Network
Notes de l'éditeur
- This research is the second study of IIRC Pilot Programme organizations conducted by communications consultancy Black Sun in partnership with the IIRC. The survey is based on 66 respondent organizations plus additional follow-up interviews. The research was published in September 2014 and is a follow-up to a previous report in 2012. Overall it is clear that there is a significant positive impact resulting from moving towards <IR>, shown by those organizations who have taken a lead on making their corporate reporting and thinking fit for purpose. The respondents have been testing the key <IR> concepts as part of the IIRC Pilot Programme over the past three years. It shows that both performance and value creation are better understood by the business itself, their providers of financial capital and their key stakeholders. (Two-thirds of the respondents were from listed companies. Regions who responded came predominantly from Africa, Asia Pacific, Europe and South America.)
- Overall, and as stated by Paul Druckman, the CEO of the IIRC, the most pleasing finding is that <IR> is making important breakthroughs in understanding and articulation of value creation.
- The report’s findings emphasise the benefits of <IR> in five key areas. Reporters see internal benefits, including better decision making as well as positive changes in external relations. All respondents were extremely positive about the impact that their journey towards <IR> is having. There are also strategic benefits, especially in relation to conversations between the board and management.
- Looking at the findings in more detail, the Black Sun report identified a particular benefit in relation to increased understanding of value creation. A significant majority – over 70% - also experienced a benefit to their board in terms of better understanding of how the organization creates value. The research also suggests that a number of benefits actually improve for organizations that have now published an Integrated Report (as opposed to those who are on the journey towards adoption but have not yet published a report). Those organizations that have published at least one Integrated Report see more benefits to their board identify a positive change in relation to information used to manage the business and see a positive impact on long-term decision making
- Stakeholder relations are also showing improvements, according to this research – across all external stakeholders. An improvement to the reporting system that was important following the global financial crisis was around risk management. It is therefore pleasing to note that respondents see a better understanding of business risks and opportunities, particularly those with long-term implications, as a result of <IR>. Improvements are also reported in relation to providers of financial capital. There are particularly strong findings in terms of a belief that providers of financial capital have a better understanding of the organization’s strategy and have greater confidence in the long-term viability of business models. This is especially true of those organizations that have published at least one integrated report. Positive benefits are also reported in terms of relations with institutional investors and analysts. However, at this stage the findings are less strong (56% and 52% of respondents note positive benefits in relations with institutional investors and analysts respectively) and we would expect these benefits to continue as <IR> continues to be adopted and more links are made from <IR> to investment decisions.
- The report identifies a range of benefits internally to the organization. It is particularly good to see the positive impact on long-term decision making given the emphasis in <IR> on long-term value creation. But there are a range of other benefits too. These include: 84% see improvement in data quality 79% report improvements in decision making 78% believe <IR> is supporting more collaborative thinking about goals and targets at the strategic levels of the organization, including board and executives. Alongside this, there is over-whelming evidence of a positive impact on internal engagement. The report findings show evidence that <IR> is a catalyst for integrated thinking – one of the core aims of Integrated Reporting, to change behaviours and use the emphasis on long-term value creation to underpin financial stability and sustainable development.
- To conclude, the survey report suggests that experience of <IR> is leading to tangible benefits in a range of areas. These are benefits that are core to the overall aims of <IR>, such as seeking to influence corporate behaviour through reporting, championing integrated thinking and focusing on long-term value creation. The findings support directly the business case for <IR>. As businesses start to use <IR> as a tool to better understand the connections between key resources and relationships that contribute to their success, and as a result make more informed decisions, the real value of integrated thinking and the integrated report will materialise.
- For further information on <IR> please visit www.theiirc.org You will be able to view the International <IR> Framework and our extensive range of research and technical reports. Also available is an emerging practices database which highlights examples of <IR> from a range of organizations around the world. You will also be able to find out more about the benefits of our new global <IR> Business Network. Including details on how to register an expression of interest. As a participant, you will have an opportunity to progress your organization’s implementation of <IR>, access resources and expertise, network with other leading businesses and demonstrate leading practices that will inspire a new generation of <IR> adopters. Also some new reports will be coming soon: further case studies based on the research conducted by Black Sun and the <IR> Yearbook 2014.