综合报告洞见3.0：展现“真实”的一面（英文版）.pdf

Insights into integrated reporting 3.0:The drive for authenticity The Association of Chartered Certified Accountants May 2019About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: accaglobalAbout this reportThis report examines the reporting practices of organisations in the International Integrated Reporting Councils Business Network. It highlights the progress made towards integrated reporting over the past year, discusses the challenges that preparers face, and gives practical recommendations to guide more organisations on the path to integrated reporting.Insights into integrated reporting 3.0:The drive for authenticityACKNOWLEDGEMENTSACCA would like to thank the IIRC for giving us the opportunity to take part, for the third year running, in the Business Network Report Critique project. We are grateful to the reviewers on the Specialist Panel (listed in Appendix 2) for their expert input, and also to the interviewees (listed in Appendix 1) for giving their time to be interviewed for this report.ContentsAbout the authors 5Foreword 6Executive summary 71. Introduction 82. Complying with multiple reporting frameworks 103. Progress by integrated reporters this year 124. The drive for authenticity 155. Reliability and completeness balance 17Practical approaches 21Good practice ideas 256. Performance reporting performance against strategic objectives 26Practical approaches 27Good practice ideas 337. Explaining how organisations are dealing with risks and opportunities 34Practical approaches 37Good practice ideas 428. Reporting on the business model 43Practical approaches 45Good practice ideas 499. Conclusion 5010. Ten top tips for authentic reporting 51Appendices 52 References 59About the authorsYEN-PEI CHENYen-pei Chen is a qualified accountant and is Subject Matter Expert for Integrated Reporting, Corporate Reporting and Tax in the Professional Insights team at ACCA. She has carried out international research into technical and policy developments, and engages with policymakers at key organisations, including the EU Commission and the Organisation for Economic Co-operation and Development (OECD), as well as the UKs Financial Reporting Council and HM Revenue and Customs. She convenes ACCAs Global Forum for Corporate Reporting, Global Forum for Taxation, and the UK Tax Committee. Yen-pei has been involved in a number of recent research projects, and is currently working on others, related to integrated reporting, including on challenges and best practice, investors views of integrated reporting, and the materiality determination process. Her research can be accessed via the ACCA Professional Insights website at: accaglobal/gb/en/professional-insights.html.SARAH PERRINSarah Perrin ACA is a freelance business writer. Having qualified as a chartered accountant with Arthur Andersen in London, she moved into journalism in 1993, joining leading trade weekly Accountancy Age. Sarah now writes for professional magazines on topics related to accounting and finance, audit and assurance and general business management. She also drafts and edits reports, newsletters and articles for professional firms and institutes. She is co-author of books on career development, recruitment and high performance.56ForewordAt its most fundamental level, the integrated reporting movement emerged to help restore trust and confidence in company disclosures and give shareholders that all-important authentic view of performance, prospects and value creation.This latest review of the integrated report marketplace shows that advances continue to be made against some of the important Guiding Principles in the international Framework, notably conciseness. However, giving equal prominence to good and not-so-good news remains a hard nettle to grasp for too many integrated reporters. Similarly, there is a reluctance in some quarters to disclose measures and targets, denying readers the opportunity for important insight into how an organisation is managed and steered.Its difficult if not impossible for users of reports to assess the quality of strategic thinking and action within an organisation without the full picture. So while we applaud the journey so many reporters have been on including those whose case studies feature in this report we also need to encourage the marketplace to recommit to the underlying drivers of integrated reporting: to give a complete insight into the quality of strategic thinking that drives long-term value creation.Helen Brand OBEChief executiveACCAACCA has been working alongside the International Integrated Reporting Council (IIRC) for three successive years to review a sample of the reports produced by organisations in the Business Network. Executive summary7These businesses have embraced the concept of integrated reporting and are seeking to give a more holistic picture of their organisational performance and how they create value over time.The review is designed to give feedback to participating companies, while also generating insights to be shared more widely that may be of practical benefit to other organisations experimenting with integrated reporting. Findings from previous reviews are contained in our 2017 report, Insights into integrated reporting: Challenges and best practice responses (ACCA 2017), and last years report, Insights into integrated reporting 2.0: Walking the talk (ACCA 2018).Findings from the most recent review, conducted in 2018 on reports voluntarily submitted by 48 Business Network participants, contain some intriguing paradoxes. Integrated reports continue to become more concise suggesting a sharper focus on material issues. Alongside this, significantly more organisations are now reporting on their UN Sustainable Development Goal (SDG) commitments. There has also been an advance in the assurance sought on integrated reports, with audit firms evolving their service offerings to provide reasonable assurance on some areas that fall outside the scope of the statutory audit. And explicit commitment to integrated reporting continues to strengthen, with 76% of the reports reviewed now called integrated reports, up from 58% last year. At the same time, the reviewers found reporting quality declining in key areas such as reliability and completeness, performance, risks and opportunities and business models. In pursuing innovations, attention and resources may have been diverted temporarily away from core aspects of reporting.A perceived lack of balance seems to underlie a number of areas where reporting quality fell this year. For example, reviewers often commented that positive performance seemed to be reported more prominently than negative performance. Most organisations still shy away from presenting targets and forecasts when reporting on performance against strategic objectives. Discussions of how organisations plan to deal with future risk and opportunities often seem generic or incomplete, or are left out of the report altogether. In general, reporting could be much more specific, including in relation to the time frames associated with future risks.The theme of balance and authenticity is an important one in this years report. Reporting in a balanced and complete way is vital if readers are to view documents as more than mere marketing tools. Authenticity can be demonstrated by the way companies tailor the concepts of the International Framework ( Framework) to reflect how they create value over time. This links to another area where the reviewers judged the quality of reporting to have slipped: business model reporting.There is often a reluctance among executives to make claims that are too ambitious before the desired levels of performance have been achieved. However, in these times of low corporate trust, authenticity being honest about the organisations mistakes and challenges is increasingly important for the credibility of integrated reports. This report presents good practice ideas and excerpts from ten integrated reports which have demonstrated authenticity in different ways. We hope that these help to drive further improvements in integrated reporting and thinking around the world.FIGURE 1.1: Sectors covered by the reviewnBankingnInsurancenTransportnUtilitiesnPharmaceuticalsnConsumer goodsnBasic resourcesnOil and gasnProfessional bodynReal estatenOtherThe adoption of integrated reporting continues to grow, but companies still face a number of implementation challenges. By sharing their experiences, members of the Business Network are driving improvements in the quality of their integrated reports.1. Introduction8Such efforts are important, given the strong interest that investors and other stakeholders now have in non-financial information. In a poll of participants attending an Business Network event in October 2018, 64% of respondents said they regularly get questions from investors on non-financial information, with topics covering environmental, social and governance issues. Integrated reporting can help organisations to provide such information in meaningful ways.Members of the Business Network welcome feedback on the integrated reports they produce. In this context, ACCA has for the last three years worked alongside the IIRC to co-convene an Specialist Panel to review members corporate reports. (See Appendix 2 for the participants in the Specialist Panel.)The most recent review was conducted during 2018, covering reports for accounting periods up to 31 March 2018. These reports included any documents that the companies considered to be part of their integrated reporting package potentially including annual reports, supplements, and/or standalone sustainability reports. This year, the review sample covered reports from 48 organisations at different stages of their integrated reporting journey: some are yet to publish an integrated report, preferring to implement integrated thinking internally first, while others did so even before the International Framework was finalised in 2013.Participating companies received confidential feedback on their reporting. Reviewers indicated areas where the reporting was aligned particularly strongly with the Framework, as well as any identified gaps where the application of the guiding principles and content elements could be improved, or integrated more effectively.A large proportion (47%) of reports reviewed this year were issued by European companies, although entities from across the rest of the world also participated. It is also notable that banks account for over a quarter (27%) of the reports reviewed this year. Insurance companies are also well represented (11%). Therefore, the financial sector accounts for 38% of the companies reviewed. This is a slightly stronger 27%11%11%8%15%4%4%4%4%6%6%Insights into integrated reporting 3.0: The drive for authenticity | 1. Introduction9interest rate for this loan fell as the clients sustainability rating improved. These ratings, measured by environmental, social and governance (ESG) ratings agencies, rely on ESG disclosures primarily from sustainability and integrated reports. This is one way in which integrated reporting, through a theory of change that follows reporting, can help companies to raise capital at a lower cost, or to borrow on better terms, Georgiev comments.Another participating organisation, airport company Royal Schiphol Group, issued green bonds in 2018 to finance its investment projects. Reliable non-financial data was vital for securing the funding data that the groups experience with integrated reporting has helped it to develop. German utilities company EnBW also issued its first green bonds last year and got an immensely positive response in this process from investors, particularly with regard to its business model and its strong focus on its long-term strategic approach.As we found previously, however, most benefits from integrated reporting are internal, in the form of enhanced understanding of the business, including the full range of its inputs, outputs and outcomes. This leads to more integrated thinking and better decision making. Tanja Castor, senior expert in corporate sustainability strategy at chemicals company BASF, has seen integrated thinking take root at her organisation. The perceived two worlds of the financial and the non-financial are coming closer and closer, she says. There is no silo any more. I spend more time with my colleagues in the finance and risk departments than I do with my colleagues in the sustainability team.In addition, we sense that for some companies, their integrated reporting journey has helped them to deal with new reporting challenges such as the UN Sustainable Development Goals (SDGs), the EU Non-Financial Reporting (NFR) Directive and the Financial Stability Boards Task Force on Climate-related Financial Disclosures (TCFD). We touch on this briefly in the next section. representation than is found in the Business Network itself where 27% of participants are categorised as financial services organisations (banking, insurance and pensions companies) but its clear that the financial sector plays a leading role in advocating integrated reporting. There is also strong participation in this years review group from transport (airports, road and rail infrastructure) and utilities both sectors that interact frequently with the public sector. Their interest in integrated reporting may reflect a desire to explain their contributions to wider value creation.Given the strong European and financial services participation, the review findings cannot be viewed as representative of the quality of integrated reporting achieved by all adopters across the world. Nevertheless, the insights from these leading organisations