Richtlijn voor geïntegreerd rapporteren is veel te vaag

Richtlijn voor geïntegreerd rapporteren is veel te vaag

De IIRC heeft een haar richtlijn voor geïntegreerd rapporteren <IR> vrijgegeven voor consultatie. Veel multinationals hebben zich de moeite getroost om te helpen <IR> tot een succes te maken. Zo heeft ook MVOplossingen op <IR> gereageerd. Mijn conclusie in een notendop:

De richtlijn voor geïntegreerd rapporteren is veel te vaag! Sterker nog. Eigenlijk zie ik het als een richtlijn, om de <IR> richtlijn te schrijven: te veel proza, te weinig handvaten. Op de website van het IIRC zijn de reacties op <IR> vrijgegeven, hieronder staan samenvattingen van de meest interessante reacties van Nederlandse organisaties.

AFM steunt het concept van geïntegreerd rapporteren

  1. The Draft Framework is responding to changing expectations from a broad group of stakeholders regarding corporate social responsibilities and related transparency. Investors and consumers both demand more sustainable business practices and more transparency regarding non-financial information on strategy, business model, environmental and social impact. Successful implementation of an integrated reporting approach depends on the company’s awareness ofthe future importance ofintegrated reporting and the quality of and transparency on their internal control environment (financially, strategically, operationally and their compliance with laws and regulations).
  2. The AFM acknowledges the role ofintegrated reporting in enhancing corporate transparency. The Draft Framework is a sensible approach towards further development ofintegrated reporting. In particular, we embrace the integrated approach of strategy, sustainability, corporate governance and risk management.
  3. Further, we appreciate the selected purpose ofthe Draft Framework in helping companies to determine how to communicate their unique (sustainable) value proposition in a meaningful, balanced and transparent way.
  4. The guiding principles, such as the ones on materiality and aggregation, are likely to be a good fit with similar concepts developed in financial reporting. Due to its conceptual approach, the framework can be combined with reporting standards and frameworks as IFRS and GRI.
  5. Regarding the credibility and acceptance ofthe framework, it is important that the IIRC has a well established governance structure and is accountable and transparent on its activities and funding. The AFM recommends the IIRC to work on these issues after completion ofthe integrated reporting framework.

AkzoNobel ziet spanning tussen sectorbrede KPIs en het eigen management

De MVOptimist vraagt al jaren om betere sectorsupplemeneten, om jaarverslagen beter vergelijkbaar te krijgen. AkzoNobel heeft een interessante opinie: AkzoNobel wil die indicatoren rapporteren, waar het management het bedrijf mee aanstuurt. Terecht punt natuurlijk, maar volgens de MVOptimist moet het prima mogelijk zijn om interne KPIs aan te laten sluiten bij een sectorbrede standaard definities. Wellicht is het een idee om AkzoNobel een gastblog over dit onderwerp te laten schrijven.

  1. We would like the integrated report to be the prime company reporting tool. We would not want to create a separate ‘integrated report’, rather the ‘integrated report’ should be able to be part of (section/ sections) of an overall company report (in line with existing developments from a number of companies).
  2. Rather than ‘primarily for providers of financial capital’ it should be ‘as a minimum for providers of financial capital’. The company should determine their key stakeholders.
  3. If the report is focused on material issues for the company, the KPIs may not be comparable with those for other organizations. However, if the integrating reporting process decides to require common industry KPIs, these may not reflect the KPIs being used to run the company business.
  4. When the report is part of the legal reporting requirements, the long term elements may be limited by the country governance code.

Eumedion is extreem positief over <IR>

Eumedion, die de belangen van institutionele beleggers op het gebied van corporate governance en duurzaamheid behartigt is extreem positief over <IR>.

  1. Eumedion congratulates the IIRC with producing a draft framework for <IR> that we believe is sufficiently concise, very readable and therefore accessible to a broad group of professionals. We hope and expect that the framework will facilitate integrated thinking and will result in high quality integrated reporting.
  2. Corporate reporting is of the utmost importance for investors. Long term investors are already well known to look beyond the financial facts and figures only. Both financial and non-financial information is important in their decision-making process. Eumedion believes that integrated reporting is a logical and necessary development, as environmental, social and governance information already is critical for assessing the performance and prospects of companies, and for the important stewardship role that investors both want and need to exercise.

HaskoningDHV vraagt om meer voorbeelden om de richtlijn te verhelderen

HaskoningDHV vraagt net als MVOplossingen om meer voorbeelden. Het lijkt er op dat deze consultant ook niet weet wat het met de proza in <IR> aan moet.

  1. The framework is defined on a high and abstract level. On the one hand this gives a lot of flexibility and freedom for reporting organizations. On the other hand it does not contribute to the comparability of reports.
  2. There is no clear distinction between the actual requirements for reporting and other guidance such as definitions.
  3. The explanation and clarification of requirements are not always clear and can be very abstract. More examples can help to clarify.

Philips vindt de richtlijn te vaag en wil geen extra rapport publiceren

Philips wil net als MVOplossingen geen extra rapport produceren, waardoor het veel meer hulp bij aansluiting met GRI G4 nodig heeft. Ook voorziet Philips problemen rondom de geheimhouding van informatie over de toekomst.

  1. The exposure draft does not give sufficient guidance to start reporting according to the fundamental concepts and ideas (which we support).
  2. Being an SEC listed company, a number of “requirements” stipulated in the consultation draft may expose our company to significant legal issues.
  3. We have no inclination to write a separate report to meet the requirements of the IIRC, but instead adopt our current report to the new guidelines, and abstract the relevant IIRC content.
  4. In both the G4 and the IIRC Framework there is a greater emphasis on reporting the outcomes and impacts of a company’s activities. It would be helpful to have some more guidance or clarity on what is expected here and how companies could go about measuring outcomes and impacts.
  5. The connection between the IIRC and GRI is not completely clear. IIRC provides a framework (but “consultation” status) whereas the GRI published the G4 guidelines. How should the 2 “fit together”?

Rabobank wil een duidelijkere richtlijn voor meerdere stakeholders

Rabobank wijst net als MVOplossingen een mono-stakeholder rapportage af.

  1. The framework should move away from the focus on investors. The stakeholder in general should be the focus of the framework.
  2. The framework should provide more guidance on outcome and impacts.
  3. The framework should be fully aligned with G4 on reporting about the value chain

RobecoSAM wil meer nadruk op integrale strategie

RobecoSAM vraagt net als MVOplossingen  om een richtlijn voor het rapporteren van een heldere strategie waarvan duurzaamheid een belangrijke component is.

  1. Our main concern is that it should be integrated in existing Annual Reports rather than become a standalone “integrated report”.
  2. We would also like to see greater attempts to quantify value, impacts, performance where possible, as the current framework places too much emphasis on narrative content in our view.
  3. Finally, we would like the strategy discussion (which connects the capital, business model and value creation) to be presented as an “integrated strategy”. In other words, we would like management to articulate how the sustainability strategy supports the corporate growth strategy (i.e. what are the connections between the sustainability initiatives and in what way(s) are they expected to help deliver on the corporate growth strategy).

Unilever wil ruimte om zelf te bepalen wat het rapporteert

Unilever steunt het idee om het het geïntegreerde rapport te laten focussen op 1 stakeholder: de investeerder. Verder is het tevreden over het open karakter van het ontwerp, zodat ze zelf kan bepalen wat het rapporteert. Daar kan MVOplossingen zich helemaal niet in vinden.

  1. Target audience: We support the focus of <IR> on providers of financial capital as a means of maintaining discipline and focus as the <IR> framework evolves. We believe that wellcrafted Integrated Reporting that meets the high standards required by the investing community will also be of significant relevance and interest to other internal and external stakeholders. That said, we believe greater emphasis is needed on long term value creation and less on short term financial performance, and that <IR> has a key role to play in addressing this balance.
  2. Principles-based: We fully support the principles-based approach adopted for the Framework. Organisations must have flexibility to articulate their value creation story in whichever way is most relevant to their business. In this spirit, we believe that mandatory “comply or explain” elements of the Framework should be kept to a minimum. The way an organisation reports on value creation should, in most cases, make it sufficiently clear why it has chosen to focus on specific capitals and other elements of the framework, without the need for further explanation or disclosures.
  3. Co-ordination: One of the greatest challenges faced by companies attempting to improve the quality of their corporate reporting is the proliferation of corporate and sustainability reporting initiatives being driven by legislators, regulators, standard setters and other bodies. We believe that the IIRC should play a role in helping to align and coordinate these efforts, to create momentum rather than fragmentation of effort. This would substantially boost the pace and quality with which the <IR> vision is delivered.
  4. Communication: The Framework is a high quality technical framework for reporting practitioners and technical experts. However, its success or failure will ultimately be determined by its broad based acceptance amongst investors and other stakeholders. We would therefore encourage the IIRC to put additional ‘marketing’ effort into communicating the <IR> framework and its benefits in ways that will engage a broader audience.

MVOplossingen wacht de aanpassingen van <IR> met vertrouwen af

Het nabije verleden heeft geleerd dat dit type consultaties heel belangrijk zijn. De confrontatie van de ideeën met mensen uit de dagelijkse praktijk hebben ook GRI en de Transparantiebenchmark geholpen om hun richtlijnen bij te stellen. Praktischer te maken. Realistischer te maken. Dat is ook de reden dat MVOplossingen tijd geïnvesteerd heeft om <IR> beter te maken. De complete reactie van MVOplossingen.

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