A SHARED VISION OF VALUE CREATION ENABLERS

The integrated report covers the creation or, indeed, the destruction of all of the financial and non-financial resources used by the company. However, the report is not a compilation of the company s existing reports (for example, combining the annual report together with the sustainability report is not sufficient). Driven by governing and managing bodies, integrated reporting is supported by a necessary review of the company s business model and capitals as well as the most relevant indicators for reporting in these areas. This review forms a natural part of the multi-year strategic planning process. It involves mapping out expectations of key stakeholders as well as conducting an analysis of the major risks and opportunities, not limited to short-term eventualities.

Integrated reporting therefore requires a real managerial transformation across all functions, not just accounting, finance and CSR. In other words, involves a shift from compartmentalised management to a multi-dimensional analysis of the company s value.

APPROPRIATE IT SYSTEMS

Traditionally, financial communication IT systems are designed to compile historical accounting data expressed in monetary units in accordance with set accounting standards. Integrated reporting data are, by nature, heterogeneous, as they are designed and collected in accordance with external standards or with internal instructions. Given the different aspects that must be covered, IT systems must be adapted to capture information that, although it may have already existed, was not necessarily gathered, stored, compiled or connected with other key indicators.

In addition, IT systems must promote dialogue with stakeholders requiring more detailed information and prepare for the likelihood that by 2020 companies will be required to publish their corporate documentation online5.

5 See paragraph 3.b of http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013L0050&from=EN: With effect from 1 January 2020 all annual financial reports shall be prepared in a single electronic reporting format provided that a cost-benefit analysis has been undertaken by the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) N° 1095/2010 of the European Parliament and of the Council.

5 WHAT ARE THE KEYS TO A SUCCESSFUL INTEGRATED REPORTING?

DRIVING AND COMMUNICATING VALUE CREATION / IFACI - CNCC