Integrated reporting involves promoting a new international reporting framework that concisely combines financial and non-financial data. It helps companies to restore the confidence of
investors as well as their various internal and external stakeholders through the publication of
clearer information on long-term value creation. Integrated reporting is a way for companies to
illustrate and promote not only their financial performance, but also their performance in relation
to social, environmental and governance issues.
In March 2015, a survey conducted by Paris Europlace* on around 30 companies (half of which
were listed on the CAC 40 index) showed that French companies lagged behind their foreign
counterparts in terms of integrated reporting. While they were familiar with the initiative, which
is led by the International Integrated Reporting Council (IIRC), only three companies said they
were trying it out. Other companies reported that they were also working on the matter, but the
list is very short. A big step was taken in France ten years ago with the introduction of the laws
on new economic regulations ( lois de nouvelles régulations économiques NRE) as well as the
Grenelle environmental laws. As a result, large companies are now accustomed to publishing
non-financial indicators. However, integrated reporting is radically changing the end goal of such
communications. The aim is not simply to gather information, but also to provide an intelligible,
comprehensive vision of the company s business model, strategy, organisational structure and
governance using a limited number of indicators that are relevant to its ecosystem.
The IFACI and the CNCC have joined forces to promote integrated reporting among French
companies as a means of driving and communicating value creation. The two organisations wish
to emphasise the need for companies to innovate their external reporting practices and
demonstrate how integrated reporting can help them to do so. They present a detailed review
of the situation in France before addressing the issues that could discourage companies from
embarking on the integrated reporting process. Lastly, they highlight the main criteria for a
successful integrated reporting process.
* Survey conducted by Paris Europlace s sustainable finance commission on Paris stock market issuer and investor expectations
in terms of socially responsible investing (SRI) and corporate social responsibility (CSR) between July and November 2014. A
sample of 69 issuers and investors (32 issuers, of which 18 CAC 40 companies, 22 asset managers and institutional investors
and 15 banks and insurance companies) were surveyed and the results were published in late January by Paris Europlace.
PHILIPPE MOCQUARD
CEO, IFACI
JEAN BOUQUOT
MEMBER OF THE CNCC S
NATIONAL BOARD