Companies have traditionally focused on financial information (audited annual financial statements, interim financial statements, quarterly information, etc.) and significant events (agreements, mergers and acquisitions, operating difficulties, etc.) in their investor communications. However, the importance of intangible assets and external relations in an evolving and interconnected environment is now undeniable.

Investors therefore expect a clear, accurate and comprehensive overview of a company s value creation enablers to help them make the right decisions.

More generally, organisations are becoming more actively accountable with regard to various issues in order to address the concerns of their different stakeholders.

It is estimated that one third of companies in every industry sector will be disrupted in the next two years. As they navigate this disruption, companies need to understand the role they play in people s lives. They need to take their stakeholders along with them on their journey.

TURID ELISABETH SOLVANG, CHAIR ecoDa (EUROPEAN CONFEDERATION OF DIRECTORS ASSOCIATIONS) AT THE ecoDa ECIIA-ACCA CONFERENCE ON NON-FINANCIAL REPORTING: THE IMPACT ON THE RELATIONSHIP BETWEEN BOARDS AND AUDITORS , 15 MARCH 2016.

As a result, companies no longer limit themselves to publishing their financial statements and management report, which are already lengthy. They now produce other types of information, including reports on sustainability, quality, internal control, risk management and governance. This abundance of information, which is sometimes redundant, is far from being a source of efficiency for issuers and intended users of such reports.

Is publishing lengthy annual reports a French phenomenon?

In 2013, the average registration document was 30% longer than in 2006, with 350 pages. The shortest registration docu- ment was 130 pages long, including 50 pages of financial statements, which is the average length of the annual reports published by US (150 pages) and British (132 pages) issuers.

SEE P.16 OF INSTITUT MESSINE S REPORT (JUNE 2015): IS THE FINANCIAL INFORMATION OVERLOAD DETRIMENTAL TO FINANCIAL INFORMATION?

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