Johannesburg Monday 12 September - The Integrated Reporting Committee (IRC) of South Africa welcomes the release today of the first Discussion Paper on integrated reporting from the International Integrated Reporting Committee (IIRC).
Integrated reporting will provide more comprehensive and meaningful information about all aspects of an organisation’s performance and position presented in a much clearer, more concise and more user friendly format. In particular, it will demonstrate the links between an organisation’s financial performance and the social, environmental and economic context in which it operates. This holistic view allows for a more informed assessment of the longer term viability of an organisation.
The release of the Discussion Paper Towards Integrated Reporting – Communicating Value in the 21st Century kickstarts the international process and development of a globally accepted framework for an integrated report. South Africa was one of the first countries to actively encourage integrated reporting when the King III Code included it as a recommended practice and it subsequently became part of the JSE Listings Requirements applicable to listed companies. In January 2011, the IRC released a world-first Discussion Paper entitled Framework for Integrated Reporting and the Integrated Report. The IIRC considered South Africa’s Discussion Paper as well as the resultant public comment letters in the development of its Discussion Paper.
The IRC is currently preparing to re-issue the South African Discussion Paper to incorporate the main issues raised in the comment letters and public consultation sessions. It will also analyse the international Discussion Paper to ensure the local guidance is aligned with the international draft framework.
Professor Mervyn King, the chairman of the IRC and deputy-chairman of the IIRC says: “The release of an international framework for discussion is the next step in the growing international movement to persuade organisations to report on their total performance and not just their financial performance. “
The IIRC’s Discussion Paper, media release and FAQs can be accessed from www.theiirc.org The Discussion Paper is open for public comment until 14 December 2011.
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About the Integrated Reporting Committee (IRC) of South Africa
The IRC was formed in May 2010 under the chairmanship of Professor Mervyn King to develop and promote guidance on good practice in integrated reporting. The current organisational members are:
- Association for Savings & Investment South Africa (ASISA)
- Banking Association South Africa (BASA)
- Business Unity South Africa (BUSA)
- Chartered Secretaries Southern Africa (CSSA)
- Institute of Directors in Southern Africa (IoDSA)
- Johannesburg Stock Exchange Ltd (JSE)
- The South African Institute of Chartered Accountants (SAICA)
- Government Employees Pension Fund (GEPF)
- Principal Officers Association (POA)
The IRC commissioned a Working Group comprising of a range of financial and sustainability practitioners to develop proposals for South Africa.
Both the South African and International Integrated Reporting Discussion Papers and related documents are available at www.sustainabilitysa.org