Financial Director: Getting the message across
Richard Crump reviews the implications of the International Integrated Reporting Committee (IIRC) discussion paper which calls for company reports to be delivered in a clear, concise and user-friendly format that demonstrates the links between an organisation’s financial performance and the social, environmental and economic context within which it operates. Views from Black Sun and various other interested parties on what this means for companies have been called upon to assess the benefits of these proposals.
Sallie Pilot, director of research and strategy at Black Sun, says reports “need to focus on material issues” and cover “what is integral to the over-arching strategy”.
“It will allow people to see the business in a more holistic way, enable better decision-making, and in terms of internal benefit, people within the business will be able to understand how what they do fits into the overall company strategy,” she says.
Sallie also welcomed the Department for Business’ (BIS) paper on narrative reporting, which was released a week after the IIRC report. BIS proposes simplifying the reporting requirements for companies, providing clear and relevant information to investors on performance and pay.
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