Progress report: on the first anniversary of the publication of the International Integrated Reporting Council's IR framework, Charles Orton-Jones gauges the extent to which it has been adopted around the world.
| Author | Orton-Jones, Charles |
It's been a year since the international integrated reporting (IR) framework was formally launched, so how is it faring? Last July CIMA surveyed 350 senior executives in North America, Asia Pacific, Africa and Europe to determine the initial response to it. Although 80 per cent agreed that IR could help to deliver success for their businesses, only 44 per cent said they were thinking about adopting it in the near future--most of whom estimated that the process would take two to three years. Two motivations for adopting IR stood out: the desire to give investors enough information (only a quarter of those polled said they were already doing this) and the chance to benefit from explaining how their businesses created value (cited by 94 per cent of respondents).
These numbers suggest that there's a groundswell of support for IR, but that widespread adoption will be a gradual process. The International Integrated Reporting Council--of which CIMA's chief executive, Charles Tilley FCMA, CGMA, is a member (and chairman of its technical task force)--is happy with the progress of its framework so far. The rate of adoption has not only met expectations, reports Neil Stevenson, the council's MD, global implementation; it has exceeded them.
He points out that IR has already been trialled in 25 countries. According to a poll of adopting companies published by his organisation last September, 91 per cent said that IR had improved the quality of their engagement...
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