Integrated reporting - SUM: Sustainability Management Wiki

Authors: Ole Schepergerdes, Ronihat Akgöl
Last updated: December 27, 2022

1 Definition and relevance

Against the backdrop of clear and concise external corporate publicity, the increasing variety of reports and only limited linking of the reporting elements of different accounting instruments has recently given rise to the demand for integrated, linked, reporting on the main value drivers of operational services. ¹ In this context, it is particularly important to highlight the reporting concept of Integrated Reporting, which aims to bundle key financial and non-financial aspects within an accounting instrument and to highlight the interactions between performance indicators. ² The development of the reporting concept in an international context is significantly supported by the International Integrated Reporting Council (IIRC).

This institution, which was founded in August 2010, pursues the objective of anchoring integrated reporting in the system of external corporate disclosure in the long-term. ³ With the adoption of the first official framework on 09.12.2013, the IRC has set a milestone for the preparation and disclosure of integrated reports. ⁴ The intention of an integrated report drawn up in accordance with the framework is primarily to explain a company’s ownership and social value creation on the basis of quantitative and qualitative publicity elements that are useful for decision-making. ⁵ This is primarily intended to give the investors of the reporting company a differentiated picture of the short-, medium- and long-term performance. The framework is characterized by a principle-based approach, which gives the authors sufficient freedom to design an integrated report on a company-by-company basis. On the other hand, this approach entails the risk of heterogeneous integrated reports and of inter-temporal and inter-company comparability of published information, which is only conditional from the point of view of the addressee. ⁶ The adoption of the first official framework can in principle provide an impetus for the further development of the advertising behavior of large (capital market oriented) as well as small and medium-sized companies to a multidimensional corporate communication that reflects service delivery. In this way, integrated reporting in the long-term context can contribute to increasing the decision-making usefulness of external accounting.

Internal reporting includes the provision of information to managers. In the narrower sense it is only processing and transmission, in the broader sense it covers all processes from information requirements to procurement, production/transformation, transmission and use. The central task of reporting is the purpose-oriented procurement, collection and processing of corporate information. The purpose of the report may be to document, trigger adaptation measures, and prepare and monitor decisions. Documentation is a central reporting purpose, which results from statutory regulations for external reporting (documentation and retention obligations for financial accounting transactions and data) and for internal reporting in the context of planning and control.

Linking reporting purposes to the decision-making process makes it clearer what role reports can and should play in the decision-making process. Reports are roughly oriented towards the process of decision-making and implementation in hierarchical organizations: First, new project ideas arise, often at downstream management levels. The senior management then reviews the plans and proposals and approves them at the lower levels of management. Subsequently, the subordinate management implements them with the help of its employees and resources and then reports the success to the superior management.

The type of report answers the question “What should be reported?”. At its core, reports are management information designed to help managers make decisions. The types of reports are therefore based on the main areas of management’s decision-making. Value-oriented management aims at setting a benchmark for the desired increase in owner value as well as at planning and controlling it. Accordingly, value-based reporting serves to inform management about the value-based objectives and achievement of objectives.

In response to the above-mentioned calls for more comprehensive corporate reporting, the International Integrated Reporting Council (IIRC) has published a principles-based framework for integrated reporting. The target group of the Integrated Report is primarily investors. The aim of the Integrated Report is to provide a more comprehensive presentation of value creation in the sense of “integrated thinking”, whereby in practice, as already mentioned, this usually does not produce a single report containing all the information, but rather an overarching report that depicts essential parameters and links. ⁷ The main points of the integrated report are as follows. Organizational overview and company environment, i. e. in which sector does the company operate and what is its market and competitive environment? Corporate governance: management structure and supervisory bodies. How can the company create value with the help of a business model? Which risks threaten success and which opportunities do the business model and market and competitive position open up? Strategic objectives and resource allocation plans: what the company is aiming for. What financial and non-financial results does the company generate? Future prospects: how does management see the future of the company? It is important to describe the process of value creation, which incoming resources and capital are transformed into performance and results in which form in the business model.

The relevance of integrated reporting only becomes apparent when considering the objectives of this method. The primary purpose of integrated reporting is to improve the quality of information for investors in order to achieve a more efficient allocation of capital. In addition to the information function, accountability is to be strengthened (IR FS. 2). Specifically, the primary purpose of an integrated report is to explain to investors the short-, medium- and long-term value creation of a company. To this end, the integrated report should include all information relevant to value creation, both financial and non-financial (IR F 1. 7). In addition, the integrated report is intended to benefit all (other) stakeholders interested in a company’s ability to create value (IR F 1. 8). ⁸

2 Background

Since the 15th century, companies have been recording their activities in reporting systems. To this day, the focus is on the recording of facts that can be depicted in monetary terms and their explanations. In recent years, reporting elements have been introduced that are intended to present and explain the asset, financial and earnings situation as such. However, the focus here was also on the company’s financials, which is why the need for additional company reports developed in society. In the early 1990s, for example, environmental impacts were increasingly presented in environmental reports with quantitative and supplementary qualitative explanations. Social or sustainability reports are also being produced, which not only deal with environmental effects, but also depict the company’s dealings with employees, customers or society through so-called key performance indicators. Due to this increased number of reports, which is associated with increased confusion, the idea arose to combine and link the individual reports. ⁹ The ever-increasing number of reports led to a growing lack of understanding among the recipients of the information.

However, it is questionable what relevance the annual report has today. In 2017, a survey was conducted among analysts, institutional investors, business journalists and private shareholders on the importance of the annual report in investment decisions. The results show that over 70% use the annual report to make a decision to buy or sell. ¹⁰

In 2010, the IIRC (International Integrated Reporting Council) was founded with the aim of developing a uniform, flexible framework for a global realignment of corporate reporting. Increasing competitive pressure and the realization of the relevance of non-financial corporate information are strengthening the trend towards integrated reporting. ¹¹ The IIRC is the latest initiative launched by professional associations and business-oriented networks to help organisations integrate financial and non-financial information and economic, social and environmental reporting issues. It was formed from the coalition of the Prince’s Accounting for Sustainability Project and the Global Reporting Initiative (GRI). Specifically, the IIRC aims to align corporate capital allocation and behavior with the overarching goals of financial stability and sustainable development through the cycle of integrated reporting and thinking ¹². The framework published in 2013 has established itself as an international standard. According to this framework, integrated reports should not only combine the contents of previously separate external company reports in one report, but should also provide stakeholders with a synthesis of the key corporate success factors and their interrelationships. ¹³ It thus sets a milestone for the preparation and disclosure of integrated reports. ¹⁴ In the first 4 years since the founding of the IIRC, the so-called pilot project was introduced, in which about 100 companies and 30 investors were active. In 2014, the pilot project was replaced by the Integrated Reporting business network and investor network, in which companies are active that identify with the concept of Integrated Reporting and are trying to implement it, or in which investors are involved who attach importance to Integrated Reporting-generated data. These exchange their experiences and are in close contact with the IIRC. ¹⁵ The framework of the IIRC was revised in October 2017 and three “topic papers” in the sense of consultation papers were published in 2020. The first topic paper was “Responsibility for an Integrated Report”, the second topic paper dealt with “Business Model Considerations” and the third topic paper concerned “Charting a path forward”. ¹⁶

South Africa is rightly credited with the pioneering role in the development of Integrated Reporting. This is because the drivers for the move towards sustainable corporate governance are similar to those that helped build the corporate landscape in South Africa in the 1990s after the fall of the apartheid system. The King Committee, which was set up by Dr Mervyn King, was tasked with examining how responsible corporate governance could contribute to solving the problems facing the markets. The first report was issued by the Committee in 1994, in which the core message was that in order to restore investor confidence, companies must take into account the interests of all stakeholders in their business activities and disclose the results of their actions. This first report, also called the King Code, contains the three elements of Leadership, Sustainability and Good Corporate Citizenship, which thus constitute good effective ethical corporate governance. The King Code states that management must manage a company in such a way that sustainable economic, social and environmental results are achieved. ¹⁷ Since 1 June 2010, companies listed on the Johannesburg Stock Exchange have been required to produce integrated reports. ¹⁸

The South African economy is unique and the culture of corporate reporting emerged there under very specific conditions. Nevertheless, it is important to learn the lessons from this particular context. The South African experience shows us that compliance and responsible corporate governance can bridge the gap between society and business. Moreover, South Africa has developed a benchmark against which it measures itself in order to live up to its responsibilities in the long term. ¹⁹

In the meantime, the form of integrated reporting has become increasingly important and is not only implemented worldwide on a voluntary basis, but also in a limited form as a mandatory standard for listed companies. ²⁰

In addition to traditional financial reporting, sustainability-relevant reporting concepts have gained in importance since the 1970s. The historical development of these sustainable reporting concepts includes social reporting in the 1970s. This was followed by environmental reporting in the 1980s. These were one-dimensional concepts. From the 1990s onwards, multidimensional concepts were introduced. This was followed by sustainability reporting and, from the 2010s, integrated reporting. These multidimensional concepts called up corporate value creation in a holistic context. They are characterized in particular by the fact that they concretize the economic, ecological and social aspects of corporate value creation. ²¹

One-dimensional concepts		Multidimensional concepts
1970	1980	1990	2010
Social Reporting	Environmental Reporting	Sustainability Reporting	Integrated Reporting

Table 1

The change in reporting is also a consequence of social trends. It is the case that in the meantime there is not only a need for information on the part of stakeholders for key financial figures, but these stakeholders also have information requirements for sustainability aspects, transparency and future-oriented reports. The increased need for information regarding CSR, for example, is the consequence of a change in economic thinking and the associated idea that organisations must fulfil the expectations of society and customers. ²²

3 Practical implementation

Integrated Reporting, as the name suggests, aims to integrate a wide range of information in order to react to current developments in companies and in society. This type of extended reporting is thus a revision of the previous concepts described above. Various efforts have been made to integrate financial and non-financial, past, but also forward-looking information in a report.²³ Integrated Reporting focuses on the company’s ability to create value over the short, medium and long term. ²⁴ This clearly shows that integrated reporting has a direct connection to value reporting. Integrated Reporting emphasizes conciseness, strategic focus and future orientation, the connectivity of information and capital and their interdependencies. ²⁵ Financial, environmental, social and corporate governance information should be combined in an integrated report, taking into account the business environment and the interaction of key parameters influencing value creation over short, medium and long terms. ²⁶

This link with sustainability reporting can also be seen in the synergies between the Global Reporting Initiative (GRI) sustainability reporting framework and the IRC framework. ²⁷ The G4 guideline of the GRI itself explicitly refers to the relationship between sustainability reporting and integrated reporting, whereby sustainability reporting is understood as the basis for integrated reporting. ²⁸ What distinguishes Integrated Reporting from Sustainability Reporting and Value Reporting is the specific objective of not only improving, integrating and focusing reporting on value creation, but also establishing integration within the company in the form of integrated thinking.

An Integrated Report is defined as “a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of ist external environment, lead to the creation of value over the short, medium and long term” ²⁹. The main objective of an integrated report is to explain to stakeholders how the company generates value over time. ³⁰ To this end, the IIRC framework provides a principle-based guideline, which aims to strike an appropriate balance between flexibility and regulation through “Guiding Principles”. ³¹ According to this, an integrated report should contain information on the strategic orientation and its link to value creation over the short, medium and long term, as well as information on the use and impact of the capital (Strategic Focus and Future Orientation). An Integrated Report is also designed to provide a comprehensive picture of the combination, interrelationships and dependencies between the value drivers (Connectivity of Information). It is also intended to provide insights into the nature and quality of stakeholder relationships and, in particular, to explain how the company understands, considers and fulfils the needs and interests of stakeholders (Stakeholder Relationships). An Integrated Report is intended to disclose information about matters that materially affect the ability of the company to create value over the short, medium and long term (materiality). The report shall be concise and precise (conciseness) and shall include all material matters, both positive and negative, in a balanced manner and without significant errors (reliability and completeness). In addition, an integrated report should be structured consistently over time and also enable a comparison with the reports of other companies to the extent that is relevant for value creation (consistency and comparability). ³²

In addition, an Integrated Report is required to answer the following questions regarding the eight so-called “Content Elements”: What does the company do and what are the circumstances in which the company operates (Organizational Overview and External Environment)? How does the governance structure of the company promote its ability to create value over the short, medium and long term (governance)? What is the business model of the company (Business Model)? What are the specific risks and opportunities that influence the company’s ability to create value over the short, medium and long term, and how does the company deal with them (Risks and Opportunities)? Where does the company want to go and how does it want to get there (Strategy and Resource Allocation)? To what extent has the company achieved its strategic objectives in the last period and what are the results in terms of capital impact (performance)? What challenges and uncertainties are the company likely to face as it pursues its strategy, and what are the possible implications for the business model and future performance (Outlook)? How does the company determine which matters are included in the Integrated Report, and how are they quantified or assessed (Basis of Presentation)? The content elements are fundamentally interlinked and are not mutually exclusive but should be combined and integrated in a meaningful way. ³³

It is important that value is not generated by or within a company on its own, but is also influenced by the external environment, is generated by connections with stakeholders and depends on multiple resources. Thus, the ability of an enterprise to create value for the enterprise itself is closely linked to the value it creates for others. ³⁴ This linkage is created by numerous activities, connections and interactions, which are also part of the Integrated Report if they contribute significantly to the value-generating ability of the company. In this context, the IIRC also refers to capital outsourcing, i. e. costs or effects that are not limited to the company itself. ³⁵ Capital is defined by the IIRC as follows, although not all types of capital are equally relevant to each enterprise: Financial capital refers to the financial resources available to an enterprise for the production of goods or the provision of services, generated by entrepreneurial activities and investments, or by borrowing or equity. Manufactured capital includes physical objects manufactured, as opposed to natural physical objects that are available to a company to produce goods or perform services, such as buildings, equipment and infrastructure. According to IIRC, intellectual capital is composed of corporate knowledge-based intangible assets, i. e. intellectual property, such as patents, copyrights, software, rights and licenses, and organizational capital, such as implicit knowledge, systems, procedures and protocols. Human capital includes the competencies, skills and experience of the employees. In addition, motivating employees to innovate is an essential part of human capital. This includes, in particular, their alignment and support for corporate policies, risk management and ethical values, as well as their ability to understand, develop and implement the company’s strategy. This also includes their loyalty and motivation to optimize processes, goods and services, as well as their ability to lead, manage and collaborate. Social and Relationship Capital refers to the institutions and connections within and between communities, stakeholder groups and other networks, and the ability to communicate information to enhance individual and collective well-being. This type of capital includes shared norms, values and behaviors, key stakeholder relationships that the company has built and wants to pursue, and trust and willingness to engage. It also includes intangible assets created by the company in connection with the brand and reputation as well as the company’s social permission to operate. The final category, Natural Capital, includes all renewable and non-renewable environmental resources and processes to provide goods and services that support the Company’s past, present and future success. ³⁶ Assignment to the various categories is not static and conclusive, since the individual “values” may change over time within a type of capital or be transformed in such a way that they can subsequently be assigned to another category. ³⁷

Capital is an important component of the Value Creation Process. At the heart of the value creation process is the business model in which capital is processed as inputs by entrepreneurial activities into output factors, i. e. products, services, by-products or waste products, which ultimately has an impact on capital. The business model is embedded in the so-called “Mission and Vision”, which clearly define the purpose and intent of the company, and the governance, which defines the structures within which the company can create value. The context in which the company operates is the external environment, including economic conditions, technological change, social issues and environmental challenges. This clearly shows the close link between integrated reporting and sustainability reporting and value reporting. The value creation process is the central element of both value reporting and integrated reporting. The context considered in integrated reporting, like sustainability reporting, focuses on the three pillars of sustainability (economics, ecology and social issues). Continuous monitoring and analysis of the context reveals relevant risks and opportunities for the company. A company should base its strategy and resource allocation on this. In addition, the provision of information on business performance is of great importance to enable efficient decision-making. Overall, the corporate value creation process does not have a static character but requires a regular rethinking of the individual components and interactions in order to orient the company in the long term and point out prospects. ³⁸

4 Drivers and barriers

4.1 Drivers

The development towards integrated reporting is to be considered indispensable against the backdrop of increasing tendencies and merging ideas of value-oriented financial reporting and sustainability reporting. The increasing complexity of information as well as reporting standards to be implemented due to increasing legal requirements also lead to the necessity of value and materiality-oriented corporate reporting. ³⁹ The one-dimensional financial view and presentation of the company has been strongly criticized for some time due to changes in the business environment, such as increasing globalization, population growth, challenges regarding the protection of the environment and the scarcity of resources, and increased demands on the transparency of corporate reporting and accounting. This increasing pressure has led to a rise in the importance of the environmental and social dimension. It was thus recognised that the previous corporate reporting no longer met modern requirements. ⁴⁰

Factors such as human capital or customer relations also play an important role in strategic decisions. They are now a high component in the calculation of market value. Thus, their influence on business valuation is very high, which results in the need for a comprehensive company view, including non-financial information. ⁴¹ Investment experts in particular are increasingly oriented towards non-financial reporting. Environmental, social and governance factors provide analysts with an additional opportunity to review and evaluate companies and assets. From a business perspective, reporting on non-financial information is also important to strengthen the company’s reputation with clients. ⁴²

A further driver for the introduction of integrated reporting is that the application of the IR framework is accompanied by considerable potential benefits in order to meet these requirements. The application of integrated reporting leads to an improvement of internal processes as well as increased data quality and promotes cross-divisional teamwork. ⁴³

It is important to look at indicators other than financial indicators, as these only represent a small part of the market value of a company. In contrast, non-financial ratios represent the largest part of the market value. Furthermore, according to the CSR Directive, capital market-oriented companies as well as credit institutions and insurance companies with more than 500 employees are obliged to provide information on their impact on the environment, employee and social issues, corruption and human rights. This puts the issue of sustainability very high on the agenda. ⁴⁴

One potential would be that by using the framework, the reporting process as well as the understanding of the company’s value contribution can be worked out more clearly, which in turn leads to companies being able to make their decision much more accurately. Risk management can also be influenced by making it more efficient. In this way, the cost of capital can be reduced because a lower risk premium is attributed to the companies. ⁴⁵ These are internal potentials. Nevertheless, there are also external potentials that can drive the company to deal with integrated reporting.

Integrated thinking, as well as integrated reports, increasingly reveal decision-relevant data to the organizations’ stakeholders. Thus, the integrated approach can be seen as a key role in the governance of the company and the management with stakeholder relations. The transparency of corporate activities is increased, which leads to improved communication with stakeholders. The trust between the organizations and their stakeholders is also strengthened by the increased exchange. Thus, this is also a driver for the introduction of integrated reporting. ⁴⁶

Effective reporting in this area includes information on risk identification and management, as well as information on the specific risks identified and clear statements on the impact of these risks on the company’s ability to generate value. ⁴⁷ This understanding of the company’s value creation and risk management is highly important for all stakeholders. ⁴⁸ There have been repeated doubts about the IR framework, mentioning that a lack of conceptual rigor could hardly help a company. This drives companies to develop their own approaches to integrated reporting. These approaches are usually much bolder and more innovative than those of the IIRC. ⁴⁹

Another driver for the implementation of Integrated Reporting is that policy makers and standard setters benefit from the standardisation of corporate reporting regulations, an expansion of stability for the economy, and expanded public accountability of companies through Integrated Reporting. Likewise, the allocation of capital can now be improved. ⁵⁰ Es ist wichtig die bestehenden Reportingmodelle zu hinterfragen, da durch die zunehmende Globalisierung und Komplexität von Geschäftsmodellen und druch das steigende Bewusstsein über die Verknappung von Ressourcen die Reportingmodelle eventuell nicht mehr aktuell sein können. Auch vor dem Hintergrund einer Weltwirtschaftskrise rücken die Themen nachhaltige Entwicklung und finanzielle Stabilität weiter in den Vordergrund. Bestehende Reportingmodelle erfüllen diese Anforderungen kaum, weshalb auch dies ein Treiber dafür ist, sich mit dem thema des Integrated Reportings auseinanderzusetzen. ⁵¹

4.2 Barriers

In addition to the advantages, there are also critical aspects or hurdles in the implementation. These already became clear during the development of the framework by IIRC. For example, central terms of the framework were oriented towards ideal concepts and not clearly defined. There are also challenges for the reporter, as the disclosure of the impact relationships between financial and non-financial aspects are ambitious and difficult to fulfill. ⁵²

Freedom in the design
For example, the IR framework leaves a lot of room for manoeuvre in its implementation. This is atypical for annual reports, which are normally subject to clear guidelines. Companies have to apply the IR concept of value creation to business practice, defining appropriate indicators for the types of capital. It may well be that the reports differ significantly and vary in form due to this wide scope for design. For investors in particular, this makes it difficult to compare performance.

Lack of experience with materiality
The IIRC framework requires a transparent process for determining material non-financial issues. Due to the limited experience with this, many companies therefore fall back on tried and tested concepts for determining materiality from sustainability reporting. However, these neglect the relevance for corporate value creation.

Loss of content quality
The IR framework places a strong focus on the capital market as the core target group. There is a risk that other information that is relevant for other stakeholders may not be processed or taken into account. There is also the risk that content is not presented in the quality and depth of information appropriate for stakeholders. This is the case, for example, if companies want to completely replace their sustainability reporting with the new format, which according to the IIRC should be short and concise.

Ambiguities about measurability
The measurement of non-financial values is also a major challenge for companies. The framework does not provide clear concretisation of meaningful non-financial metrics. In practice, companies work with customer and employee satisfaction to map non-financial capital stocks. Nevertheless, this does not clearly show the influences on business performance. ⁵³

These were barriers or negative aspects in the implementation of the IIRC’s framework for implementing integrated reporting. However, there are still further hurdles in the introduction of integrated reporting.

The increased amount of information can lead to a too high complexity of the presented facts. ⁵⁴ Generally speaking, it is particularly important to link topics relevant to the relevant business model in an intelligent and comprehensible way. ⁵⁵

Integrated reporting requires that management be involved from the beginning. It is also important that several departments are involved in integrated reporting and not just the finance and communications departments. This requires solid and well-organized project management. Furthermore, there can be no integrated reporting without an integrated business model. Thus, it is important to develop a common understanding of what the entrepreneurial business model looks like in the first place. This is usually the biggest hurdle for a company in implementing integrated reporting. ⁵⁶ In addition, Integrated Reporting intervenes in the management logic of a company and thus leads to the necessity of a far-reaching change process. However, many companies are not yet in a position to do this, which is why this represents a barrier to the implementation of integrated reporting. ⁵⁷ Further challenges in the implementation of integrated reporting can lie, for example, in the reader-friendly design of the corporate report. Furthermore, it is important to establish connections between the individual topics and thus meet the information needs of the stakeholders. There is also a higher coordination effort. ⁵⁸

Another barrier could be that the IR framework has a competing framework. The IFRS framework should be mentioned here. Integrated reporting does not differ in substance from IFRS financial reporting. The objectives of both reports are focused on the financial capital of the company and the information needs of investors. ⁵⁹

Ultimately, it can be said that the introduction of integrated reporting links and integrates different components of corporate reporting. However, this results in a higher effort. There are some drivers that promote the introduction of integrated reporting. Social development, but also the increased relevance of sustainability aspects are forcing companies to deal with integrated reporting. Thus, it is also advantageous for the various stakeholders if companies deal with Integrated Reporting. It is also advantageous for policy-makers if companies not only produce financial reports, but also justify them with information and make them comprehensible.

However, the framework of the IIRC is still rather vague, which is why the companies themselves try to create their own framework. The companies thus have freedom in the design of integrated reporting, which is why the possibility of comparison is not so possible at the moment. This is bad for potential investors, as they want to compare the companies in order to decide in which company they want to invest.

In addition, organizational and procedural rules are necessary to implement integrated reporting. These rules must enable smooth coordination to ensure successful implementation of integrated reporting. ⁶⁰

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45
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49
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51
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54
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58
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