CIMA contributes to discussion paper

CIMA has responded to a key discussion paper from the International Integrated Reporting Committee, asserting that a new approach to corporate reporting is required in a changing global landscape.

Formed in 2010, the IIRC is an influential cross-section of global leaders from the corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors, as well as civil society. It aims to create a globally accepted integrated reporting framework, bringing together financial, environmental, social and governance information in
a clear, concise, consistent and comparable format.

The eagerly awaited discussion paper, “Towards Integrated Reporting: Communicating Value in the 21st Century”, was published in September, and presents the rationale for integrated reporting. It offers initial proposals for the development of an International Integrated Reporting Framework and outlines the next steps towards its creation and adoption.

Nick Topazio, CIMA’s head of corporate reporting, said: “There is currently much mistrust of commercial organisations, and in many circles the term ‘corporate behaviour’ has become synonymous with greed, self-interest and detachment from the real world. However, there are many companies that have successfully adopted business strategies that are focused on long-term sustainable profitability, and the corporate reporting system must be allowed to develop to allow effective communication of their stories.”