Integrated reporting <IR> offers a new opportunity and the best way to tell the value creation story – by drawing on existing information to succinctly bring together insights and information from across the business for investors and others.
The keynote speech was delivered by Alison Nimmo CBE, Chief Executive of The Crown Estate, which is widely recognised for its work in <IR>. It has been developing and refining its approach to implementing <IR> over three years, and all parts of the business are reflected in and involved in the production of the integrated report. She stated that 'we've whole heartedly embraced interrelated reporting, which has made us step back and really think about our business model’, and noted ‘we find it is crucial to help us see beyond the figures’.
Alison emphasised that ‘If we want our businesses to be seen as a force for good, public trust is vital’, and provided examples of The Crown Estate’s use of ‘conscious commercialism’. She highlighted how in the organisation’s revamp of Regent Street, it has been creating green spaces and reusing rooftop spaces that not only increase biodiversity and help environmentally, but also drives up the value of the portfolio: as she described it, ‘a win-win approach to business’.
In response, CIMA Chief Executive Charles Tilley FCMA, CGMA shared key conclusions from Valuing your Talent, a CIMA and CIPD research programme designed to help give employers a clearer understanding of, and description of the way in which people impact the performance of their organisation and from Tomorrow's Relationships, a guide produced in collaboration with CIMA, the CIPD, KPMG, and Linklaters, providing a practical resource for boards and senior management teams in mapping and understanding the relationships of their business.
He stated that ‘there is a need for organisations to report differently and to think differently', and that 'organisations have to create value, and IR supports that’; a view also held by Bank of England governor Mark Carney, who recently talked about how important IR is.
In a changing world, Charles noted that it is critical for organisations to adapt, ‘and it is that which integrated reporting and integrated thinking really supports.' He added that he saw ‘management accounting as a critical part of supporting that.’