ICAS responds to the IIRC proposed revisions to the
This article summarises the main points in the ICAS response to the proposed revisions to the
The International Integrated Reporting Council (IIRC) recently consulted on proposed revisions to the Integrated Reporting
While ICAS was supportive of the enhanced governance disclosures and requirements in the proposed revisions, we highlighted that there is also a need to establish strong and robust governance processes over the systems and controls that produce the information to be included in the Integrated Report, specifically in relation to non-financial information. Framework, we highlighted the need for these principles to explicitly recognise: While we supported the principles-based approach in the
- the relationship between sustainable development risks and opportunities and long-term value creation; and
- their impact on the achievement of the UN SDGs. This approach is addressed in the three fundamental concepts in the SDGD Recommendations (Adams et al, 2020).
- ICAS agreed with the IIRC proposal that the purpose of an Integrated Report should extend beyond the providers of financial capital to include providers of other forms of capital. These parties have an equal stake in how the organisation creates value over time.
- ICAS also encouraged the IIRC to support the convergence and comparability of corporate reporting and the creation of global initiatives and standards that will become the building blocks for the convergence and alignment of global metrics, including those related to Sustainability/ESG.
- Finally, ICAS emphasised that in order for the IIRC to achieve their desire for the
Framework become the umbrella framework for corporate reporting, the Framework itself needs to address and incorporate Sustainability/ESG related issues and demonstrate how it can contribute towards the achievement of the UN SDGs.