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Driving Cohesion Iirc Integrated Report 2020 DRIVING COHESION IIRC INTEGRATED REPORT 2020 DRIVING COHESION IIRC INTEGRATED REPORT 2020 IIRC INTEGRATED International Integrated Reporting Council The Helicon, Third Floor, 1 South Place, London EC2M 2RB, UK Web: www.integratedreporting.org Twitter: @theiirc CONTENTS 01 About this Report 02 About the integrated reporting movement 05 Letter from our leadership 07 Value creation model 09 External environment 11 Strategy 12 Structure and governance 17 Stakeholder relationships 18 Material matters 21 2020 Performance 01 32 Outlook ABOUT THIS REPORT 33 Independent assurance report 02 ABOUT THE 35 Acronyms INTEGRATED REPORTING MOVEMENT 05 LETTER FROM OUR LEADERSHIP 07 VALUE CREATION MODEL 09 EXTERNAL ENVIRONMENT 11 STRATEGY 12 STRUCTURE AND GOVERNANCE 17 STAKEHOLDER RELATIONSHIPS 18 MATERIAL MATTERS 21 2020 PERFORMANCE 32 OUTLOOK 33 INDEPENDENT ASSURANCE REPORT Scan to view the online HTML of our Annual Report 2020 35 ACRONYMS https://integratedreporting.org/integratedreport2020/ 1 ABOUT IIRC INTEGRATED THIS REPORT REPORT 2020 Our annual report for the year ending 31 December 2020 is in two parts: To balance the goals of conciseness, 1 2 IIRC IIRC completeness and connectivity, we use a variety Integrated Financial of formats to meet the diverse interests of Report Statements our stakeholders. As well as the PDF/printed 2020 2020 version, we provide an interactive online HTML version with features that make it easier to find, extract and share information. this report is a concise a connected report containing our In addition, there is an executive summary of communication about how full financial statements, prepared we create value in accordance with International the IIRC Integrated Report 2020 for mobile Financial Reporting Standards (IFRS), devices, ideal for those who want a quick and other statutory disclosures. read while on the go or to share information through social media. 01 ABOUT RESPONSIBILITY THIS REPORT FOR THE REPORT 02 ABOUT THE As the Board of the International Integrated Reporting Council (IIRC), we INTEGRATED REPORTING acknowledge our responsibility for ensuring the integrity of our Integrated MOVEMENT Report 2020. Together with management, and reflecting on our operating 05 context, strategy and value creation model, we believe this integrated report LETTER FROM OUR LEADERSHIP addresses all matters that have, or could have, a material effect on our ability to create value. 07 VALUE CREATION MODEL We acknowledge our responsibility for this integrated report, which has been 09 EXTERNAL ENVIRONMENT prepared in accordance with the International Integrated Reporting Framework 11 STRATEGY (<IR> Framework). We have examined the content and presentation of 12 STRUCTURE our Integrated Report 2020 to ensure application of the requirements AND GOVERNANCE summarized in the appendix of the <IR> Framework. 17 STAKEHOLDER RELATIONSHIPS We have taken measures to ensure the integrity of the integrated report 18 MATERIAL MATTERS in terms of its preparation and presentation, including reviewing systems, 21 2020 PERFORMANCE procedures, controls, key responsibilities and activities. These measures include obtaining independent external limited assurance of the integrated 32 OUTLOOK report given the value that such assurance adds to the credibility of the report, and trust in it and the IIRC as an organization, by its stakeholders. 33 INDEPENDENT ASSURANCE REPORT 35 Barry Melancon ACRONYMS Chair of the Board 26 May 2021 2 ABOUT IIRC INTEGRATED THE INTEGRATED REPORT 2020 REPORTING MOVEMENT The integrated reporting movement is at the forefront of developments to bring about a globally accepted and comprehensive corporate reporting system in the public interest. The concepts and principles of integrated reporting are critical in bridging the gaps and forging the linkages between financial reporting and information relevant to broader enterprise value creation. The relationships we have developed help to ensure our <IR> Framework remains relevant and responsive to the needs of capital markets and broader society. In a world where interconnected and simultaneous risks are testing established norms to their limits, we provide the tools, guidance and best practice to inspire the integrated thinking and 01 decision-making that will contribute towards a more inclusive, ABOUT THIS sustainable and prosperous future. REPORT 02 ABOUT THE INTEGRATED CELEBRATING TOWARDS A COMPREHENSIVE REPORTING MOVEMENT 10 YEARS CORPORATE REPORTING SYSTEM The International Integrated Reporting Council (IIRC) The IIRC’s Board and Council, created to bring about 05 LETTER FROM was established in 2010, a response to the global an evolution in corporate reporting, are the foundation OUR LEADERSHIP financial crisis, when solutions were needed to mitigate of our credibility and authority. Our mission is even the risk of such a collapse of the financial system more urgent today, driven by the world’s commitment 07 reoccurring. We celebrate our tenth anniversary to meeting the Sustainable Development Goals (SDGs) VALUE CREATION MODEL during a different global crisis – the ongoing health as well as the technology and data revolution that is 09 EXTERNAL pandemic that has already caused lasting devastation transforming our economy. Governments, regulators, ENVIRONMENT around the world. capital markets and businesses must work together to 11 STRATEGY meet these challenges – to realign capital allocation 12 STRUCTURE And yet, the world has changed over the last ten years. to the needs and interests of a sustainable and AND Our movement’s journey is a story of an awakening responsible economy. GOVERNANCE of many concepts that are at the heart of integrated 17 STAKEHOLDER RELATIONSHIPS thinking and reporting. The importance of challenging Corporate reporting - and specifically integrated reporting 18 MATERIAL short-termism. The understanding that climate change - has its role to play. It shines a light on the thinking MATTERS is a crisis that we must all confront. The need for and decision making of management and orients 21 business to be a part of society, not apart from it. engagement between a business and its stakeholders. 2020 PERFORMANCE The importance of balancing profit with purpose. The It guides investor decision-making and is an important interconnectedness of all our lives and of value creation tool of corporate governance and risk management. 32 OUTLOOK across multiple capitals. It is invaluable for our understanding of strategy, the business model and how resources are allocated and 33 We haven’t conquered all of these issues – far from relationships are managed to create short, medium and INDEPENDENT it. But there is growing consensus on where we need long-term value while meeting the needs of investors ASSURANCE REPORT to get to and the use of integrated reporting has and other stakeholders alike. It is ideally suited grown as a result. to independent external assurance as a credibility 35 ACRONYMS enhancement mechanism, engendering greater trust in the integrity of integrated reports and the organizations producing them. 3 As we look to the next ten years, and achieving our mission to establish integrated reporting and thinking within mainstream IIRC INTEGRATED REPORT business practice as the norm in the public and private sectors, 2020 we recognize the vital role partnerships will continue to play. The announcement of our intent to merge with the Sustainability Accounting Standards Board (SASB) to create the Value Reporting Foundation is a very significant advancement towards building a comprehensive, simpler and unified global corporate reporting system. The proposed merger is also a response to increasing business and investor demand for greater rationalization and simplification of the corporate reporting landscape. WHAT IS INTEGRATED WHAT SETS INTEGRATED REPORTING? REPORTING APART? Integrated reporting is a process founded on integrated Grounding in integrated thinking and strategy to thinking that results in a periodic integrated report – create sustainable value and thus better business a clear, concise and credible communication about how practice, with the integrated report being an outcome 01 an organization’s strategy, governance, performance of this process. ABOUT THIS and prospects, in the context of its external REPORT environment, create value for its stakeholders in the Centred on an insightful, connected and informative short, medium and long term. The primary users of description of the business, including its purpose, 02 an integrated report are providers of financial capital, strategy, governance, resource allocation and ABOUT THE relationship management, business model, and INTEGRATED but it also benefits other stakeholders including risk and opportunity management. This provides REPORTING employees, customers, suppliers, local communities, MOVEMENT strategic business context for metrics as to business regulators, and policymakers. performance and prospects, derived from financial or 05 sustainability reporting standards or self-determined LETTER FROM Integrated reporting is viewed by many as the next because of their criticality to the business (e.g., OUR LEADERSHIP evolution in corporate reporting, an antidote to the in relation to innovation, intellectual property narrow and siloed focus on short-term, financial profit or technology). 07 VALUE CREATION of traditional annual reports. Integrated reporting MODEL incorporates financial, sustainability and other A focus on all relevant sources of value creation, 09 EXTERNAL reporting,
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