Implementing an Integrated Reporting Process
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Presentation given by Ian Jameson, chief advisor: climate change and sustainable development, Sustainability Division, Eskom, during the International Federation of Accountants (IFAC) integrated reporting seminar, A Fundamental Shift in Corporate Reporting, November 14, 2012.
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Implementing an Integrated Reporting Process
- 1. Implementing an Integrated Reporting process IFAC Seminar 14 November 2012 Ian Jameson Chief Advisor: Climate Change and Sustainable Development Sustainability Division 1
- 2. Eskom’s integrated reporting journey Awards • 2nd in 2011 E&Y’s Sustainability Reporting Awards 2012 • Excellence in 2012 E&Y’s IR Awards Integrated report aligned • Winner 2012 Nkonki SOC IR Awards with IIRC and IRC of SA • First non-listed winner basic materials and discussion papers resources category in 2012 Investment Analyst B+ GRI declaration Society Awards 2002 First Integrated 2011 Annual Report Integrated Annual Results (including Financial with B+ GRI declaration and Sustainability 1994 information) First Environmental 2008 Report for Integrated Annual Eskom In support of Results with first B+ 2 GRI declaration
- 3. Eskom’s 2012 report written from a value chain perspective In support of 3
- 4. Key Successes in getting IR done 1. Taking the first step • Creating the right level of governance and support structures • Testing the IR framework (Eskom used the Quarterly shareholder report; January 2012) 2. Early agreement by senior management to IR objectives • Material issues • Structure (Hard Copy and website design) • Timelines (shortest year-end release) • Stakeholder engagement 3. IR driven by the Finance Director • Strong support from a core team with different skill sets to deliver on the agreed IR objectives In support of 4
- 5. Deferred Successes (Challenges) 1. Developing IR capacity 2. Ensuring consistency between different reports (Integrated report, Divisional report, Financial statements) – particularly from an editing perspective 3. Tight timelines can cause lack of “thought through content” from content owners (link to capacity development) 4. The development of a divisional report in parallel to the IR diluted the IR as the “primary report”. In support of 5
- 6. Areas of focus going forward 1. Alignment of monthly reporting and IR reporting processes 2. Use of collaborative reporting software to streamline reporting and editing of content as well as develop better connectivity of information between various reports 3. Website enhancements: Further improve the functionality and connectivity of information and create a consistent platform for Integrated Reporting 4. Improve on the systemic integration of stakeholder engagement with the material issues 5. IR has a forward-looking focus. Accordingly, more effort must be placed on developing relevant leading indicators that are materially connected to the various capitals of the IR framework In support of 6
- 7. Thank you Ian Jameson Chief Advisor Climate Change and Sustainable Development Group Sustainability Eskom Holdings Limited Tel +27-11-800-3033 Fax +27-86-662-9081 Cell +27-82-876-8226 Email Ian.Jameson@eskom.co.za @Leadership4Good 7
Editor's Notes
- Taking the first stepCreating the right level of governance and support structures (with specific reference to the agreed ToRs)Testing the IR framework on the Quarterly shareholder report (January 2012)Early agreement to IR objectivesMaterial issuesStructure (Hard Copy and website design)TimelinesStakeholder engagementIR driven by the Finance DirectorStrong support from a core team with different skill sets to deliver on the agreed IR objectives(With the focus on the investor community the FD is well positioned to take the lead on IR for the company)
- Developing IR capacity Particularly the custodians of information and to support their way of thinking to elicit content from the bottom-up with due consideration to the IR framework and principles.
- Alignment of monthly reporting and IR reporting processesUse of collaborative reporting software to streamline reporting and editing of content as well as develop better connectivity of information between various reports Website enhancements: Further improve the functionality and create a consistent platform for Integrated Reporting(that allows numerous types of reports to be profiled, e.g.: MYPD3 application, system status updates, which are material information during the reporting year)4. Improve on the systemic integration of stakeholder engagement with the material issues5. IR has a forward looking focus. Accordingly, more effort is going to be placed on developing relevant leading indicators