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A presentation on Vancity\'s evolving reporting process, and the benefits and challenges of integrated reporting.
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Integrated reporting in practice
Presented by Joanne Westwood, Manager, Accountability Reporting
November 25, 2010
What I’ll talk about
Agenda
Reporting history
Integrated reporting: what and why?
Overview of Vancity’s Integrated Report & process
Benefits of Integrated Reporting
Reporting challenges
The future
Vancity at-a-glance
$14.5 bn assets 60 branches 407,000 members
MemberMember-owned, community based, full service financial institution. Major activities include day to day banking, lending and investment services.
Toward integration (2008 onwards)
Paving the way (2000-2007)
The early years (1992-1997)
Emerging standards (1998-1999)
Reporting evolution
Board demands greater disclosure
1993–adopt Ceres Principles
Social section added to Annual Report
1996–commit to a social audit
1997–Social Report
External: standards, external recognition, awards
Internal: Vancity’s actions
1992–Vancity ranks poorly in a survey of FIs on disclosure of social and environmental disclosure.
Vision to redefine wealth
Oversight of non-financial reporting moves to Audit Committee
Annual reporting cycle
Release 2008-09 Accountability Report and plan for a 2010 integrated Annual Report
Formal Board Committee established to provide oversight
Two-year reporting cycle
One of 20 organizations to pilot GRI guidelines
Adopt AA1000 framework
1999–Exposure drafts of GRI and AA1000 released
GRI and AA1000 evolve
2002–03 report ranked #1 in Canada
2004-05 report wins best sustainability report in North America
Economic crisis drives increased disclosure on non-financial issues
2010–International Integrated Reporting Committee
2010–Vancity ranks 3rd of Best 50 Corporate Citizens in Canada
2000–Statement of Values and Commitments
2004–GRI Organizational Stakeholder
Inform FS sector supplement and revisions to AA1000
2008–1st FI in North America to report to GRI Level A+
An integrated report is one report that will:• Demonstrate, to stakeholders, how well Vancity is
creating environmental, social and economic value through its business strategy and culture
• (Begin to) illustrate the link between financial and non-financial performance …and hence articulate the business case for sustainability
• Reflects Vancity’s business strategy and priorities (output), as well as informs Vancity’s business strategy and priorities (input)
Integrated reporting: what it means to Vancity
Integrated reporting: why?
Overview of Vancity’s reporting and planning process
Wealth redefined
Overview of Vancity’s reporting and planning process
Alignment of strategy, planning and accountability reporting
Annual cycle
Overview of Vancity’s proposed integrated 2010 Annual Report
•About us – includes statement from CEO and Board Chair
•Performance snapshot – includes KPIs and targets
•Business review – based on Vancity’s business model
•Summarized consolidate financial and non-financial statements – includes auditors’ reports
•Glossary of terms
•Summarized GRI content index
•Complete consolidated financial and non-financial statements
•Detailed GRI content index
•Disclosure on Management Approach – to meet GRI reporting requirements
•More on materiality and stakeholder engagement
•More on our reporting history and process
Printed report www.vancity.com
• Reporting practices are aligned with our vision and co-operative values
• One, consistent story to tell stakeholders
• An expanded audience for both financial and sustainability information
• Increased efficiencies and reduced costs? Sure – but this is not a key objective
• Key benefit: it creates long term business value by embedding sustainability throughout the business and driving better (holistic and long-term) management decisions.
Benefits of integrated reporting
• Collecting and verifying data, and writing report, in time to meet existing annual report deadlines
• Keeping the report short (focused) through application of materiality principle
• Managing auditors (firms or teams) with two different assurance objectives and working with two different reporting frameworks
• Intellectual challenge of integrating financial and non financial information in one document
• Aligning planning and reporting processes and ensuring the same information informs both
Reporting challenges