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'Groundswell' as NZ companies change annual reporting

Fuseworks Media
Fuseworks Media

The practice of companies changing their annual financial reports to 'integrate' wider concepts of sustainable development and financial stability, is taking hold in New Zealand.

That is the message from the Chief Executive of the global coalition for integrated reporting, on a two-day visit to Wellington and Auckland, ending today (Tuesday 3 October).

Eight of the N100 companies have now adopted the practice, with a further 40 organisations in public and private sector also producing the reports, CEO Richard Howitt of the International Integrated Reporting Council (IIRC) was told.

Mr. Howitt was joined by former Chair of New Zealand's Financial Markets Authority (FMA), and vice-chair of the IIRC international board, Jane Diplock.

During the two days, as well as meeting the FMA, Mr Howitt and Ms Diplock conducted business round tables on integrated reporting hosted by NZ Post in Wellington and the accounting firm KPMG in Auckland. The pair also met the Treasury, the NZX Stock Exchange, the Institute of Directors, Victoria University and the NZ Super Fund.

Richard Howitt said:

"There is a real groundswell of support in New Zealand which companies themselves have created, but which has been supported by endorsement from the superannuation fund and in the explicit support for integrated reporting in the latest revision of the corporate governance code from NZX.

"I am particularly happy to see the Institute of Directors is currently planning education on integrated reporting for company Board members, whilst the IIRC's own accredited training partner will begin courses aimed at managers and other company representatives starting from February 2018.

"Integrated reporting is becoming the global norm for company reporting and New Zealand business is at the heart of the international movement realising this new approach to reporting which is more concise, better meets the need of investors and promotes long-term, integrated thinking for business itself."

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