Commenting Period Opens on New Integrated Reporting Framework
The International Integrated Reporting Council launches a draft framework aiming to develop a new corporate reporting model for the future.
16 April 2013 /3BL Media/ - Today the International Integrated Reporting Council (IIRC) published its consultation draft of the International Integrated Reporting Framework. The Framework aims to set standards for organisations reporting their strategy, governance, performance and prospects with a view towards the creation of value over the short, medium and long term. Stakeholders are invited to respond to the consultation draft between 16 April and 15 July at www.theiirc.org/consultationdraft2013
Novo Nordisk has nine years of experience with integrated reporting and has supported development of an international standard.
“Novo Nordisk has been honoured to play a role in creating the consultation draft and we encourage stakeholders to contribute their comments to help strengthen the framework,” says Susanne Stormer, vice president, Corporate Sustainability, Novo Nordisk. “Since 2004, we have been reporting on our financial, social and environmental performance in one report with an aim to provide the readers with a better understanding of how we conduct our business and how we strive to create value.”
A report produced by corporate reporting consultancy, Black Sun plc., examined the behavioural effects of integrated reporting within the 85 companies making up the IIRC’s Pilot Programme community, including Novo Nordisk. These companies have taken part in the development of the draft Framework by road testing its elements in their own reporting.
Black Sun’s research revealed that 98% of the businesses surveyed believe that the shift towards integrated reporting leads to a better understanding of how the organisation will create value over time, 64% of respondents thought that analysts would benefit significantly from integrated reporting in the future and 93% of respondents agreed that integrated reporting leads to better quality data collection.
From today, the IIRC will be commencing on a 90 day consultation period of the International Integrated Reporting Framework, during this time the IIRC is calling on all stakeholders to read, critique and challenge the Framework. The IIRC plans to issue the initial version 1.0 of the Framework in December 2013.
Read and learn more about the IIRC Consultation Draft
About the IIRC
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. Together, this coalition shares the view that communication about businesses’ value creation should be the next step in the evolution of corporate reporting.
The mission of the IIRC is to create the globally accepted International <IR> Framework that elicits from organizations material information about their strategy, governance, performance and prospects in a clear, concise and comparable format.
About Novo Nordisk
Headquartered in Denmark, Novo Nordisk is a global healthcare company with 90 years of innovation and leadership in diabetes care. The company also has leading positions within haemophilia care, growth hormone therapy and hormone replacement therapy. Novo Nordisk strives to conduct its activities in a financially, environmentally and socially responsible way. The strategic commitment to corporate sustainability has brought the company onto centre stage as a leading player in today’s business environment, recognised for its integrated reporting, stakeholder engagement and consistently high sustainability performance. In 2013, Novo Nordisk received the Pharmaceuticals and Biotechnology industry group top ranking on Corporate Knight’s list of Global 100 Most Sustainable Corporations. For more information, visit novonordisk.com/sustainability.
