Integrated Reporting and IFRS Practice Statement 1

* Universal Co-ordinated Time, UTC + 0:00

This event took place on 10 September 2021

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Why this event?

In May 2021, the International Accounting Standards Board (IASB) published the Exposure Draft Management Commentary. The Exposure Draft sets out the IASB’s proposals for a comprehensive new framework for preparing management commentary. The proposed framework would replace IFRS Practice Statement 1 Management Commentary.


What is IFRS Practice Statement 1 Management Commentary?
IFRS Practice Statement 1 Management Commentary (MPS1) provides a broad framework for presenting management commentary on financial statements that have been prepared in accordance with IFRS Standards. “The revision of the Practice Statement is intended to help entities provide management commentaries that better meet the information needs of investors and creditors.”


Why is it being changed?
The purpose of the MPS1 review is to “make financial information more useful and improve how financial information is communicated to users of financial reports”.


Why is this event so important?
This proposal considers the recent wave of sustainability reporting activities and has unfortunately bundled Integrated Reporting in with the mix. The world is not so sure that this is the right thing to do!


What do the Integrated Reporting experts say?

Professor Mervyn King, Chair Emeritus of the International Integrated Reporting Council, now part of the Value Reporting Foundation (VRF) opened the event with an overview of the exposure draft and the proposed changes to the IFRS Practice Statement 1 Management Commentary.

Thereafter, a panel of Integrated Reporting Experts discussed these proposed changes. The panel included:

  • Prof Mervyn King: Patron of the Good Governance Academy
  • Jonathan Labrey: Chief Strategy Officer at the Value Reporting Foundation
  • Prof Guler Aras: Founding Director of YTU Center for Finance, Governance and Sustainability
  • Leigh Roberts: CEO of the Integrated Reporting Committee of South Africa

Helle Bank Jorgensen, as creator of the world’s first Integrated Report, expertly led this panel discussion.


Who should attend?
This event is ideally positioned for: Directors, Accountants, Auditors and Integrated Reporting practitioners. .

DETAILS

 

Date:
10 September 2021

Time:
12:00 – 13:30

Time Zone:
Universal Co-ordinated Time, UTC + 0:00

VENUE

Online Conference

Event Schedule

(Click on speaker image to view profile.)

Welcome

Event facilitator

Introduction to the exposure draft

Panel discusses the IASB exposure draft

Chief Strategy Officer at the Value Reporting Foundation

Founding Director of YTU Center for Finance, Governance and Sustainability

CEO of the Integrated Reporting Committee of South Africa

Questions from attendees to the panel

Test User

Carolynn Chalmers

Governance Advisor

Carolynn assists leaders and leadership teams to understand and apply governance principles and generate value for their organisations. She makes use of her expertise and experience in corporate governance, organizational strategy, Digital Transformation and systems thinking to do so.

Carolynn is the Chief Executive Officer of the Good Governance Academy and Managing Director of Go Govern. Carolynn also manages Africa’s largest online governance network.

Carolynn has extensive management and governance experience and has held various Chief Information Officer, Chief Technology Officer, Board, Board Committee and Executive roles for international, listed, private and public organisations. Her experience spans many industries, including financial services, health, energy, construction, education, tourism, media and the public sector.

Carolynn is co-editor of the ISO standard for the governance of organizations (ISO 37000) and Chairperson of the associated South African Bureau of Standards mirror committee, TC309, where she also represents South Africa’s King Committee.

Carolynn is best known for her successes in designing and leading large, complex strategy and organisational transformation implementations – she attributes this success to the application of effective governance principles.

Carolynn has received numerous national and international accolades for public speaking.

Helle Bank Jorgensen

CEO, Competent Boards

Helle Bank Jorgensen is the CEO of Competent Boards, which offers the global online ESG Competent Boards Certificate and Designation Program with a faculty of over 100 renowned international board members, executives and experts.

She has a 30-year track record in turning Environment, Social, Governance (ESG), Climate and Sustainability risks into innovative and profitable business opportunities. She has worked with many global Fortune 500 board members and executives, as well as smaller companies and investors.

Besides being a board member, she serves on:

· His Royal Highness Prince of Wales A4S (Accounting for Sustainability) Global Expert Panel;
· The Non-financial Digitisation Working Group of the Impact Management Project (IMP);
· World Economic Forum (WEF) Expert Network for Corporate Governance, Leadership, and Emerging Multinationals;
· The Reuters Panel of Expert Judges for the Responsible Business Awards;
· Canadian Climate Governance Experts – a Commonwealth Climate & Law Initiative.

She has served as the Chair of the European Sustainability Reporting Association (ESRA); the Global Compact Network Canada; Datamaran; and as a member of International IDEA Finance and Audit Committee; The European Policy Centre (EPC) Governing board; the Sustainability Advisory Panel of the American Institute of Certified Public Accountants (AICPA), and at the Sustainability Policy Group of the Institute of European Accountants (FEE).

Helle was the creator of the world’s first Green Account based on life-cycle assessment and the world’s first Integrated Report, the first integrated responsible supply chain management system, and was the principal organizer for the CEO/Investor-network for Business Ethics and Non-Financial Reporting. In addition, she led the improvement of investor communication for global companies and has worked on Natural Capital Accounting for IFC/World Bank.

In 2020 she was awarded the Global Impact Award and named one of “5 people in ESG to look out for”. She is a regular keynote speaker and author of many thought-leading articles and books.

She is a business lawyer and state-authorized public accountant (CPA) by training and holds a Master’s degree in Business Administration and Auditing. She is a former PwC audit and advisory partner in Denmark and the US leading Sustainability & Climate Practices.

Prof. Mervyn King

Patron, Good Governance Academy

Mervyn King is a Senior Counsel and former Judge of the Supreme Court of South Africa. He is Professor Extraordinaire at the University of South Africa on Corporate Citizenship, Honorary Professor at the Universities of Pretoria and Cape Town and a Visiting Professor at Rhodes.

He has an honorary Doctorate of Laws from the Universities of the Witwatersrand in South Africa and Leeds in the UK, an honorary Doctorate from Deakin University, Melbourne, Australia and a honorary Doctorate in Commerce from Stellenbosch University in South Africa, is Chair Emeritus of the King Committee on Corporate Governance in South Africa, which produced King I, II, III and IV, and Chair of the Good Law Foundation.

He is Chair Emeritus of the International Integrated Reporting Council (IIRC) in London and of the Global Reporting Initiative in Amsterdam and a member of the Private Sector Advisory Group to the World Bank on Corporate Governance. He chaired the United Nations Committee of Eminent persons on Governance and Oversight and was President of the Advertising Standards Authority for 15 years and a member of the ICC Court of Arbitration in Paris for seven years.

He is chair of the African Integrated Reporting Council and chair of the Integrated Reporting Committee of South Africa.

He has received Lifetime Achievement Awards for promoting quality corporate governance globally from the ICGN, the Asian Centre for Corporate Governance, the Indian IOD and the Regenesys Business School. He is a fellow of the Royal Society of Arts and Commerce, honorary fellow of the Institute of Chartered Accountants of England and Wales; of the Institute of Internal Auditors of the UK; of the Chartered Institute of Management Accountants; of the Certified Public Accountants of Australia; of the Chartered Institute of Public Relations of the UK, of the Chartered Secretaries and Administrators and a Chartered Director of South Africa.

He has been a chair, director and chief executive of several companies listed on the London, Luxembourg and Johannesburg Stock Exchanges.

He has consulted, advised and spoken on legal, business, advertising, sustainability and corporate governance issues in over 60 countries and has received many awards from international bodies around the world including the World Federation of Stock Exchanges and the International Federation of Accountants.

He is the author of five books on governance, sustainability and reporting, the latest being “The Auditor. Quo Vadis.”

He sits as an arbitrator and mediator internationally.

Jonathan Labrey

Chief Strategy Officer, International Integrated Reporting Council

Jonathan is a global expert in corporate governance and reporting with over 16 years’ experience in the accountancy profession, regulation and corporate reporting.

He joined the IIRC in 2012 and leads its strategy and global policy work to ensure integrated reporting becomes the norm.

Jonathan has particular expertise in Asia, having lived in Singapore and worked across the region, developing a deep understanding of capital market and corporate governance issues, working closely with businesses, investors, regulators and accountancy professional bodies.

Jonathan has a background in government relations, policy and regulation, having headed up the public affairs and policy team at the ICAEW from 2004-10. From 2010-2012 he was head of communications at the UK’s Financial Reporting Council.

Prof Guler Aras

Professor of Finance and Accounting, Yildiz Technical University

Professor of Finance and Accounting, Yildiz Technical University, Istanbul

 

Founding Chair, Integrated Reporting Network Turkey

Founding Director of YTU Center for Finance, Governance and Sustainability

Professor Aras is an experienced Board Member with a demonstrated history of working in the higher education industry. Skilled in Finance, Corporate Governance, Corporate Sustainability, Integrated Reporting, Analytical Skills, Economic Research, and Research Design. Strong business development professional.

Professor Guler Aras is an academic, a civil society leader and a researcher who leads key studies on corporate governance, corporate sustainability and integrated reporting. She is a professor of Finance and Accounting at Yildiz Technical University in Istanbul, where she served as the Dean of the Faculty of Business and also Dean of the Graduate School for many years. She spent a year as a visiting professor at Georgetown University McDonough School of Business in Washington DC. She has founded the Center for Finance, Governance and Sustainability (CFGS) and she also started the ground-breaking initiative on Integrated Reporting Network Turkey (ERTA), where she is still founding chair.

She is the author of more than 25 international books, and contributed to more than 300 articles in international journals and conferences. She is also the founding Editor-in-Chief of Journal of Capital Market Studies, and Editor of Routledge’s Finance, Governance and Sustainability Book Series. She has carried out numerous international and national projects and her project entitled ‘An Alternative Approach for Corporate Sustainability Performance Measurement’ has been awarded by TUBITAK (Scientific and Technological Research Council of Turkey).

Professor Aras is the founder and board member of numerous national and international professional and academic organizations. She is a member of the Accountancy Europe Corporate Governance Task Force. She has spoken extensively at professional and academic conferences and has served as a consultant to a number of governmental and commercial organizations such as Minister of Development, Minister of Finance, Undersecretary of Treasury and Minister of Labour and Social Security Employment in Turkey. She is a board member of Allianz Turkey and the Turkish Capital Markets Association.

Professor Aras writes a newspaper column to raise awareness in society to advocate responsible management principles that institutions should share both financial and non-financial information with all stakeholders. She is known as the ambassador of governance, sustainability and integrated reporting, and focuses on the education of the next generation of academics and business leaders who could promote sustainable solutions for societal and corporate challenges.

Her latest books, ‘Sustainable Markets for Sustainable Business: A Global Perspective for Business and Financial Markets’ (2015), co-authored books ‘Transforming Governance’ (2016) and ‘Corporate Behavior and Sustainability: Doing well by being good’ (2017) and Women on Corporate Boards: An International Perspective (2018), are published by Routledge.

Leigh Roberts CA(SA)

Chief Executive Officer, Integrated Reporting Committee of South Africa

Leigh has been deeply involved in integrated reporting in South Africa and internationally since its emergence in 2010. She worked on the development of the International <IR> Framework released in 2013 and its revision in 2021. She has consulted and run board and executive training on integrated reporting internationally and in South Africa and has written numerous publications. Leigh is Chief Executive Officer of the Integrated Reporting Committee of South Africa and is its technical head. She has adjudicated for integrated reporting awards, is a Chartered Accountant and an award-winning business journalist in print and television.

Test User

Director at Norton Rose Fulbright South Africa Inc

André is a litigation lawyer and director in the Norton Rose Fulbright corporate and commercial litigation team. His authoritative areas include investigations, business ethics and anti-corruption advice, risk advisory work, compliance advice, asset recovery and mining disputes.

André is head of the South African Regulatory, Compliance and Investigations practice and advises clients on various aspects of investigations, asset recovery and white collar crime. His experience in investigations and disputes includes complex, high value investigations and asset recoveries, commissions of enquiry and commercial disputes.

André is a regular conference speaker both locally and internationally and is often asked to comment by the broadcast media on topics within his area of knowledge. He is also a widely published author of articles. As part of his pro bono contribution, André sits as commissioner in South Africa’s Small Claims Court.

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