Integrated Reporting and IFRS Practice Statement 1

Edited video excerpts available on the portal.

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


The purpose of the Management Commentary (MPS1) is to provide 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.” 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”.


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 Management Commentary.

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

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

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

Carolynn Chalmers

Chief Executive Officer, Good Governance Academy

Carolynn has spent the last 20 years assisting leaders and leadership teams to understand and apply governance principles and generate value for their organizations. She uses of her expertise and experience in corporate governance, organizational strategy, Digital Transformation and systems thinking to do so.

 

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 organizations. This spans many industries, including financial services, health, energy, construction, education, tourism, media, non-profit and the public sector.

 

Carolynn is co-editor of the ISO standard for the governance of organizations (ISO 37000), co-convenor of the Governance Maturity Technical Committee (ISO 37004) and Chairperson of the associated South African Bureau of Standards mirror committee, TC309, where she also represents South Africa’s King Committee.

 

Carolynn is well known for her successes in designing and leading large, complex strategy and organizational 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 an internationally recognized expert on sustainable business practices, with a 30-year record of turning environmental, social, and governance (ESG) risks into innovative and profitable business opportunities. She works with many global Fortune 500 board members and executives, as well as smaller companies and investors.

 

Helle is the founder and chief executive of Competent Boards, which offers online climate and ESG programs that draw on the experience of over 150 renowned board members, executives, and investors. Hundreds of directors and senior executives have enrolled in these programs to mitigate the risks and seize the opportunities presented by ESG and climate change.

 

A regular keynote speaker at major events, Helle is also the author of the newly published book Stewards of The Future: A Guide for Competent Boards, an Amazon bestseller. This book shows boards must have the insight and foresight to ask the right questions of management on complex issues such as climate change, ESG, corruption, cybersecurity, human trafficking and supply-chain resilience to realize long-term profits and sustainability.

 

Helle serves at:

  • Nasdaq Center for Board Excellence’s Sustainability & ESG Insights Council;
  • World Economic Forum (WEF) Expert Network for Corporate Governance, Leadership, and Emerging Multinationals;
  • 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);
  • 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 the Sustainability Advisory Panel of the American Institute of Certified Public Accountants (AICPA), and the Sustainability Policy Group of the Institute of European Accountants (FEE).

 

She trained as a business lawyer and state-authorized public accountant (CPA) in Denmark, and holds a master’s degree in business administration and auditing. She is a former PwC audit and advisory partner in Denmark and the United States, leading the firm’s sustainability and climate practices.

Helle has pioneered corporate reporting of ESG as part of the widening recognition that environmental, social, and governance issues are a crucial contributor to any organization’s success—or failure. She created the world’s first “green account” based on lifecycle assessment, and the first integrated annual report that combines ESG with financial performance. She has worked on natural capital accounting for the International Finance Corporation and the World Bank.

 

In 2020 she was awarded the Global Impact Award and named one of “5 people in ESG to look out for,” and she was recently selected as one of LinkedIn’s Top Voices in the Green Economy in the US and Canada for 2022. Helle is also the author of many thought-leading articles.

Prof. Mervyn King

Patron, Good Governance Academy

Mervyn King is a Senior Counsel, former Judge of the Supreme Court of South Africa, and designated Chartered Director (South Africa). He is Professor Extraordinaire at the University of South Africa, Honorary Professor at the Universities of Pretoria and Cape Town, and a Visiting Professor at Rhodes University. He has honorary Doctorates from Wits University and Stellenbosch University in South Africa, Leeds University in the UK, and Deakin University in Australia.

 

Mervyn is honorary fellow of the Institute of Chartered Accountants of England and Wales; the Institute of Internal Auditors of the UK; the Chartered Institute of Management Accountants; the Certified Public Accountants of Australia; the Chartered Institute of Public Relations of the UK, and the Chartered Secretaries and Administrators.

 

Mervyn is Chair Emeritus of the King Committee on Corporate Governance in South Africa, as well as of the Value Reporting Foundation (incorporating the International Integrated Reporting Council and SASB) and the Global Reporting Initiative (GRI). He has received Lifetime Achievement Awards for promoting quality corporate governance globally, from several institutions.

 

Mervyn chairs the Good Law Foundation and has chaired the United Nations Committee of Eminent persons on Governance and Oversight. He is a member of the Private Sector Advisory Group to the World Bank on Corporate Governance and of the ICC Court of Arbitration in Paris. Mervyn currently chairs the African Integrated Reporting Council and the Integrated Reporting Committee of South Africa and is Patron of the Good Governance Academy.

 

Mervyn 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 many books on governance, sustainability and reporting, the latest being “The Healthy Company.”

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.

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