It s all about relevance! De financiële professional als hoeder van waarde

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1 De financiële professional als hoeder van waarde Robert van der Laan 31 oktober 2012 NBA-VRC Jaarcongres

2 Headlines Integrated Reporting 2

3 Nothing in the world is so powerful as an idea whose time has come (Victor Hugo) 3

4 We did see the numbers, but not the underlying value Undue focus and commitment of effort on financial aspects of model Lacking in strategic focus Increasing length, complexity and clutter in reports External reporting is increasingly separate from internal management information Governance reporting (more form than substance) Sustainability reporting often a stand alone silo not hard wired into business thinking 4

5 Clients and investors seek to understand the process of value creation and make it more explicit V A L U E C R E A T I O N Financial Performance Strategic Performance Behaviour & Culture B R I D G I N G T H E G A P Process of value creation is central in integrated reporting 5

6 Developments in corporate reporting Continued economic uncertainty, growing interdependencies and changing stakeholder expectations lead to momentum for change in corporate reporting. Key driver for change is the pilot programme of the International Integrated Reporting Committee (IIRC). Developments in integrated reporting Integrated Reporting Financial reporting Financial reporting Financial reporting Governance and nonfinancial Governance and nonfinancial CSR CSR Integrated reporting 6

7 Integrated Reporting: What is it? Stelling 1: Ik ben ruim voldoende op de hoogte van wat Integrated Reporting inhoudt 7

8 The reasons why companies benefit from integrated reporting Source: 8

9 Why integrated reporting is different Current model Integrated Reporting Focus Past, financial Future, connected, strategic Timeframe Short term Short, medium and long term Detail Long and complex Concise and material Compliance Rule bound Process of value creation Presentation Paper based Technology based Trust Transparency and disclosure Relevancy Thinking Silos Integrated Stewardship Financial All capital (human, social, etc.) Scoping Legal entity / management control Value chain 9

10 The framework of integrated reporting; Guiding Principles combined with the Content Elements As it is being developed by the International Integrated Reporting Council (IIRC). Tjos draft of the framework is currently under discussion as part of a multistakeholder process and is tested by more thant 60 companies in a global pilot program. Current expectation is that the final framework will be published in 2 years time. 10

11 Integrated Reporting is a journey... Maturity of integrated reporting Understanding non-financial risks and opportunities. Complying with sustainability standards and certifications. Strengthening non-financial reporting systems and processes in the organisation. Embedding a culture of sustainable development. Separate non financial reporting out of reputation management Addressing specific stakeholder issues. Engaging stakeholders to increase the value of nonfinancial performance. Professionalising the reporting process by integrating nonfinancial reporting with the financial community in the organisation. Non financial reporting as a brand defining communication tool Internal and external reporting is further aligned. More focus on strategic value drivers instead of compliance with (reporting) standards. Integrated reporting as a competitive advantage The Board is managing on the basis of regular finformation on financial and non-financial value drivers Integrated reporting as business as usual Traditional reporting Inclusive reporting Integrated reporting Integrated thinking Managing risk & reputation Meeting stakeholder expectations Developing the strategic agenda Creating shared value Slide 11

12 which typically follows a predictable path to maturity Public affairs / Marketing & communication / Investor relations Corporate Responsibility Council / department Executive board Throughout the organisation Maturity of integrated reporting B2B oligopolist Engaging stakeholders Consumer products Chemicals Leveraging and building competitive advantages Non-financial value drivers are part of business as usual License to operate Managing risk & reputation Meeting stakeholder expectations Developing the strategic agenda Creating shared value Slide 12

13 Integrated Reporting: What is the impact? 13

14 Example: Strategic objectives Rank Group 14

15 Example: Performance The Go Ahead Group 15

16 Example: Performance Van Gansewinkel 16

17 Companies continue to publish strategic claims as part of their public disclosure Puma Environment Profit & Loss account PUMA - understanding the true cost of environmental impact Unilever Sustainable Living Plan By 2020 we will help more than a billion people to improve their hygiene habits and we will bring safe drinking water to 500 million people 17

18 PUMA - understanding the true cost of environmental impact GHG emissions Waste Air pollution Impact across the supply chain 145m Land use Tier 4 Tier 3 Tier 2 Tier 1 Operations Water consumption 137m 8m 18

19 Social Cost of Carbon (SCC) Approach How are they calculated? - Valuing the societal damage incurred as a result of the release of a tonne of carbon, in terms of lost output, the cost of adaptation measures, health impacts etc. from climate change. PUMA 2010 Social Cost of Carbon US $87 ( 66) t/co2e 19

20 Unilever Sustainable Living Plan Unilever has set clear targets and ambitions. These are being monitored frequently and progress is being reported in annual Progress Reports. 20

21 Integrated Reporting: Moving from transparency to relevance 21

22 How relevant are non-financial risks? Health Progress of strategy execution People engagement 22

23 If they are not controlled... 23

24 .they can have a tremendous impact on stakeholder and shareholder value. 24

25 Stakeholders determine relevance and drive indicators for performance and risk management Stelling 2: Ik lever te weinig toegevoegde waarde als ik niet verantwoordelijk ben voor de beheersing van de niet-financiële data en kpi s. 25

26 Integrated Reporting: Understanding and creating new processes and systems for control 26

27 What is the difference between financial and nonfinancial risk management? Company risk Control framewor k: Accounti ng and internal Control framework : Managem ent systems and certificates Financial risks Criteria: IFRS IT: ERP Reportin g: Annual report Non-financial risks Criteria: ISO, GRI, UtZ, SA IT: Local systems Reporting: CSR Report/ not reported Assuranc e: Independ ent assurance Assurance : Independe nt certificatio n 27

28 Non-financial performance and risk management are controlled by many frameworks Stelling 4: Ik ben verantwoordelijkheid voor het beheersen van onze milieu-risico s. ETI SA8000 BSCI Mensenrechten MVO GRI ISAE3000 Product Safety (HACCP, ISO 22000) Maatsch. betrokkenheid & ontwikkeling Arbeidsomstandigheden Consumentenaangelegenheden Behoorlijk bestuur SOX Tabaksblat Eerlijk zaken doen Fair Trade Utz Certified Max Havelaar Milieu OHSAS ARBO wet ISO GRI CO 2 ISO kernonderwerpen en voorbeeld normen 28

29 Some frameworks look back.. Stelling 3: De door mij gecontroleerde financiële informatie geeft geen beeld van de echte waarde van de onderneming. 29

30 ...while others look forward. Stelling 5: Ik heb een goed beeld van gebruikelijke beheersmaatregelen en controleframeworks voor het niet-financiële domein (bijv. ISO 14001). 30

31 So what does that mean in terms of control? Non-financial frameworks relate to control of risk They focus on procedures and processes to manage the risks And provide a certain trust that procedures and processes will lead to a certain outcome But do not focus on the outcome as such (External) Reporting on control of risks is not an objective of nonfinancial frameworks Stelling 6: In mijn werkzaamheden ben ik al de hoeder van stakeholder- en shareholdervalue. 31

32 ..and how do we integrate with our current financial framework The key objective is to define the outcome of processes controlling non-financial risks in KPI s... Stelling 7: Volgens mij is Integrated Reporting vooral interessant voor de...and make the KPI s itself subject controlerend to a historic accountant review......so non-financial KPI s can be related to financial performance...(e.g. number of safety incidents to annual maintenance budget) Do not change ISO but change the way you manage it! Should the controller therefore be the key officer to take control and integrate the financial and non-financial domains? 32

33 Integrated Reporting: Towards integrated and continuous control All rights reserved. Not for further distribution without the permission of. "" refers to the network of member firms of PricewaterhouseCoopers International Limited (IL), or, as the context requires, individual member firms of the network. Each member firm is a separate legal entity and does not act as agent of IL or any other member firm. IL does not provide any services to clients. IL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or IL in any way.

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