Over the last few years a number of initiatives, organizations and individuals began to converge in response to the need for a consistent, collaborative and internationally accepted approach to Integrated Reporting.
In 2009, The Prince of Wales convened a high level meeting of investors, standard setters, companies, accounting bodies and UN representatives to establish the International Integrated Reporting Committee (IIRC), a body to oversee the creation of a globally accepted Integrated Reporting framework.
In 2010 and 2011 the IIRC held a series of successful meetings around the globe resulting in the development of Integrated Reporting through regional roundtables, the launch of the <IR> Discussion Paper, and establishing the <IR> Pilot Programme.
In November 2011, the Committee was renamed the International Integrated Reporting Council (IIRC).
In 2012 a permanent IIRC Secretariat has been established to support the work around Integrated Reporting.
Why do we need the IIRC?
The key objective of Integrated Reporting is to demonstrate the linkages between an organization’s strategy, governance and financial performance and the social, environmental and economic context within which it operates.
There are several standard-setting and regulatory bodies responsible for creating standards for financial reporting, as well as frameworks and guidelines for ESG reporting. However, there is no single body with the authority, legitimacy or expertise to bring together the different elements required for Integrated Reporting.
The IIRC brings together a powerful, international cross section of leaders from the corporate, investment, accounting, securities, regulatory, and standard-setting sectors as well as civil society.
The role of the IIRC is not to increase the reporting burden on organizations, rather to create an Integrated Reporting framework which will enable companies to bring more coherence and focus to corporate reporting and dialogue with its stakeholders.