Visie van beleggers op integrated reporting

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Virgil Hart
5 years ago
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1 Visie van beleggers op integrated reporting 27 juni 2017, VBA Angeli van Buren PGGM Lid IIRC Council

2 Agenda Wat zijn de voordelen voor beleggers van een integrated report? Hoe groot is de adoptie van <IR> wereldwijd? Hoe gebruikt PGGM integrated reports in het beleggingsproces? 2

4 "We are asking that every CEO lay out for shareholders each year a strategic framework for long-term value creation. Additionally, because boards have a critical role to play in strategic planning, we believe CEOs should explicitly affirm that their boards have reviewed those plans. BlackRock s corporate governance team, in their engagement with companies, will be looking for this framework and board review." Larry Fink, CEO, BlackRock "Efforts by the International Integrated Reporting Council to develop a framework for reporting value creation seem very much in-line with what Mr Fink is suggesting." Sandra Peters, Head of Global Financial Reporting Policy, CFA Institute

5 Companies that disclose more than just financial information started outperforming their control group in mid Source: KPMG

6 A Nanyang Business School study looks at the association between <IR> and company valuation. A score was constructed based on the level of disclosure of and the market valuation of equity by investors was also measured. Findings show that firms with a higher score have a higher market valuation.

7 EY have found that of over 200 respondents to their institutional investor survey see integrated reports as essential or important

8 And of investors consider wider information to be relevant to all industrial sectors today

10 In a survey completed by Edelman of 158 investors:

11 Agenda Wat zijn de voordelen voor beleggers van een integrated report? Hoe groot is de adoptie van <IR> wereldwijd? Hoe gebruikt PGGM integrated reports in het beleggingsproces? 11

12 Over 1,500 organizations do <IR> Over 50% of CEOs, CFOs and COOs are moving towards <IR> And over 35% say they will 2,000 participating in <IR> Networks worldwide 320 predicted to adopt <IR> in Japan in 2017

13 Australia: The <IR> Pension Fund Network is based in Australia where leading funds are adopting Integrated Reporting. Business Reporting Leaders Forum active towards Integrated Reporting

14 Brazil: Brazilian Stock Exchange BM&FBOVESPA encourages listed companies to produce integrated reports on a report or explain principle. The <IR> network in Brazil has over 500 participants with over 100 organizations producing integrated reports.

15 China: The Ministry of Finance in China has joined the IIRC Council and included Integrated Reporting in its five year plan. CNG Limited China s largest nuclear power company is a vocal advocate for Integrated Reporting

16 Europe: European Commission describes <IR> as a stepahead of its directive on non-financial reporting <IR> Networks are active in countries including France, Germany, Italy, Netherlands, Turkey, Switzerland and the UK

17 France: Many of the top listed companies (CAC 40) now adopting <IR> including BNP Paribas, AXA, Crédit Agricole, Danone, L Oréal, Sanofi, Vivendi and Engie

18 India: The Securities and Exchange Board of India has written to the top 500 Indian companies encouraging the adoption of Integrated Reporting The Indian <IR> Lab is led by the Confederation of Indian Industries and includes leading companies such as Tata, Mahindra & Mahindra and YES Bank

19 "Whether integrated reporting will happen is no longer a question. We should look at how to implement it in a manner that is not disruptive U.K Sinha, Securities and Exchange Board of India

20 Japan: Over 300 companies adopting Integrated Reporting Japan's Ministry of Economy, Trade and Industry has endorsed <IR> as a means of communicating the longterm value creation proposition of companies.

21 Malaysia: Malaysian government and securities commission have spoken of Integrated Reporting as a tool to enhance the quality of information available to the market. Corporate governance code encourages adoption of <IR> Over 20 of Malaysia s largest businesses have made a public commitment to adopting <IR>

22 South Africa: Companies listed on the Johannesburg Stock Exchange have been producing integrated reports since 2010 <IR> is at the core of corporate governance and reporting through the King code on corporate governance which is explicitly aligned to the <IR> Framework.

23 United Kingdom: Close alignment to the UK strategic reporting requirements means that UK companies are firmly on the journey to <IR> The UK regulator the FRC has said that companies preparing high-quality strategic reports should be aligned to <IR> UK Treasury has called on public sector organizations to adopt <IR>

24 We use different words in the UK. Strategic Report, not Integrated Report, but we are on the same journey with the same purpose. The principles in a UK strategic report are consistent with an integrated report. And we look forward to continuing to work closely with the IIRC as it pursues its mission in the years ahead. Stephen Haddrill, CEO, Financial Reporting Council, UK

25 United States: Businesses adopting <IR> include PepsiCo, the World Bank, GE and Prudential Financial Larry Fink, CEO, Black Rock called for CEO s to communicate their strategic framework for longterm value creation The largest US public pension fund CalPERS has called on boards to provide an integrated report

26 The Netherlands: More than a third of Dutch listed companies are reporting according to <IR> (2015: 6, 2016: 18, 2017: 28) Eumedion has called on Dutch companies to take concrete steps towards <IR> and would like to see improvements in explanations of the value created

27 Global: IIRC playing a key role in Task Force on Climaterelated Financial Disclosures IFAC advocating for <IR> as future of corporate reporting <IR> firmly on the G20 agenda <IR> key for reaching Sustainable Development Goals and COP21

28 Agenda Wat zijn de voordelen voor beleggers van een integrated report? Hoe groot is de adoptie van <IR> wereldwijd? Hoe gebruikt PGGM integrated reports in het beleggingsproces? Stabiel en duurzaam financieel stelsel Beleggen in Oplossingen - Aandelen 28

29 Stabiel en duurzaam financieel stelsel Eén van de focus punten van ons responsible investment programma Belangrijk om de komende jaar rendementen te genereren PGGM scoort alle tegenpartijen op hun bijdrage aan een stabiel en duurzaam financieel stelsel PGGM Sustainability Ladder heeft focus op: - Transparantie: Strategie, Disclosure (o.a. integrated report) - Stabiliteit: Financieel, Corporate Governance, Risk management - Lange termijn duurzaam gedrag: duurzame ontwikkelingen, klanttevredenheid Scores 2016: overall licht opwaartse trend 29

30 Beleggen in Oplossingen - Aandelen BiO 30

31 Beleggen in Oplossingen - Aandelen PGGM beoordeelt beleggingen op financiële impact, duurzaamheidscriteria en impact op enkele specifieke thema s PGGM doet engagement met bedrijven om impact cijfers in hun jaarverslag op te nemen, bij voorkeur in een integrated report We vragen om audited data 31

32 Goed voorbeeld van intensief engagement op impactmeting 32

33 Andere goede voorbeelden 33

34 Vragen? Meer informatie? Stuur me een mail via Dank voor de aandacht! 34

35 Disclaimer This presentation has been solely prepared for informational purposes and is not an offer, or a solicitation of an offer, to buy or sell any security or financial instrument, or any investment advice. This presentation does not confer any rights to any third parties. PGGM has taken all reasonable care to ensure that the information contained in this presentation is correct, but does not accept any liability for any misprints. The information contained herein can be changed without notice. 35

Integrated Reporting: A Holistic Approach to Creating Organizational Value. Bob Laux, North American Lead International Integrated Reporting Council

Integrated Reporting: A Holistic Approach to Creating Organizational Value Bob Laux, North American Lead International Integrated Reporting Council Multiple Capital Approach Why ? More than financials