EY today hosted the second annual Excellence in Integrated Reporting Awards. EY’s second annual integrated reporting survey (pdf, 3.3mb) has shown that a number of South African companies have made significant progress in addressing the challenges faced by integrated reporting, continue to innovate and are setting high standards in this area of reporting.
At the second Excellence in Integrated Reporting Awards, companies that are emerging as leaders in this area were recognised, their achievements celebrated and emerging trends and best practices shared.
The companies included in this year’s survey are the Top 100 JSE listed companies and the Top 10 state-owned companies in South Africa. The survey covered these companies’ integrated reports released in the calendar year ending 31 December 2012 and was undertaken by an independent team of researchers from the College of Accounting at the University of Cape Town.
The Top 10 companies recognised at the Awards are:
- GOLD FIELDS LTD
- TRUWORTHS INTERNATIONAL LTD
- STANDARD BANK GROUP LTD
- ROYAL BAFOKENG PLATINUM
- SASOL LTD
- VODACOM GROUP LTD
- ILLOVO SUGAR
- NEDBANK GROUP LTD
- EXXARO RESOURCES LTD
- LIBERTY HOLDINGS LTD
The state-owned companies were adjudicated on the same basis as the JSE listed entities, however due to the requirements of the Public Finance Management Act (PFMA) were ranked separately.
Larissa Clark, Director Professional Practice Group - Accounting at EY, says, “The success of the inaugural Awards in 2012 confirmed the seriousness with which South African companies are taking integrated reporting. It is enriching how they have embraced the concept of connecting material, financial and sustainability information to produce a report that provides a complete picture of a company’s standing.”
Clark further adds, “This year we wanted to continue on this trajectory of showcasing the importance of integrated reporting, celebrating with those companies that are making strides as well as sharing best trends and practices from around the world to inspire others.”
Prof Mark Graham, of the College of Accounting at the University of Cape Town commenting on the assessment of the survey says, “Overall, we were pleased to see that the majority of companies are making progress on the journey towards producing an integrated report that complies with the spirit of King III and the developing guidance that is being provided by the International Integrated Reporting Council. Although this reporting format is in a formative stage it is quite clear that companies that wish to improve their integrated report have some excellent local examples against which they can benchmark their own reports.”
On the day, EY also hosted an integrated reporting workshop where professors Mark Graham and Alex Watson, two of the adjudicators of the Excellence in Integrated Reporting Awards, provided an overview of the adjudication process as well as best practice and emerging trends identified.
Notes to the Editor
Each of the integrated reports of the companies has been separately marked by each of the three adjudicators from the College of Accounting at the University of Cape Town. The pre-agreed mark plan has been developed by the adjudicators in conjunction with EY’s Professional Practice Department.
A further evaluation then resulted in the ten best integrated reports being identified from amongst those identified as excellent. Guidance on what should be included in the integrated report has been sought by reviewing the Discussion Paper “Towards Integrated Reporting – Communicating Value in the 21st Century” issued by the International Integrated Reporting Council (IIRC) in September 2011. Cognisance has also been taken of responses to the September 2011 Discussion Paper that was issued by the IIRC in May 2012, the draft outline published in July 2012 and the Prototype Framework published in November 2012.
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