Four guidelines for a fresh approach to integrated reporting

• Start with a clean sheet: Begin without any preconceived notions about the number of pages (whilst being sensitive to the concept of concise reporting).
• Identify key strategic messages: Focus on the core strategic messages for the business and build the report around them.
• Challenge irrelevant additions: Ensure that only relevant matters identified during the materiality determination process are included in the integrated report.
• Question descriptive content: Evaluate whether content that merely describes processes, procedures or responsibilities is necessary or if it can be reported elsewhere.
• Use required disclosures effectively: Leverage required disclosures such as the business model and identified risks and opportunities to provide company-specific up-to-date information about the business.

What are the main benefits?

• Helps to focus on what is strategically important and to guide thinking on materiality, making the output more relevant and useful for stakeholders.
• Cuts the length of the integrated report so that it is easily understood by readers.
• Avoids duplication and repetition that adds unnecessary pages to the report.
• Creates a clearer set of messages that are not buried in boilerplate disclosure.

• Make a standing plan for strategically important content that should be followed up and improved on across years.
• Report on this content in a way that sets expectations, without unintentionally giving a profit forecast or threatening commercial sensitivities.
• Establish the most appropriate timeframe (short, medium or long term) over which to look ahead. We challenge reporters to consider providing clarity that extends beyond the short and medium term, but also the long term, too! 
• Evidence accountability by reporting back on targets and plans in subsequent years in an open and transparent way.
• Communicate strategically important changes in the business as they happen or as they are foreseen.

What are the main benefits? 

• Creates an automatic forward-looking slant to reporting.
• Helps investors and other stakeholders to build an understanding of the business, trust and confidence in management and the board.
• Particularly useful in areas including key assumptions and judgements, ongoing strategic plan developments, principal and emerging ESG risks and opportunities.

• Once the key stakeholder groups are identified, establish what is regarded as important to the different groups (both what they want and need to know) and demonstrate how this has been incorporated into the integrated report. 
• Always make it clear why a piece of information is being given and, where applicable, its relevance to strategy.

What are the main benefits? 

• Helps to distinguish information that is relevant to the core business strategy from other content.
• Adds clarity around materiality and how it is arrived at for different pieces of reporting (which can also be a guide to length and complexity, particularly in relation to ESG information). 
• Helps to manage stakeholder expectations and reputation risk.
• Ensures the information needs of stakeholders are met effectively.

• Avoid content that is ‘anonymous’ or only refers to ‘the company’ or ‘we’. Instead, be clear on who is ‘speaking’ (for example, the CEO or a committee chair or the board). 
• Involve those whose names will be attached to the content in its development or at least in its review.
• Ensure those drafting were ‘in the room’ or have direct access to those who were.
• Capture the language and tone used behind closed doors and use genuine management and board information where possible.
• Ensure there is an identifiable author or central voice to prevent inconsistencies and overlap.

What are the main benefits? 

• Almost always makes content more authentic and increases its information value.
• Allows those who are responsible to demonstrate their personal attention and accountability. 
• Says something meaningful about the culture of the organisation that is hard to capture by other means.
• Builds trust and confidence in management and the board and brings wider reputational benefits.