December. Integrated Reporting Framework Launch (Kyiv. Ukraine)
On 9 December 2013 ACCA, BDO and the International Integrated Reporting Council (IIRC) organised an event to celebrate the Ukrainian launch of the International Integrated Reporting Framework in Kyiv, Ukraine
This was a rare opportunity for Ukraine to synchronise with the largest capital market centres. This day and following months the launch of Integrated Reporting Framework is taking place in the 18 largest centres, such as Berlin, London, Amsterdam, New York, Santiago, Cape Town, Tokyo, Moscow, etc.
Over 30 key stakeholders gathered at this event, including ACCA members, regulators, professional organisations, ACCA’s internal and external stakeholders.
Key speakers of the event were:
- Volodymyr Bogatyr, President of Ukrainian Youth Law Union, Ex-Deputy Minister of Justice of Ukraine
- Denis Antonov, Head of Investor Relations, Uralsib
- Iryna Romanenko, Deputy CFO, State Savings Bank
- Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States
- Henning Drager, IIRC Regional Director
- Alla Savchenko, President BDO Ukraine
On the picture: Henning Drager, Volodymyr Bogatyr, Denis Antonov
Denis Antonov, Head of Investor Relations at Uralsib in Russia, said: “Uralsib sees the concept of integrated reporting as an adequate response to the demands of society. The first attempt to apply IIRC recommendations for public integrated reporting was undertaken by Uralsib in 2012. As a result, an enhansed public presentation of the corporation was prepared based on near dozen of external and internal corporate reports which allowed our partners to trace the relationship between coporation’s KPIs and its strategy and development prospects.”
Iryna Romanenko, Deputy CFO at State Savings Bank of Ukraine, said: “Society and corporations are entering the new era, when the “time-money” principle should be replaced by the “trust-money” one. Organisations that understand it fast enough and manage to get society’s trust will benefit the market in the long run. The business of State Savings Bank is in fact corporately and socially responsible as it plays an important social role in the country. This is why the implementation of integrated reporting standards, which transparently presents this social role to the market, in my opinion should be to our bank’s the next logical step after the adoption of IFRS”.
Henning Drager, IIRC Regional Director, said: “The IIRC is very excited about the global launch of the Integrated Reporting Framework in Kyiv. We believe that Integrated Reporting is a much needed antidote to the systemic tyranny of short term business focus and narrow reporting overwhelmingly on financial parameters. The Integrated Reporting Framework aims to enable companies to demonstrate the linkages between an organisational strategy, governance and financial performance and the social, environmental and economic context within which they operate. Global adoption of Integrated Reporting is inevitable so we hope that Ukrainian companies will be open to engage, learn from those who already report and consider realising the opportunities this groundbreaking reporting framework is offering."
On the picture: Nataliya Vovchuk, Iryna Romanenko, Alla Savchenko
Integrated Reporting (IR) is fast becoming the world’s most innovative and holistic corporate reporting approach. Over 115 global companies including Coca Cola, SAP, Rosneft, HSBC and Microsoft have already adapted IR as their central reporting platform and the number is steadily increasing.
Earlier this year on 23 April Ukrainian stakeholders, including regulators, professional organisations, financial experts, fed back enthusiastically on the proposed IR Framework – Ukraine was pioneering country in global debates and was the first to provide recommendations to IIRC.