Chapter 9 of the King III Code on Corporate Governance states that companies should prepare integrated reports every year, which should convey adequate information about the operations of the company, the sustainability issues pertinent to its business, the financial results and the results of its operations and cash flows. The integrated Report is expected to be focused on substance over form and should disclose information that is Complete, Timely, Relevant, Accurate, Honest, Accessible and Comparable with the past performance of the company, and should also contain forward-looking information.
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The Nkonki survey on Integrated Reporting has revealed that a remarkably high number of companies adopted the King lll recommendations on integrated reporting. However, surprisingly, the findings of the research into integrated reporting ratings did not correspond with the ranking of the Top 40, but showed a similarity with the SRI.
The fact that a company is socially responsive (included in the SRI Index) shows a closer relationship to the status of good integrated reporting than the relationship with the Top 40.
Given the emphasis on the phrase “Integrated Reporting”, one can be forgiven to think that Integrated Reporting is about just reporting. In reality it is more than just reporting. In this short publication we aim to emphasize the need to re-engineer the business management processes in order to enhance the contents of the well awaited Integrated Reports. What takes place beneath the iceberg is important as you cannot report what you have not done.
As indicated in other documents of the King III series of reports of Nkonki Inc, there are many challenges in applying the King III recommendations into the strategy, policy and procedures and the business processes of a company. Once these challenges are overcome, good and proper disclosure in an integrated report is almost a given, but still keeping in mind the principle of apply or explain.
With the King III Code on Corporate Governance effective from 01 March 2010 and the special emphasis on Integrated Reports that are expected from companies for all financial years ending 28 February 2011, many questions than answers have surfaced.
Nkonki Inc has noted most of the questions that most clients have and formulated this publication which focuses on providing answers to the most Frequently Asked Questions on Integrated Reporting.
