CIOB response to BIS on the Future of Narrative Reporting
As a part of the International Integrated Reporting Committee (IIRC) pilot programme, we acknowledge the potential effects of the proposals. CIOB agrees in principle with the restructuring of the current reporting framework into a Strategic Report and an Annual Directors’ Statement. This would tie all aspects of the businesses’ strategic direction together where sustainability, social, governance, financial etc. aspects can all be considered in investment decisions. However, the reporting of social and environmental matters needs to be properly integrated into the strategy and risks of the business, rather than being seen as an add-on to appease new regulation.