Thread by @GoGovern

The 7th Colloquium 'Connectivity - connecting financial and non-financial reports' is about to begin on the Zoom platform. Follow the live coverage on our Twitter feed. #goodgovernance

Prof Mervyn King, founder and patron of the Good Governance Academy, is opening the colloquium now. Prof King says while chair of the UN Governance and Oversight he found that reporting was done in two silos - financial and non-financial (its impact). #goodgovernance

Prof King says what was sought was an end game for a global corporate sustainability system.
#goodgovernance

Prof King: 'We were still looking at sustainability from inside out. But there were some seismic events like the collapse of Lehman Brothers ... Sustainability needed to be looked at from People, Planet and Prosperity.'
#goodgovernance

Prof King says the COVID-19 pandemic illustrated the power of UN SDG goal 17: Collaboration - with the development of a vaccine. #goodgovernance

Participants from all over the world have joined our 7th Colloquium that is currently under way. From the US, the UK, Cambodia and from all over Africa. Welcome!
#goodgovernance

'We are at the beginning of the end of a new beginning. We are about to create a new stepping stone from clutter to one of a global corporate sustainability reporting system. Connectivity - that everything is connected between the financial and the non-financial.
#goodgovernance

Veronica Poole, Deloitte Global Leader, is now delivering her keynote address at the 7th Colloquium. #goodgovernance

Poole: 'Employees are increasingly concerned about their impact their employers not only have on them but also on People, Planet and Social Prosperity.'
#goodgovernance

Poole says a company with a strong sustainability record can deliver stronger results. These are companies that apply integrated thinking. It requires a multi-year programme to build capacity and a shift in thinking, she says.
#goodgovernance

People and Planet are well understood. Prosperity is about social value creation. Stakeholder capitalism is not about politics or being woke. It's about beneficially mutual relationships between a company and stakeholders, ie. customers, employees, the public.
#goodgovernance

Integrated thinking should be reflected in a company's strategy, says Poole. A critical part of integrated thinking is integrated reporting that is authentic to how the business is run, including shortfall and challenges to inspire.
#goodgovernance

Stakeholders want to see a commitment by companies how they address their impact. In this space I need to acknowledge Prof King for furthering Integrated Thinking in business.
#goodgovernance

Poole says stakeholders and the environment need to be front of mind and in companies' corporate governance policies. Issues of the planet and society should form part of the core of a business.
#goodgovernance

Poole says an integrated approach needs to be taken to the education and training of financial professions. Connectivity is needed as a standard for financial and sustainability reporting. It is need for private and public sector reporting.
#goodgovernance

Poole says fragmented thinking doesn't help us to move forward as a society. The group of five global sustainability standard setters say sustainability issues evolve over time and are not static, eg. the playing out of the COVID-19 pandemic.
#goodgovernance

Connectivity of information of sustainability and value over time should show how governance and risk management activities affect the financial performance of companies, says Poole.
#goodgovernance

A range of disclosures are suggested about the impact of climate change in the reporting, says Poole.
#goodgovernance

Poole says it makes a lot of sense to build on experience and knowledge in terms of standard setting that informs a global sustainability reporting system.
#goodgovernance

Poole concludes by saying she's a great believer in integrated, connecting thinking in moving us forward in making progress in achieving UN SDGs and a fighting chance against climate change.
#goodgovernance

Issues like biodiversity is already industry relevant for pharmaceutical companies, says Poole, who is now taking questions about her keynote address here at the 7th Colloquium of the Good Governance Academy.
#goodgovernance

If you haven't registered you can follow the 7th Colloquium 'Connectivity - connecting financial and non-financial reports' on our YouTube channel here: 🔗

Our next speaker at the 7th Colloquium, 'Connectivity - connecting financial and non-financial reports', is Alan Johnson, president of IFAC.
#goodgovernance

Johnson says integrated reporting enables integrated management thinking. Organizations are using integrated thinking to get the most complete information to investors and engage on the full scope of activities and its role in society.
#goodgovernance

Johnson says industries are vulnerable to digital disruption, climate change and Covid-19 shows us how fragile the economy is. The number of companies using integrated reporting has grown.
#goodgovernance

Financial accounting reporting remains critical, says Johnson. But on their own they are no longer sufficient for boards to exercise their duty to govern organizations properly.
#goodgovernance

Johnson: It's worth asking, where does integrated thinking fit into the world? Corporate reporting should be about how a company creates value and how it impacts on society and the environment.
#goodgovernance

Johnson says companies must practise, choose and act differently. Sustainability requires a trade-off with business objectives. CFOs need to understand how to best address these challenges but so do investors in their choices.
#goodgovernance

Johnson says, in conclusion, we must ensure our profession creates a better world for all people through trust and fairness in institution. There is an opportunity and desire to help those in private and public sector to do what is right for the benefit of all.
#goodgovernance

Johnson pays tribute to Prof King for his contributions for 'making the world more fair and more sustainable'. challenging the financial profession to step up to ensure that cooperate governance is at the highest possible level.
#goodgovernance

Our next speaker is Suresh Gooneratne, Director and CFO of Diesel & Motor Engineering PLC, at the 7th Colloquium 'Connectivity - connecting financial and non-financial reports'. Follow the live coverage on our Twitter feed.
#goodgovernance

Gooneratne says everything about a corporate is human made. Knowledge is thus key to integrated reporting. We need to create knowledge through research on impact and sensitivities within organizations.
#goodgovernance

Gooneratne asks what can we do as corporates to improve integrated reporting? He thanks Prof Mervyn King for bring us to this point with his work. Transparency and the quality of what is communicated to stakeholders will further this.
#goodgovernance

Gooneratne says integrated thinking needs to be institutionalised within organizations.
#goodgovernance

Gooneratne says there is reluctance by organizations to institutionalise integrated thinking because it is a gigantic task. It is complex, the management of financial capital dominates boardrooms, and management tends to focus on short term deliverables.
#goodgovernance

Our next speaker is Eelco van der Enden, the CEO of GRI, at the 7th Colloquium on 'Connectivity - connecting financial and non-financial information'. Follow the conversation on Twitter. #goodgovernance

Van der Enden says things are not as complicated as they look. There are standards developing and sustainability reporting will be mandatory in the EU in 2023. #goodgovernance

Van der Enden says it is very imporant for society, investors and organization that there is a baseline to report on sustainability so there is no fragmentation at country level. #goodgovernance

If you look at the 25 year history of standard setters then we see that we have a proof of concept, an environment already out there that is being used to the satisfaction of many stakeholders. Why would regulators changes this?
#goodgovernance

Comparability of and predictability of data is of key importance to make decisions and for proper reporting. This should not be changed because it is a winning concept. #goodgovernance

Are you a limited liability company executive? What is your knowledge of sustainability reporting (non-financial reports) in the context that many countries and regions will soon be making this mandatory along with financial reporting?

Van der Enden says, in conclusion, sustainability reporting isn't that difficult as we think it is when it comes to standard setting. If you look at the future of reporting it is about the effects on the environmental and social issues.
#goodgovernance

Answering questions now, Van der Enden says capital markets are forcing organizations to think about sustainability topics and how you want to be perceived by society. #goodgovernance

Yasu Kawasugi, Director of Investor Relations at Konica Minolta Inc, is our next speaker at the 7th Colloquium 'Connectivity - connecting financial and non-financial reports'. Follow the live coverage on our Twitter feed. #goodgovernance

Kawasugi says his company has been using integrated reporting since 2015 and there are many benefits. #goodgovernance

The financial service agency of Japan requires non-financial reports in integrated reports, says Kawasugi. He says a comprehensive report that is standardised is required. #goodgovernance

Kawasugi says we are trying to put the voices of customers and employees with the voices of the board in our integrated reports to showcase the power of the people. #goodgovernance

Our next speaker is Kris Nathanail-Brighton of Iosco, at the 7th Colloquium 'Connectivity - connecting financial and non-financial reports'. Follow the conversation on Twitter - #goodgovernance

Nathanail-Brighton says sustainability underpins the ability for financial executives to make better financial decisions. #goodgovernance

We've come a long way but the largest journey is ahead of us. We want to ensure those standards can set a building block as a baseline and they are fit for purpose, says Nathanail-Brighton. #goodgovernance

Nathanail-Brighton says we would want those standards of non-financial reporting integrated with financial reporting standards. #goodgovernance

Nathanail-Brighton is of the International Organization of Securities Commissions. It regulates the world's securities and futures markets. Members are primary securities and/or futures regulators in a national jurisdiction or the main financial regulator from each country.

The 7th Colloquium 'Connectivity - connecting financial and non-financial reports' has opened to the floor for a question and answer and discussion. We're grappling with what value means in the context of sustainable development. #goodgovernance

Prof King says value is about moving from success measures being increased bottom line and share price to include impact on the environment, for example. #goodgovernance

Our next event on 7 June, Governance in Canada, is part of the Governance around the world series to equip investors and multi-national organizations with an understanding of national approaches to governance and prevailing imperatives. #goodgovernance
goodgovernance.academy/governance-aro…