The merger between the IIRC and the Sustainability Accounting Standards Board, which was announced in November, into the Value Reporting Foundation (VRF) is now official and operating as one unified global organisation.
The merger of the two organisations came as a response to business and investor demand for more clarity and simplicity in the corporate reporting landscape. It also aims to better position the organisation to support bodies such as the IFRS Foundation and work with colleagues around the world to drive progress towards a comprehensive reporting system.
The Value Reporting Foundation offers a suite of resources designed to help businesses and investors develop a shared understanding of enterprise value—how it is created, preserved or eroded over time.
The resources—including Integrated Thinking Principles, the Integrated Reporting Framework and SASB Standards—can be used alone or in combination, depending on business needs. These tools, already adopted in over 70 countries, comprise the 21st century market infrastructure needed to develop, manage and communicate strategy that creates long-term value and drives improved performance.
Janine Guillot, who previously served as SASB CEO will serve as CEO for the VRF and Charles Tilley, who served as CEO of the IIRC up until the merger, is now board director and senior adviser to the VRF.
Association of Chartered Certified Accountants (ACCA) CEO Helen Brand will also serve as the co-vice chair of the VRF. She commented: ‘Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. An integrated approach is necessary for corporate reporting, and this is what The Value Reporting Foundation will help organisations deliver.
‘This is essential as investors and other stakeholders demand more decision-critical information, such as the need for environmental and social related disclosures and measurements, and how they drive corporate strategies. The Value Reporting Foundation will work to offer technical and practical guidance that will not only bring about better decision making within organisations, but help preparers write meaningful integrated reports that meet stakeholders’ needs.’