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August 22, 2013
German Stock Exchange 100th Business to Join Integrated Reporting Pilot
    by Robert Kropp

The International Integrated Reporting Council announces that Deutsche Börse Group is the first stock exchange to join its pilot program in integrated reporting.

Earlier this year, the International Integrated Reporting Council (IIRC) published a draft report in which the organization defines the practice of integrated reporting (IR) as “a process that results in communication by an organization, most visibly a periodic integrated report, about value creation over time.”

The report continues, “An integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term.”

In other words, as the Principles for Responsible Investment (PRI) stated in 2011, "The ambitious mission of the IIRC is to create a globally accepted integrated reporting framework which brings together financial, environmental, social and governance information in a clear, concise, consistent and comparable format."

In addition to publishing the International Integrated Reporting Framework, which it anticipates will be completed by December, the IIRC maintains a pilot program, the membership of which includes more than 130 businesses and investors. Thirty of the members are investors, which provide an investor's perspective on the current state of corporate reporting and makes recommendations for the inclusion of environmental, social, and corporate governance (ESG) factors in corporate financial reporting.

Five of the members of the investor network—Calvert, CFA Institute, Inter-American Development Bank, Pax World, and Rockefeller Financial—are headquartered in the US.

Earlier this month, the IIRC announced that Deutsche Börse Group—the German stock exchange which has approximately 765 listed companies with a combined market capitalization of 1,185 trillion Euros—became the 100th business and the first stock exchange to join the organization's pilot program.

“Stock exchanges provide a vital public platform for businesses to access funds, thereby helping to create the conditions for economic development and business success,” CEO Paul Druckman of the IIRC said. “Capital markets assimilate the information and data produced by businesses, which results in a share price, one of the key signals used by investors to allocate capital.”

“Deutsche Börse’s participation in our Pilot Program demonstrates not only its endorsement of IR but the speed at which it is gaining momentum in capital markets,” Druckman continued.

In 2012, Deutsche Börse published an annual corporate report that included both financial and sustainability information. “Our participation in the IIRC Pilot Programme signals the start of our own journey towards a corporate reporting landscape focused on the material factors that will enable investors to make better informed assessments of the ability of a company to create and sustain value,” Frank Klaas of Deutsche Börse said.


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