CIPR adopts Integrated Reporting framework for 2014 "back-to-basics" report
The CIPR has adopted Integrated Reporting – also known as <IR> – for the first time for the CIPR <IR> 2014. The report covers my term as President of the CIPR.
What is Integrated Reporting?
Integrated Report <IR> is a framework for corporate reporting has been defined by International Integrated Reporting Council (IIRC), a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs.
The IIRC's vision is to align capital allocation and corporate behaviour to wider goals of financial stability and sustainable development through the cycle of integrated reporting and thinking.
<IR> was developed in post-apartheid South Africa to provide clear accountability on a range of non-financial indicators not normally covered in traditional company reporting.
Organisations are using <IR> to communicate a clear, concise, coherent story that explains how their resources are creating value. It is enhancing the way organizations think, plan and report the story of their business.
It is helping businesses to think holistically about their strategy and plans, make informed decisions and manage key risks to build investor and stakeholder confidence and improve future performance.
Why is the CIPR promoting Integrated Reporting?
A copy of CIPR <IR> 2014 is available on the CIPR website for download.
The CIPR wants to help members make the case for <IR>. It believes that it provides a richer, more informative account of an organisation's activities than a traditional corporate report.
In addition to CIPR <IR> 2014 the CIPR has published guidance and creating learning and development initiative on how to lead the change.
"Our first Integrated Report is based on six capitals – financial, manufactured, intellectual, human, social and environmental, providing an account of how we make use of those capitals and how we replenish them as we work to create value," said Alastair McCapra.
"We believe that describing our activities in these terms and applying a common model adopted by many other organisations allows us to be more transparent and accountable, both to our members and to society in general."
"The CIPR report is also an opportunity for members to see Integrated Reporting in action, and consider this approach as a way of adding greater value for their own organisations or their clients."
The CIPR <IR> 2014 report has been developed thanks to the leadership of CEO Alastair McCapra and Professor Anne Gregory, supported by Alex Singleton, Charlotte Sansom, Victoria Tomlinson, Mary Whenman, Jon White and Jane Wilson.
The report cover covers my 12-months as President in 2014. It accompanies the publication of the 2014 Finance Report, and notice of the CIPR AGM, taking place on Monday 13 July at 18:30 in Bristol on the SS Great Britain Bristol.
The Finance Report showed a fifth successive year of profitability with a retained surplus for the year of £17,652. This surplus takes the Institute’s total reserves to £886,051.
The CIPR <IR> 2014 report
I'd urge you to download and read CIPR <IR> 2014 report and accompanying guidance on <IR>. Here's the summary outlined in my Foreword as President for 2014.
In 2014 the CIPR had a back-to-basics focus on its vision and purpose, returning the organisation to its roots of professionalism as set out in our Royal Charter. We also sought to shift the organisation towards being better networked and member-led.
Vision and values: Professionalism
Our vision is very simply to promote professionalism in public relations for practitioners, and in the public interest. Professionalism is a barrier to entry in the form of foundation knowledge; a Code of Conduct that can be publically tested; continuing professional development; qualifications; and a healthy exchange between academia and practice.
Professionalism is not accepting the lack of diversity or the average gender pay gap across the profession of £12,000 identified in the CIPR State of the Profession survey.
We sought to align the organisation firmly with this vision in 2014 through changes to governance, operational activity, campaigning and thought leadership.
This focus and sense of purpose has been helpful in defining priorities. It has made decision making straightforward by removing emotion and informing what we do, and more importantly what we don’t.
We reformed our governance to make the organisation more purposeful and more business focused. These changes were agreed at the Annual General Meeting and were then approved by the Privy Council.
The Council has been slimmed down from 49 to 30 people with a board of directors. Furthermore, the governance changes have embedded the Code of Conduct more clearly in our structures.
We invested in content, policy and education, making membership more relevant to members, and took a firm grip on the business, overhauling finance and IT.
We sought to state a clear value proposition to members whatever the stage of their career from students to Chartered PR Practitioners.
We led campaigning on ethics, equality, professional standards, modernisation, and wearables, in the UK and beyond. We’ve hosted two industry-leading debates in the House of Commons.
I had the good fortune to benefit from the energy and focus of our Chief Executive, Alastair McCapra, and the team under his leadership. I owe them my gratitude for responding so positively to the changes that we have made.
I’d also like to thank the Board and Council, and members for supporting and helping to deliver our plan.
If 2014 was a year of modernisation, 2015 must continue and consolidate this agenda. That’s the story of this Integrated Report.