SA leads way in integrated reporting

first_img26 January 2011 A world-first integrated reporting guidance document – anticipated both locally and internationally as part of a growing push for companies and organisations to report on their total performance – was unveiled by Mervyn King in Johannesburg on Tuesday. The document offers direction to the 400 companies listed on South Africa’s JSE; companies that are obliged to produce an integrated report for their current financial years. The discussion paper views the integrated report – reporting on total performance and not just financial performance – as an organisation’s primary report, replacing the traditional annual report. The paper has the backing of a wide range of industry and professional groups in South Africa, including the Association for Savings and Investment SA, the Banking Association SA, Business Unity SA, Chartered Secretaries Southern Africa, the Institute of Directors in Southern Africa, Johannesburg Stock Exchange Ltd, and the SA Institute of Chartered Accountants.‘New era in corporate reporting’ “We are entering a new era in corporate reporting,” said King, chairman of South Africa’s Integrated Reporting Committee and the King Committee. King emphasised that the old form of annual report, focusing primarily on financial information and the short-term horizon, was no longer adequate to meet the needs of investors and other stakeholders. It was for this reason that the King Committee recommended – in the King Report on Governance for South Africa 2009 (King III) – that organisations issue integrated reports, connecting material, financial and sustainability information. Stakeholders could then make an informed assessment of the long-term sustainability of a business, and how the sustainability issues pertinent to the business had been incorporated into its strategic direction. In February 2010, the JSE, through its listings requirements, made it compulsory for all listed companies to comply with King III, including the requirement for a company to produce an integrated report for its financial year starting on and after 1 March 2010, or to explain why it was not doing so.South Africa ‘had to take the lead’ “The problem is that no specific guideline or standard defining the content of an integrated report for listed companies exists in South Africa or elsewhere in the world,” King said on Tuesday. To address this need, the Integrated Reporting Committee (IRC) in South Africa was formed in May 2010, and invited King to become its first chairman. Globally, the International Integrated Reporting Committee (IIRC) was formed in July 2010. It aims to issue an international discussion paper later this year, and include integrated reporting on the agenda of the G20 meeting due to take place in November. Integrated reporting will also be on the agenda of the World Federation of Exchanges meeting in October, and will being discussed at the World Economic Forum in Davos, Switzerland on 27 January. King said that because of the urgent need for guidance in South Africa, the local committee could not wait for the international discussion paper to be issued. South Africa’s IRC would liaise closely with the IIRC to ensure alignment, he said. King also serves as the IIRC’s deputy chairman. ‘Not just a sustainability report bolted on’ He explained that an integrated report should provide stakeholders with a meaningful and concise overview of the organisation. “An integrated report is not simply bolting the sustainability report to the financial report,” King said. “It incorporates, in clear language, material information from these and other sources to enable stakeholders to evaluate an organisation’s performance and to make an informed assessment about its ability to create and sustain value.” Integrated reporting, King added, forced companies to look at longer term horizons and at external factors such as economic, social and environmental impacts. “I believe this will lead to a fundamental shift in the way companies and directors act and organise themselves. “As companies integrate and connect the financial, economic, social, and environmental aspects into their businesses, they are likely to become more innovative and competitive and recognise new business opportunities,” King said. “Integrated reporting is an evolution of corporate reporting. It is an idea ‘whose time has come’ because of the crises of our time – the global financial crisis, climate change and ecological overshoot.”‘Significant benefits for investors’ Integrated reporting offered significant benefits for investors and other stakeholders, as it was a more transparent form of reporting, King added. “The capital markets in this country should also benefit from the improved presentation of corporate information, greater transparency, and more innovative strategy. “A responsible investment code for financial institutions (Code for Responsible Investing by Institutional Investors in South Africa) will be released shortly, and will require the institutional investor to make an informed assessment about the sustainability of the company’s business before acquiring its equity. This cannot be done by reading the financial statements alone.” The company itself should benefit from issuing an integrated report. The benefits could include a lower cost of capital, enhanced brand value and consumer loyalty, and greater trust and reputation among stakeholders. South Africa’s new Companies Act, not yet effective, allows for summaries of financial statements, in place of lengthy annual financial statements, to be provided to shareholders (although the full annual financial statements must still be available). The Act also permits the electronic distribution of this and other financial information. An integrated report could include the summarised financial statements required by the Act, thereby affording significant cost savings to the company. “I have no doubt that all these factors will translate into significant benefits for companies that embrace integrated reporting,” King said, adding that the 400 companies listed on the JSE would be among the global frontrunners in issuing integrated reports. He stressed that the guidance offered in the discussion paper could be used by any organisation, not only listed companies. The discussion paper is open for public comment until 25 April 2011, and can be downloaded from www.sustainabilitysa.org. Comments can be e-mailed to [email protected] SAinfo reporter Would you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Data and Government: The DATA Act – Making Federal Spending Transparent

first_imgThe May of 2017, Digital Accountability and Transparency Act (the DATA Act) mandated that data be reported from federal agencies.  That data is collected and is then made available so that the public can begin to track government spending. The intent is to make government spending more transparent and to make it possible to track how federal funds are spent and to determine whether or not there is duplication and waste in spending.Christina Ho, the Treasury Department’s deputy assistant secretary for accounting policy and financial transparency, said that “our tagline is better data, better decisions, better government.”Tim Gribben, Chief Financial Officer and Associate Administrator for Performance Management , said that “I said in the very beginning, I thought it was a boondoggle… But through my experience of working through the pilot and then through submission, I would say that I don’t feel that way at all anymore. I definitely see the benefits to the DATA Act… It’s definitely not a boondoggle.”But expect the government to go even further.  Frank Brizzi, director of resource management transformation at DHS’ Office of the CFO, said that “the DATA Act just kind of primed the pump… It’s great, the next phase of our data management approach is to go after unified investment data. We want to see a unified view of capital investments across the department. That’s huge. That’s accounting-line level data that we’re going to be collecting. We’ll bring that into a data warehouse, and we’ll connect it with other data such as DATA Act, we’ll connect it with tier submission data, we’re going to connect it with our budget formulation data, we’re going to connect it in any way possible, and allow the analysts to come in and pull the data how they need it. It’s revolutionary for us. Without a single financial system, we have no single repository for financial data and that’s what we’re embarking on, and this is DATA Act pushing that effort forward.”last_img read more

Zoho’s ManageEngine Adds New VMware Monitoring

first_imgTop Reasons to Go With Managed WordPress Hosting Tags:#Announcements#cloud#Data Centers#Real Time Today, Zoho’s ManageEngine subsidiary announced the availability of v10 of its Applications Manager, an availability and performance monitoring software. They have added the ability to monitor vCenter and vFabrick to its list of dozens of application servers, spanning both physical and virtual infrastructures. The product will be demonstrated next week at VMworld in Vegas. Applications Manager provides IT teams the ability to discover the entire organization’s virtual infrastructure through the vCenter server and provide dependency mapping of its components. This helps track the health status of virtual resources and model them the same way they are configured in the vCenter server. You can see a sample screen capture below.The vCenter monitoring will include the ability to track VM movements and cluster configurations in a more graphical manner than previously, as well as do a better job of discovering VMs. VMware vFabric tcServer isn’t even out yet, but when it does become available, App Manager will include tracking its health and the health of the Spring apps that are deployed on these servers. Finally, ManageEngine has added support for monitoring LDAP, DNS, Ping, Mail Server RTT and Amazon S3 to this version. They are also working on supporting Citrix Xen hypervisors in an upcoming release.They have a complex but transparent page listing various pricing tiers, starting at $795 annual license for up to 25 monitors for a single user. There are numerous additional charges for specific server monitors, such as SAP, SharePoint and Hyper-V. The new VMware monitors will also carry additional charges that haven’t been set yet.All of the monitoring is agentless, with the exception of the Java transaction monitors. ManageEngine sells more than 30 different tools and offers many free ones for monitoring Hyper-V performance or VM configuration, among other tasks. Also announced this week are enhancements to ServiceDesk Plus with Active Directory integration and OpManager v9.0 to have runbook automation for physical, virtual, and cloud platforms and Hyper-V support. Serverless Backups: Viable Data Protection for … Related Posts center_img david strom How Intelligent Data Addresses the Chasm in Cloud Cloud Hosting for WordPress: Why Everyone is Mo…last_img read more