NIRI 2009 survey on sustainability

The National Investor Relations Institute (NIRI) recently released the results of its first survey on sustainability practices. The survey revealed that respondents have a growing awareness of corporate social responsibility but relative to other current realities, do not consider it a pressing issue. Consequently, respondents generally disagreed that investor relations has played a leadership role in establishing sustainability strategy to date, with a majority disagreeing that sustainability occupies much of their thinking in their professional roles. Nevertheless, sustainability concerns are a growing reality. (View the NIRI slide deck of the survey results.)

Webcast on SEC's XBRL implementation requirements

The Securities and Exchange Commission (SEC) recently released its rules requiring public companies to submit their financial statements in XBRL format. A CPA panel will present a live webcast on April 1, 2009 (from 2 p.m. to 3:30 p.m.) to explain XBRL implementation requirements. The panel will discuss the effects of the SEC's rules on companies, accountants and investors and how this technology will change the way companies communicate and disseminate information to stakeholders. (Register for the free webcast online.)

NIRI Announces Standards of Practice — Implementing "Notice and Access"

On March 12, 2009, the National Investor Relations Institute (NIRI) Board of Directors approved the Standards of Practice — Implementing "Notice and Access" for review and comment. "Notice and Access" or "e-proxy" provides the investor relations officer (corporate issuer) with another option for distributing proxy materials and the annual report. These guidelines are voluntary. They review developing trends in current practice in "notice and access" and are based on early experiences of corporate issuers and a broad cross-section of service providers. They will be reviewed and updated annually to reflect the latest corporate practice and regulatory changes. (Read the NIRI IR Advisor.)

CFERF - Corporate Sustainability Reporting in Canada

In March 2009, the Canadian Financial Executives Research Foundation (CFERF) issued a report on Corporate Sustainability Reporting in Canada. The report identifies some of the major issues surrounding corporate sustainability reporting from the perspective of the senior financial executive. It demonstrates what leaders in the area consider to be both the most beneficial and challenging aspects of environmental/sustainability management and disclosure by their companies. A survey conducted by CFERF of 343 senior financial executives in conjunction with the conclusions reached through an Executive Research Forum held on May 28, 2008 form the basis of this report.

ICGN - Guidance on Non-financial Business Reporting

The International Corporate Governance Network (ICGN) has published a Statement and Guidance on Non-financial Business Reporting to emphasize its importance within the overall context of company reporting and to promote better understanding by setting out disclosure criteria that will assist companies in meeting the expectations of investors. As such, the ICGN Statement and Guidance aims to generate substantive dialogue between investors and company boards about the content and timing of non-financial business reporting.

IFAC Launches New Sustainability Framework

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has launched a Sustainability Framework. This is a new web-based tool designed to help professional accountants in business integrate sustainable ways of thinking and working in all business processes of their organizations. The framework provides four different perspectives - business strategy, internal management, financial investors and other stakeholders. It provides users with links, good practice guidance and other global resources.

Using Graphics in Corporate Reporting

The Canadian Institute of Chartered Accountants (CICA) has recently published a research report on Using Graphics in Corporate Reporting. The report sets out basic principles and best practices for preparing graphics. It will help management ensure that graphics are accurately and effectively portrayed in a manner that investors and other stakeholders reading corporate reports can easily understand. A complimentary companion booklet entitled Practical Guidance for Preparing Graphics has also been released.

Resources on the Global Financial Crisis

The Canadian Institute of Chartered Accountants (CICA) has developed information resources to help leaders in Canada’s business and governance communities manage during these challenging times. The resources on the Global Financial Crisis are provided along with relevant commentary, guidance and announcements from Canada's Accounting Standards Board (AcSB), Auditing and Assurance Standards Board (AASB) and Accounting Standards Oversight Council (AcSOC).

Corporate Responsibility in the Age of Irresponsibility

What is the future of corporate responsibility in light of economic turmoil? Although many issues remain unclear, there are a couple of conclusions to take from the crisis. The first is that this was a crisis of responsibility, or lack thereof. The second is that it will only be repaired by the re-establishment of trust between companies (especially those in the financial sector) and their stakeholders. Logically, this presents a perfect entry-point for CSR to be finally recognized by the business community as a force of necessary good and long-term sustainability. The emphasis placed by CSR on the role of corporations in the larger social and environmental contract is key in preserving an ideal equilibrium of confidence and responsibility. (Read the IISD paper, Corporate Responsibility in the Age of Irresponsibility: A symbiotic relationship between CSR and the financial crisis?)

Global megatrends 2009

The world is changing more rapidly than ever. Globalization continues its march. Gaps in power between developed and emerging countries continue to narrow, driven in part by the politics and economics of energy. The financial landscape is in turmoil, driving increased regulation. Aging populations and the different demands of the younger generation challenge the workforce model that has existed for decades. Technology continues to alter how we communicate and act. And climate change concerns challenge how businesses operate. (Read the Ernst & Young report on Global megatrends 2009.)