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G100 and ACSI Conference 2017: Plenary 4

G100 and ACSI Conference 2017: Plenary 4

Professor Roger Simnett, Chairman of the AuASB chairs a panel discussion: ‘There is a solution – Integrated Reporting (encompassing Integrated Thinking).

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Nick Ridehalgh

Director, Lead Better Business Reporting; CFO Advisory

KPMG Australia

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Prof. Roger Simnett chairs a panel which includes:

  • Paul Druckman – Board member and Chairman, Corporate Reporting Council, UK Corporate Reporting Council
  • Bill Edge – Chairman, Financial Reporting Council
  • Kris Peach – Chair, Australian Accounting Standards Board
  • Kate Mills – Principal Adviser, Financial System Division, The Treasury.

Key points

  • International accounting standards board re-looking beyond the financials at MD&A and non-financial reporting.
  • Treasury’s position around self-regulation.
  • The duties of directors have not changed and still focus on doing what is in the best interests of the company.
  • ASIC’s role to potentially provide further guidance beyond RG247 on OFR to drive improvements.
  • Australian FRC will work closely with NZ XRB to drive change.
  • Discussion on the BJR and whether there is need for change given the current director fiduciary duties.
  • The Stewardship Code could be the driver for Australian companies to embrace <IR>.

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