The Economic Times: Richard Howitt talks about the importance of Integrated Reporting for India
Richard Howitt who is the Chief Executive Officer of the International Integrated Reporting Council, spoke to ET about the recent SEBI circular calling on top Indian companies to adopt the Integrated Reporting format. Edited Excerpts:
Can you briefly explain in lay terms what integrated reporting is? How is it different from conventional reporting?
Over the last decade, many businesses and investors realised that conventional reporting is too complex, lacks relevance and wasn’t enabling them to communicate with each other sufficiently. Annual reports had evolved to be backward-looking and much more for the regulator than for the business itself.
Integrated Reporting turns that on its head. First and foremost, it is a vehicle for long-term value creation for and by the business itself. It helps them think, plan and report the story of their business.