“The future of corporate reporting is using the (IR) framework to achieve the UN SDGs,” said Uantchern Loh, Asia-Pacific CEO, Black Sun Plc Singapore at MIA’s recent exclusive masterclass on The Future of Corporate Reporting which followed the successful completion of its MIA International Accountants Conference 2018 recently.
The masterclass showed companies how to link SDGs to (IR) to achieve desired outcomes and create value. Beyond that, the masterclass aimed at providing guidance on compliance with reporting rules as well as recommended best practices for writing unique narratives that tells the corporate story and sells the brand.
“Effective, high-quality corporate reporting builds stakeholder trust and confidence in an organisation. This can translate into a robust capital market and financial wellbeing of the nation – in short, nation- building,” Dr. Nurmazilah Dato’ Mahzan, CEO, MIA said in her welcome remarks. With the new government’s renewed focus on competency, accountability and transparency to improve good governance and public trust and sound reporting in both the public and private sectors, corporate reporting is one way of achieving this, she added.
Companies must realise that traditional financial statements alone are insufficient currently. Corporate reporting today should provide both financial and non-financial information to allow stakeholders to understand the prospects and performance of the business against a constantly changing business and regulatory environment. Furthermore, the new corporate reporting provides greater transparency, accountability and easier access to information.
With storytelling linked to value creation, the masterclass also showcased examples of successful (IR) by inviting Mohd Muazzam Mohamed, Acting CEO, Bank Islam and Nor Fadhilah Mohd Ali, Financial Controller, Telekom Malaysia, to share their respective journeys in producing a balanced narrative while meeting stakeholders’ expectations.
Other key aspects of the masterclass included inculcating a sound culture of good governance and learning to produce a streamlined and succinct report that aligns the three reporting frameworks, while attracting investors and enlightening stakeholders.