CGISA/JSE Integrated Reporting Awards highlight top performers
14 November 2024
Caroline Scott, CGISA Marketing Manager
CGISA proudly unveiled the winners of its 68th Integrated Reporting Awards (IRA), held in partnership with the JSE at the Wanderers Club on November 13, 2024. This prestigious event celebrated the leading achievements in integrated reporting across Southern Africa.
Night of Glamour and Prestige
The guests arrived in their finest traditional attire and elegant evening wear; a dazzling display of beauty, grace and style. The men looked striking in tailored suits and classic ensembles, while the women turned heads in flowing gowns and vibrant, intricately designed traditional outfits.
The room itself mirrored their radiance – a perfect balance of glamour and sophistication.
Glittering chandeliers cast a warm glow over tables adorned with shimmering centrepieces, and the décor sparkled in harmony – a testament to the evening’s prestige and the celebration of excellence. The evening came alive when
renowned comedian Schalk Bezuidenhout took to the stage to entertain the audience as master of ceremonies,
evoking roars of laughter as he highlighted key moments and brought wit and humour to a glamourous affair.
CGISA President Sandile Mbhamali, FCG, welcomed guests, commending them for their commitment to ethical
reporting and governance. He honoured keynote speaker Professor Mervyn King, FCG, for his remarkable contributions to governance and integrated reporting over more than 35 years.
Reflections on the Integrated
Reporting Journey Respected and revered, King delivered an inspiring keynote, reflecting on the evolution of corporate reporting, underpinned by the vision of the King Committee, which has worked tirelessly – on a voluntary basis – to shape governance standards.
King recalled when financial and non-financial reports were separate, emphasising that: “While essential, financial reports alone don’t fulfil a director’s duties to the company, nor can non-financial reports stand on their own.
Integrated reporting bridges these gaps by reflecting the interconnected nature of financial and non-financial resources.”
Eighty percent of the value of companies was not reflected in the financial statements. In the last few decades, there
has been an increased focus on the need to advocate for planet Earth, but this was largely captured in separate
sustainability reports.
These two separate silos were divorced from reality because operationally, the resources used by a company
are integrated 24/7. It was this challenge that brought about discussions of integrated thinking and integrated
reporting.
King recounted the challenges of the early ‘alphabet soup’ of reporting standards and frameworks set by various nongovernment organisations (NGOs) that confused stakeholders. To address this, the then Prince Charles and his advisor Sir Michael Peat established the International Integrated Reporting Council which King chaired. NGO executives worldwide were invited to a 2019 conference to try to set out standards that could be
adopted globally.
At the conference, King pointed out to them that under Sustainability Development Goal 17, they were to work as collaborators instead of competitors. “This was instrumental in galvanising the merging of organisations,” said
King.
The Sustainability Accounting Standards Board and the International Integrated Reporting Council merged to create the Value Reporting Foundation (VRF). Later, the VRF was acquired by the International Financial Reporting Standards (IFRS) Foundation. Recognising the need for a broader approach beyond its nearly 50-year focus on financial statements, the IFRS Foundation established a new body, the International Sustainability Standards Board (ISSB).
King explained that South Africa has been at the forefront of integrated reporting, by integrating reports into a single,
cohesive approach. Integrated Reporting Committee of South Africa CEO Leigh Roberts (in attendance) and her team
did groundbreaking work in shaping integrated reporting frameworks that have informed global practices.
South Africa was the first country to adopt sustainability reporting with the JSE being the first to implement it as a
listings requirement, says King. The King committee further recommended integrated reporting over separate
sustainability reporting and the JSE was again the global first to adopt this.
The Future of Reporting in South Africa In the European Union, double materiality standards are in place, and the EU remains South Africa’s largest trading partner. With associate and subsidiary companies from leading European nations like Germany, Italy and France operating in South Africa, there is a growing need to align with international standards.
Through the Companies Act, 71 of 2008, and the Financial Reporting Standards Council, South Africa has adopted the
ISSB standards issued by the IFRS Foundation. While the Companies Act currently allows for the establishment of a financial or corporate reporting standards council to determine financial reporting standards, it must also specify which sustainability reporting standards the country should adopt. Historically, South Africa has primarily relied on the
GRI guidelines and standards, which take an “inside-out” approach. However, we now recognise the dual impact of
sustainability – both “insideout” and “outside-in” – on limited liability companies.
“In the next two years, South Africa must implement a unified sustainability reporting framework. The world is moving forward, and we must keep pace to ensure our ability to trade internationally,” King cautioned. He also acknowledged
the complexity of choosing between various standards. Some countries have opted to follow the ISSB standards
although they are not yet finalised. But, ultimately, deciding which standards to enforce locally is not going to
be an easy task.
While there was still work to do to elevate reporting standards, King commended attendees of the IRA for advancing essential practices and fostering a culture of critical thinking.
Honouring the Best in Integrated Reporting
The highlight of the evening came with the announcement of this year’s winners by CGISA CEO Stephen Sadie. He commended the participants for their exemplary standards, thanked the JSE for its partnership, and expressed gratitude to the judges and sponsors for their invaluable support.
As Southern Africa’s premier professional institute for governance and company secretaryship, CGISA has been recognising corporate reporting excellence since 1956. This tradition of excellence continues to inspire
and elevate standards in integrated reporting across the region.
