Imagining the new possibilities for organisations to communicate and engage
We are leading a radically different initiative to develop new forward-looking ideas and to engage with broader stakeholders. Our aim is to take a fresh approach to reimagine the future of reporting and how business can engage and communicate.
Over the last fifty years there has been significant progress and improvements in the quality of timely, relevant and trustworthy reported information which has fostered investment and improved overall confidence. However, in a rapidly evolving world technology is transforming business, economies and societies at a pace that is unprecedented. New business models are emerging as existing ones are being disrupted, creating significant challenges to the way information is prepared and how it is delivered to its users.
The annual report, the cornerstone of corporate reporting, has become a compendium of different reporting requirements that have been placed on companies. There has been a steady increase in the rules and regulations for disclosure in response to demands for more transparency. The result is that the size of annual reports has ballooned with companies publishing information that may seem overly complicated and indigestible. Corporate reporting needs to address these challenges to remain relevant for the future.
ICAEW and FRC are facilitating this initiative to identify new possibilities, outside of the current reporting framework, for both current and future businesses to engage and communicate with their stakeholders. As part of our work in this area we will be hosting an Innovation Summit in July where radical ideas can be explored and developed into new forward-thinking solutions. We will be bringing together key players and new and different perspectives to explore:
- Who are the wider stakeholders that business in the 21st century needs to engage with, and what are their information needs?
- How can business best provide for these needs in a transforming digital world?
- How might we create a broader engagement, communication and reporting platform that connects companies and their wider stakeholders?