Accounting Standards

UK companies issue support for Value Reporting Foundation

In June 2021, International Integrated Reporting Council and the Sustainability Accounting Standards Board announced their merger to form the Value Reporting Foundation

A number of UK companies have issued their support for the recently created Value Reporting Foundation.

In June 2021, International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) announced their merger to form the foundation.

The Value Reporting Foundation is set to business and investor decision-making with three key resources: Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards, while working closely with the IFRS Foundation.

Among the new body’s supporters in the UK is Leon Kamhi, executive director and head of responsibility at Federated Hermes

On the merger, Kamhi said: “This merger is a significant step forward as through the combination of IIRC and SASB, it brings together two established leaders with proven and complementary capabilities in the integration of sustainability factors in corporate reporting. 

“As the international business of Federated Hermes, we are proud to have had a long  association with both organizations and are very excited about the potential of the Value Reporting Foundation in supporting all players in the investment chain (companies, investment managers, asset owners, banks, lawyers, consultants and others) to create wealth which is truly sustainable to the benefit of the end investor and society at large.”

Graeme Pitkethly, Unilever’s CFO, said: “Unilever advocates for a multi-stakeholder business model. 

“Integrated reporting is a key enabler ensuring business risks are clearly understood, and that there is comparable reporting. We hope this merger will be a catalyst for the harmonization of sustainability standards and metrics.”

Last week, the  Association of Chartered Certified Accountants (ACCA) also issued their support for the new body.

Helen Brand, ACCA’s chief executive and co-vice chair of the Value Reporting Foundation board, said: “Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. 

“An integrated approach is necessary for corporate reporting, and this is what the Value Reporting Foundation will help organisations deliver.”

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