May 1, 2018

The State Of Integrated Reporting In Pension Organizations: The Cases Of California Teachers' And Ontario Teachers'

“The IIRC’s Integrated Reporting Framework was published in December 2013 and since then, organizations have been using it to communicate a clear, concise, integrated story that explains how all of their resources are creating value.”

THE INTERNATIONAL INTEGRATED REPORTING COUNCIL (IIRC), 2018

 

The IIRC Initiative and Pension Organizations

The IIRC was formed in 2010 to build a globally-accepted framework to produce clear, comparable information about how organizations create value over time. As the IIRC noted above, after years of collaborative effort, this led to the introduction of the <IR> Framework in December 2013. Today, the Framework is widely supported by leaders in the international investment, accounting, regulatory, and academic communities, and is being used as a template by a growing number of corporations around the world.

The <IR> Framework was the subject of our August 2014 Letter titled “Pension Funds and Integrated  Reporting: A Progress Report”. The Letter argued that the Framework was not just helpful in understanding how the corporations that pension funds invest in are creating value, but that it would also be a useful tool for pension organizations themselves “to communicate a clear, concise, integrated story that explains how all of their resources are creating value”.  We concluded at that time that initial efforts by pension funds could be materially improved in a number of ways.

With many new developments in the integrated reporting space in the last four years (e.g., the work of SASB, A4S, and FSB’s TCFD), this sequel Letter offers an update of the state of integrated reporting in pension organizations. We use the 2017 Annual Reports of the California Teachers’ (CalSTRS) and the  Ontario Teachers’ (OTPP) as the basis for this new case study.i   

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