Terms of reference

Purpose

  • The Corporate Reporting Dialogue is a platform convened by the IIRC to promote greater coherence, consistency and comparability between corporate reporting frameworks,
    standards and related requirements. To this end, the Corporate Reporting Dialogue strives to strengthen cooperation, coordination and alignment between key standard
    setters and framework developers that have a significant international influence on the corporate reporting landscape. Such organizations are hereinafter referred to as “participants”.
  • The Corporate Reporting Dialogue does not focus on creating a single framework or merging participants’ respective frameworks, standards and related requirements.

Objectives/Aims

  • The Corporate Reporting Dialogue represents a meaningful response to market calls for greater alignment of corporate reporting frameworks, standards and related requirements and improved efficiency and effectiveness of corporate reporting by promoting proactive engagement between participants.
  • The principal aims of the Corporate Reporting Dialogue are for participants to:
    • Communicate about the direction, content and ongoing development of reporting frameworks, standards and related requirements.
    • Identify practical ways by which respective frameworks, standards and related requirements can be explained and aligned, notably to avoid potential conflict,inconsistency and duplication between them.
    • Clarify and resolve any emerging issues from their respective activities and other matters of common interest.
    • Share relevant and significant information of direct interest to each other.
    • Express a common voice on areas of mutual interest, where possible, to engage with interested parties, including regulators.

Participation

  • The Corporate Reporting Dialogue includes standard setters and framework developers that represent a significant stakeholder or grouping of stakeholders with an interest in
    integrated reporting.
  • Participants shall designate a primary representative as well as a suitable alternative, should the primary contact be unable to attend.
  • The composition of the Corporate Reporting Dialogue will be reviewed periodically. Additional participants can be appointed by the Chair with the agreement of existing participants. New participants are expected to agree to the Terms of Reference.
  • The Chair of the Corporate Reporting Dialogue shall have experience in corporate reporting and be nominated and endorsed by a simple majority of participants. The Chair will preside over Corporate Reporting Dialogue meetings. In the Chair’s absence, meetings will be chaired by a Deputy Chair (to be nominated and endorsed by a simple majority of participants), failing whom those participants present will appoint one from among their number to preside over the meeting.
  • The IIRC will act as the Secretariat to the Corporate Reporting Dialogue and facilitate the planning, coordination and monitoring of initiatives, activities and interactions undertaken in support of the work plan, in collaboration with work stream leads and other participants.

Roles and responsibilities

  • Participants shall:
    • Agree the purpose and aims and of the Corporate Reporting Dialogue.
    • Endeavour to participate in all Corporate Reporting Dialogue meetings and contribute fully, frankly and constructively to its deliberations.
    • Bear the cost of their participation in Corporate Reporting Dialogue meetings.
    • Exercise independence of judgment, acting in good faith to promote and protect the public interest, in which the Corporate Reporting Dialogue seeks to act, to the exclusion of their own personal and/or any third party interests.
    • Determine priority focus areas, agree on work stream leads for specific initiatives and arrange in/outsourcing of resources as required.

Funding

  • As convener of the Corporate Reporting Dialogue, the IIRC is best positioned to secure funding and other resourcing necessary to carry out the work.

Structured engagement

  • The Corporate Reporting Dialogue shall endeavour to solicit external perspectives and share updates by inviting periodic feedback on strategic imperatives, pursuing targeted involvement as projects or activities warrant and maintaining an open channel for comments and queries.

Confidentiality

  • Corporate Reporting Dialogue participants will use information gained in the context of the Corporate Reporting Dialogue with due discretion and solely to the ends for which it was provided. They will not disclose to any person, or in any way make use of, any information acquired from any other Corporate Reporting Dialogue participant, which is identified by it as confidential and will use their best endeavours to prevent the unauthorised publication or disclosure of any such information.

Revisions

  • Any revision to the Terms of Reference requires the agreement of the Corporate Reporting Dialogue.