13 Aug IDC wins top integrated reporting award
Three years ago, the corporation adopted the globally accepted integrated reporting standard; this year, its efforts were rewarded when it won the top award from Ernst & Young.
Since adopting the globally accepted integrated reporting standard almost three years ago, the journey of the Industrial Development Corporation to integrated reporting is bearing results.
The IDC’s 2013 integrated report was named joint overall winner – alongside Eskom – in the state-owned companies category of the 2014 Ernst & Young Excellence in Integrated Reporting Awards. The awards, which were handed out on 6 August, recognise excellence in integrated reporting.
This accolade is in addition to previous awards achieved by the corporation since its adoption of the new reporting standard. Its inaugural 2011/2012 integrated report was recognised as one of the best reports by various industry bodies, winning a certificate of excellence in reporting from the Integrated Reporting and Assurance Services.
IDC chief executive Geoffrey Qhena commented that the award from Ernst & Young was in recognition of the corporation’s continued commitment to achieve excellence in integrated reporting. “As management, we are proud of the team that put together such a great report. Even better for us, this is the work of an internal team that barely engaged external consultants.”
Speaking at the awards ceremony, Professor Mervyn King, the chairman of the King Committee on Corporate Governance, noted the considerable strides that local corporates were making in their quest to adopt internationally accepted reporting standards.
Convenor of the panel of adjudicators Professor Mark Graham described the IDC’s integrated report as an “excellent” document that clearly identified the corporation’s material issues, stakeholders and its role in national and regional economic development, particularly given the challenges facing corporates in this turbulent economic environment.