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Integrated Reports

Importance is increasingly attached to intangible assets and non-financial information in the evaluation of corporate value. In addition, with the tide of “responsible investment,” financial information alone is considered by some to be insufficient for evaluation of corporate value, with the greater portion of the value being represented by intangible assets.
In Japan, the establishment of the three great governance projects has prompted the emergence of investors who apply decision criteria developed from socially responsible investment. This movement emphasizes “the sustainability of business” and “quality of management” and requires companies to provide an integrated explanation linking these to the increase in corporate value.

In response to the movement within capital markets to integrated environmental, social, and governance (ESG) information into the investment evaluation process, there has been a call for companies to sustainably increase the quality of management. Companies are called to innovate even further their corporate communications in order to contribute to constructive dialogue with the markets.
In this environment, a movement towards integrated reports has developed recently, in which the primary disclosure items in annual reports, such as financial data, CEO message, overview of products and services, are reported in an integrated manner showing the links between the increase in corporate value and ESG factors.

The true nature of an integrated report is not simply a conjoining of an annual report and a CSR report. Integrated reporting requires the specification of ESG factors that impact on performance and financial status, and reporting on them in an integrated manner with the company’s growth strategies and financial information.

IR Consulting Business Division’s Approach

Our approach to integrated reporting is to create reports that will be read by investors and amply fulfill the requirements of other stakeholders regarding what they wish to know. We pay particular attention to making reports investor oriented to suit the needs of long-term investors and ensuring that they provide connectivity in terms of the narrative required for communicating potential corporate value.

The integrated reports that we provide are not simple combinations of an annual report and a CSR report. Our reports specify materiality that is, the important factors that impact on the client’s performance and financial position, from comprehensive non-operating activities (especially initiatives involving ESG) to the client’s future value and growth strategies, and provide explanations that link materiality to future increase in corporate value.

We approach integrated reports from the perspective that
Integrated Annual Report = Investor Oriented + Connectivity

Investor Oriented

Display the organization’s capabilities for creating and maintaining value over the long term (sustainable growth capability) and appropriately disclose this to investors who make investment decisions based on a long-term perspective

Connectivity

Summarize the significance and relationship of corporate activities that contribute to solving social issues (climate change, diversity, etc.) to the evaluation of corporate value from the perspective of long-term investors
Present the company’s invisible assets as a narrative.

Integrated Reports

We provide the full package of functions required for producing integrated reports. Compared with other companies in the industry, we promise cost benefits and high quality.

*Example of IIRC-based consulting (example of a proposal regarding 19 items of the IIRC requirements)

Covering 19 items of the IIRC requirements represents a high hurdle. In fact, only one company managed to claim compliance with the requirement in its 2014 report. We considers it important to refer to the requirements and respond in a step-by-step fashion.