An outcome of both adoption and accelerators, general awareness of integrated reporting as a concept and a movement can provide further, although modest,

Citations on Integrated Reporting

FIGURE 3.3 Citations on Integrated Reporting

additional momentum. Compared to adoption, where actual counts (whatever their limitations) can be taken, and accelerators, where the existence of regulations, multistakeholder initiatives, organizations, and public statements can be definitively established, awareness is difficult to measure. However, we can assess it in two simple ways.

First, we looked at academic and practitioner citations in the literature (Figure 3.3). Between 1999 and 2009, citations were minimal and flat. The year 2010 saw a substantial increase. This number doubled for the years 2011 and 2012, and 2013 again saw a steep increase to an amount triple that of 2010. While it is impossible to directly link the accelerators discussed above to this increase, integrated reporting citations have grown dramatically over the last four years—the time since One Report was published.140

The second way we assessed awareness was through word counts of the terms "integrated report" and "integrated reporting" (Figure 3.4). During the period 1995-2001, there was little awareness and only a very modest growth rate. This increased slightly for the period 2002-2008. Between 2008 and 2010, word count spiked, slowing somewhat and even flattening out in 2012 and 2013. Time will tell if the publication of the <IR> Framework and other contributors to momentum will reinvigorate this index of awareness.

We did the same word count on the term "International Integrated Reporting Council." Reflecting the creation and growing awareness of the

Growth in Awareness of Integrated Report and Integrated Reporting

FIGURE 3.4 Growth in Awareness of Integrated Report and Integrated Reporting

IIRC, this count increased from virtually 0 in 2010 to 4 in 2011, 119 in 2012, and 268 in 2013. Given the motive of the IIRC to spread the adoption of high-quality integrated reporting, this increasing awareness is encouraging. The extent to which the awareness of the IIRC and integrated reporting itself continues to grow will be influenced by the motives of all the other actors involved in the movement.141


1. Encyclopedia Britannica. Social Movement, EBchecked/topic/551335/social-movement, accessed January 2014.

2. Sustainability has many definitions. For us, we focus on defining it from the perspective of a company. A sustainable strategy is one that enables a company to create value for its shareholders over the long term while

contributing to a sustainable society. It is one that can meet the needs of the present generation without sacrificing those of future ones.

3. Tilly, Charles and Lesley J. Wood. Social Movements, 1768-2012. Boulder: Paradigm Publishers, 2009. Adapting to communication trends is a theme among successful social movements.

4. In Charles Tilly's study of historical social movements, he provides a framework by which we can recognize them, defining social movements as a series of contentious performances, displays, and campaigns by which ordinary people make collective claims on others through sustained activity. Campaigns are defined as "sustained, organized public efforts making collective claims of target authorities." "Repertoires of contention" are the use of different combinations of political action (creating special-purpose coalitions and associations, public meetings statements to and in public media, and so on). Finally, in Tilly's scheme, "WUNC displays" are those in which the participants' public representation of "worthiness, unity, numbers, and commitments" on the part of their constituencies or themselves is demonstrated. Ibid.

5. As discussed in great detail in Chapter 1, South Africa remains the only country in which integrated reporting is required on an "apply or explain" basis as of this book's publication.

6. These accelerators can act both directly and indirectly from a company-push (i.e., encouraging or demanding companies to practice integrated reporting) or demand-pull (e.g., encouraging shareholders, stakeholders, and regulators to call for integrated reporting by companies) perspective.

7. We have no way of knowing how many South African companies used the "IRC of South Africa Discussion Paper" to prepare their integrated report. Similarly, since the Johannesburg Stock Exchange does not formally review these reports to see if they truly are an integrated report through some kind of assessment, there is no database regarding the quality of these reports.

8. "The GRI Sustainability Disclosure Database includes reports that GRI is currently aware of. Some reports may be omitted, in particular those in non-Latin scripts or that are not published online; reports based on GRI Guidelines without a GRI Content Index are included as 'GRI-Referenced' reports in the database and are not considered to be GRI reports; not all GRI reporters publish reports annually. Therefore, the total number of GRI reports per publication year does not correspond with the total number of GRI reporters." Global Reporting Initiative. Excel Spreadsheet of Sustainability Disclosure Database, Discover the Database, What's Included, .aspx, accessed April 2014.

9. GRI collects data about "self-declared integrated reports" (1) directly from reporting organizations, (2) through an international network of GRI Data Partners and (3) ad-hoc searches or data entry by GRI staff. Companies submit report data to GRI through an online form. One of the questions asks, "Does the reporting organization consider this to be an integrated report, meaning it includes financial as well as nonfinancial disclosures beyond basic economic data? Note: a sustainability report that covers economic, environmental and social disclosures (e.g. the requirements of the GRI Guidelines) is not considered an integrated report by itself." The company must make a Yes/No choice and GRI staff does not make any judgment on this selection. GRI Data Partners and GRI staff entering report data are trained by the GRI Database Coordinator on application of the Data Classification scheme used by GRI. To ensure objectivity in the process to capture data about integrated reports, Data Partners and GRI staff only a "Yes" in the field if there is explicit reference to "integrated reporting" in the report itself. Ian van der Vlugt, email correspondence with Robert Eccles and Andrew Knauer, February 18, 2014. As of April 15, 2014 the database contained 337 integrated reporting companies for 2013. This total is incomplete as GRI continually collects data. We believe the 2013 numbers, however, to be accurate depictions of the differences in type of company, size, and geography. Duplicate company observations from GRI database were removed before making calculations. Ibid.

10. These numbers were calculated using the listed/nonlisted variable from GRI database, supplemented with the sector variable to identify nonprofits, public agencies, and universities. Ibid.

11. The rest were small and medium-sized enterprises. Ibid.

12. Eccles, Robert G., Annissa Alusi, Amy C. Edmondson, and Tiona Zuzul. "Sustainable Cities: Oxymoron or the Shape of the Future?" Infrastructure Sustainability and Design, edited by Spiro Pollalis, Andreas Georgoulias, Stephen Ramos, and Daniel Schodek, 247-265. New York: Routledge, 2012.

13. While some companies may see more brand benefits than substantive benefits in doing so, one should not be too cynical about their intentions given the concerns many companies raise about integrated reporting. For a company to declare that it is publishing an integrated report is no trivial statement. In doing so, the company commits itself, if only implicitly, to improving the annual report's quality as frameworks and standards are developed and "best practices" are learned from the experiences of other companies.

14. As the relationship between integrated reporting and sustainability is better understood, however, this could change. Using the GRI database, the average number of years a company produces a sustainability report before publishing an integrated report is 2.1. Global Reporting Initiative. Excel Spreadsheet of Sustainability Disclosure Database, reporting/report-services/sustainability-disclosure-database/Pages/Discover-the-Database.aspx, accessed April 2014.

15. Based on the World Federation of Exchanges, the number of listed companies in 2012 was 46,332. World Federation of Exchanges, 2012 WFE Market Highlights, 20WFE%20Market%20Highlights.pdf accessed April 2014. Definition: "Number of companies which have shares listed on an exchange at the end of the period, split into domestic and foreign, excluding investment funds and unit trusts. A company with several classes of shares is counted just once. Only companies admitted to listing are included." World Federation of Exchanges, Number of Listed Companies definition,, accessed April 2014. Based on GRI data, 596 companies in 2012 produced integrated reports—approximately 1.29% of all listed companies.

16. "This includes all companies who voluntarily report sustainability information on their websites, from a policy or two or summaries of practices to fullblown reports with five-plus years of data on key metrics." Peter DeSimone, email correspondence with Robert Eccles, January 26, 2014.

17. The criterion used was that the company declared its annual report to shareholders to also be their sustainability report. The eight companies were AEP, Clorox, Dow Chemical, Eaton, Ingersoll Rand, Pfizer, Southwest Airlines, and United Technologies Corporation (UTC). Only UTC was not a GRI reporter. Data for 2012 are from IRRC Institute and Sustainability Investments Institute. "Integrated Financial and Sustainability Reporting in the United States,", accessed May 2014. Data for 2012 are from IRRC Institute and Sustainability Investments Institute, "Integrated Financial and Sustainability Reporting in the United States" and data for 2013 are from Peter DeSimone, email correspondence with Robert Eccles.

18. Global Reporting Initiative. Excel Spreadsheet of Sustainability Disclosure Database.

19. We are grateful to Cecile Churet and her colleagues at RobecoSAM for providing us the data to do this analysis. "Founded as the first asset manager focused exclusively on Sustainability Investing, SAM was acquired by Robeco Group in 2007 in-line with Robeco's strategic ambition to further develop into the thought leader in the field. With Robeco's global presence, SAM has grown into one of the world's most prominent Sustainability Investment groups. In 2013, SAM was renamed RobecoSAM as part of Robeco's strategy to further align its group-wide Sustainability Investing activities. With approximately 130 specialist staff located in Zurich and Rotterdam, RobecoSAM offers clients a comprehensive range of differentiated and complementary Sustainability Investing solutions including indices, actively managed diversified and thematic equities, private equity, active ownership and corporate sustainability benchmarking services. RobecoSAM's long-standing experience in assessing companies and developing and managing successful sustainable investment strategies and Robeco's more than 80-year history of serving institutional investors and private investors with investment solutions across a broad range of asset classes are ideally complementary to each other. Leveraging Robeco's global network of sales, service and investment professionals, our Sustainability Investing products and services are represented in over 20 countries." RobecoSAM, en/about-us/about-robecosam.jsp, accessed April 2014.

20. For detail on the CSA methodology see Eccles, Robert G. and Cecile Churet. "Integrated Reporting, Quality of Management, and Financial Performance" Journal of Applied Corporate Finance, Winter 2014, Volume 26 Number 1, p. 2 and sp, accessed February 2014.

21. The Guiding Principle of Connectivity of information states, "An integrated report should show a holistic picture of the combination, interrelatedness and dependencies between the factors that affect the organization's ability to create value over time." "International Integrated Reporting Framework,", accessed April 2014.

22. International <IR> Framework, p. 10.

23. Ibid., p. 11.

24. Ibid., p. 9.

25. Ibid., p. 11. Roughly two-thirds of the program examples were qualitative for both program and strategic examples.

26. KPMG, Centre for Corporate Governance in Africa, Global Reporting Initiative, and UNEP (United Nations Environment Programme). "Carrots and Sticks: Sustainability reporting policies worldwide—today's best practice, tomorrow's trends," 2013 edition, resourcelibrary/Carrots-and-Sticks.pdf, accessed February 2014, p. 9.

27. Ibid.

28. Ioannou, Ioannis, and George Serafeim. "The Consequences of Mandatory Corporate Sustainability Reporting." Harvard Business School Working Paper, No. 11-100, March 2011. (Revised May 2012, October 2012.) Ioannou and Serafeim found that government adoption of mandatory corporate sustainability reporting (CSR) led to positive organizational changes often linked to integrated reporting. The social responsibility of business leaders increases, while sustainable development and employee training become a higher priority. The authors also found that mandatory CSR led to improved corporate governance, company implementation of more ethical practices, a decrease in bribery and corruption, and an increase in managerial credibility. In countries with stronger law enforcement and more widespread assurance of sustainability reports, these effects of CSR are larger.

29. European Union. "DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL, amending Council Directives 78/660/EEC and 83/349/EEC as regards disclosure of non-financial and diversity information by certain large companies and groups," non-financial_reporting/, accessed January 2014.

30. The Fourth Directive provides the requirements for content and presentation of annual accounts and reports. European Union. Fourth Directive: annual accounts of companies with limited liability, summaries/internal_market/businesses/company_law/12 6009_en.htm, accessed January 2014.

31. The Seventh Directive provides the requirements for the consolidation of company accounts. European Union. Seventh Directive, Seventh Directive: consolidated accounts of companies with limited liability, legislation_summaries/internal_market/businesses/company_law/126010_en .htm, accessed January 2014.

32. European Commission. The EU Single Market, Accounting, Non-Financial Reporting, reporting/index_en.htm, accessed April 2014.

33. Unlisted companies include banks, insurance companies, and other companies that are so designated by Member States because of their activities, size, or number of employees. European Union. Europa, Press releases database,, accessed April 2014.

34. Ibid.

35. Examples cited were the UN Global Compact, ISO 26000, and the German Sustainability Code.:// non-financial_reporting/index_en.htm, accessed April 16, 2014.

36. European Union. Europa, Press releases database.

37. Sustainability reporting in the EU is often "principles-based" rather than prescriptive about what frameworks and standards should be used.

38. "A directive has to be then implemented into national legislation by each member state." Steve Waygood, telephone interview with Robert Eccles and Sydney Ribot, March 20, 2014.

39. Waygood, Steve for Aviva Investors. "A Roadmap for Integrated Capital Markets: Aviva's proposals for how the UN Sustainable Development Goals and the UN Framework Convention on Climate Change can harness the capital markets." May 2014. 1-54.

40. Steve Waygood, telephone interview.

41. Ibid.

42. Waygood, Steve. "Finally, regulation that investors can support." Financial News online. March 17, 2014. 111045601ab04d673622, accessed May 7, 2014.

43. Steve Waygood, telephone interview, March 20, 2014.

44. Though materiality was not defined by either one of these initiatives, it was highlighted in the CSRC. While not directly about integrated reporting, the CSRC is focused on changing corporate reporting in a way that helps shape the context to make it easier for companies to adopt integrated reporting.

45. CK Capital. "2013 Trends in Sustainability Disclosure: Benchmarking the World's Stock Exchanges," October 2013, "Foreword" by Ernst Ligteringen (no page number).

46. Sustainable Stock Exchanges Initiatives,, accessed May 2014.

47. A similar initiative was announced not long before this book was sent to the publisher. The Ceres-sponsored Investor Initiative for Sustainable Exchanges is seeking to engage global stock exchanges via the World Federation of Exchanges (WFE) to establish possible uniform reporting standards for sustainability reporting by all exchange members, press/press-releases/world2 019s-largest-investors-launch-effort-to-engage-global-stock-exchanges-on-sustainability-reporting-standard-for-companies, accessed April 2014. The recommendations are contained in the report "Investor Listing Standards Proposal: Recommendations for Stock Exchange Requirements on Corporate Sustainability Reporting," https://ceres .org/resources/reports/investor-listing-standards-proposal-recommendations-for-stock-exchange-requirements-on-corporate-sustainability-reporting/view, accessed April 2014.

48. Initiative for Responsible Investment at Harvard University. Our Work, Global CSR Disclosure Requirements, global-csr-disclosure-requirements, accessed January 2014.

49. The South African Institute of Chartered Accountants (SAICA). "An integrated report is a new requirement for listed companies." SAICA, News, News Articles and Press & media releases, itemid/2 344/An-integrated-report-is-a-new-requirement-for-list. aspx, accessed January 2014.

50. Specifically, it was launched under the auspices of the United Nations Global Compact Office, the United Nations Conference on Trade and Development, the United Nations Principles for Responsible Investment, and the United Nations Environment Programme Finance Initiative. United Nations Environment Programme Finance Initiative,, accessed January 2014.

51. Sustainable Stock Exchanges Initiative. Partner Exchanges, www, accessed January 2014.

52. Steve Waygood, email correspondence with Robert Eccles, Louise Haigh, Mike Krzus and Sydney Ribot, April 29, 2014.

53. Steve Waygood, telephone interview with Robert Eccles and Sydney Ribot, January 29, 2014.

54. CK Capital is the investment research arm of Corporate Knights, based in Toronto, Canada. CK Capital offers investment products and services to asset owners and managers. Corporate Knights is a publishing company which calls itself "The Company for Clean Capitalism." corporateknights. com/about/corporate-knights-policy, accessed February 2014. CK Capital. "2013 Trends in Sustainability Disclosure: Benchmarking the World's Stock Exchanges," October 2013. In the other Foreword to this report, Paul Druckman, the CEO of the IIRC, points out that "Integrated Reporting will help hardwire sustainability issues, amongst other 'capitals,' into mainstream decision-making and reporting," and that "stock exchanges have a major role to play in setting the agenda, as well as responding to cultural and behavioural shifts in market practice."

55. An exchange's disclosure score is the sum of three sub-scores: disclosure, disclosure growth, and disclosure timeliness. These scores are based on indicators regarding energy, water, waster, greenhouse gas emissions, employee turnover, and lost-time injury rate. For more details on the methodology used see CK Capital. "2013 Trends in Sustainability Disclosure: Benchmarking the World's Stock Exchanges," October 2013, pp. 15 and 38. Reflecting the fact that integrated reporting is not the same as sustainability reporting, the top five stock exchanges, ranked from one to five, respectively, were BME Spanish Exchanges, Helsinki Stock Exchange, Tokyo Stock Exchange, Oslo Stock Exchange, and Johannesburg Stock Exchange. The bottom five exchanges, ranked from 45th to 40th, respectively, were Tel Aviv Stock Exchange, Qatar Stock Exchange, Lima Stock Exchange, Saudi Arabia Stock Exchange, and Kuwait Stock Exchange. The highest rated SSE Partner was the Johannesburg Stock Exchange. The lowest rated was NASDAQ OMX at 36, with NYSE Euronext at 33.

56. Corporate Sustainability Reporting Coalition, news/item/aviva-convenes-corporate-sustainability-reporting-coalition-13023/, accessed May 2014.

57. Aviva Investors. News Releases, Aviva convenes Corporate Sustainability Reporting Coalition,, accessed January 2014.

58. These investors represented $1.6 trillion in assets under management at the time of announcement. Aviva Investors. News Releases, Investor led coalition calls for UN declaration requiring companies to integrate material sustainability issues into reporting, item/investor-led-coalition-calls-for-un-declaration-requiring-companies-to-integrate-material-sustainability-issues-into-reporting-13203/, accessed April 2014.

59. Ibid.

60. Organizational benefits cited for these actions included enhanced long-term profitability for companies and better long-term returns for investors. Additionally, the systems-level benefits of higher quality stock markets, increased macro financial stability, and improving the lives of people everywhere who are impacted by corporate activity were also cited. Paul Abberley, then CEO of Aviva Investors, commented "We believe that all corporate boards should be required to consider the future sustainability of the firm they govern. This should not only enhance long-term profitability and returns to investors, but also improve the quality of stock markets, increase macro financial stability and make a material contribution to the lives of those impacted by corporate activity. This is why we are calling on the United Nations member states to commit to develop policy on Corporate Sustainability Reporting. Markets are driven by information. If the information they receive is short term and thin then these characteristics will define our markets." Ibid.

61. United Nations Conference on Sustainable Development. "The Future We Want,", accessed January 2014.

62. "47. We acknowledge the importance of corporate sustainability reporting, and encourage companies, where appropriate, especially publicly listed and large companies, to consider integrating sustainability information into their reporting cycle. We encourage industry, interested governments and relevant stakeholders, with the support of the United Nations system, as appropriate, to develop models for best practice and facilitate action for the integration of sustainability reporting, taking into account experiences from already existing frameworks and paying particular attention to the needs of developing countries, including for capacity-building." Ibid., p. 9.

63. Representatives from 191 UN member states and observers, including 79 Heads of State or Government, attended Rio+20, USD Reporting Services. Earth Negotiations Bulletin, 2751e.html, accessed April 2014. Paragraph 1 of the "The Future We Want," renewed their "commitment to sustainable development, and to ensure the promotion of economically, socially and environmentally sustainable future for our planet and for present and future generations." Ibid., p. 1.

64. Long Finance. "European briefing: Towards an agreement on corporate sustainability reporting," eusustrep_2013.pdf, accessed January 2014.

65. The linguistic relativity principle, commonly referred to as the Sapir-Whorf hypothesis, holds that differences in the way language symbolizes certain cultural and cognitive categories impacts the way people think about those categories such that speakers of different languages tend to behave and think differently depending on the language they use. It is usually considered in a "strong" or "weak" form. The strong version of the hypothesis holds that language determines thought and linguistic categories delimit cognitive categories. The weak version holds that linguistic categories influence thought and some forms of nonlinguistic behavior. In light of either version, the way that meaning is articulated in the integrated reporting movement, the way that the evolution of companies' reporting practices is referred to as a "journey," has consequences for the way that actors in the movement view integrated reporting. Koerner, E.F.K. "Towards a full pedigree of the Sapir-Whorf Hypothesis: from Locke to Lucy." Explorations in Linguistic Relativity, edited by Martin Piitz and Marjolijn Verspoor, 1-25. Amsterdam: John Benjamins Publishing Company, 2000.

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73. Agenda. The Prince's Accounting for Sustainability Forum. December 17, 2009, St. James's Palace, London, U.K.

74. Accounting for Sustainability (A4S) was instrumental in building a foundation for the IIRC through its work on "connected reporting" by publishing a "Connected Reporting Framework" in 2007, followed by a "how to guide" in 2009. Since then, this idea has been absorbed into integrated reporting. For more information on how A4S sees the relationship between connected reporting and integrated reporting see www, accessed May 2014.

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76. On October 11, 2011, Sir Michael Peat, the founding Chairman of the IIRC retired and Mervyn King was appointed the Chairman. theiirc. org/2011/10/11/ iirc-appoint-mervyn-king-as-chairman-to-lead-next-steps-of-integrated-reporting-framework-2/, accessed December 2014. Paul Druckman is its Chief Executive Officer.

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88. At that time Allen White was a Vice President and Senior Fellow of the Tellus Institute and he still is today. "At this perilous juncture in human affairs, Tellus Institute works to advance a global civilization of sustainability, equity, and well-being through research, education, and action." tellus. org/about/, accessed February 2014.

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90. GRI has a multistakeholder focus whereas the IIRC's primary audience is "providers of financial capital."

91. Global Reporting Initiative. Conference 2010, https://globalreporting. org/information/events/gri-global-conference/conference-2 010/Pages/ default.aspx, accessed January 2014.

92. Ibid.

93. GRI released their G4 Guidelines on May 22, 2013, at the 2013 Global Conference. Global Reporting Initiative. Information, News and Press Center, "G4 is future of sustainability reporting, say business leaders," https://www, accessed May 2014.

94. Nelmara Arbex, email correspondence with Robert Eccles, March 19, 2014.

95. Global Reporting Initiatives. Current Priorities, Resources, "The Sustainability Content of Integrated Reports—A Survey of Pioneers," https://www, accessed January 2014.

96. Ibid., p. 5.

97. Christy Wood, telephone interview with Robert Eccles, Mike Krzus, and Sydney Ribot, October 28, 2013.

98. Sustainability Accounting Standards Board,, accessed January 2014.

99. John Katovich is a capital markets lawyer who also teaches in the Presidio Graduate School MBA Program in San Francisco, which focuses on sustainability,, accessed February 2014.

100. Steve Lydenberg is the Partner, Strategic Vision for Domini Social Investments,, accessed February 2014 and an Adjunct Lecturer in Public Policy at the Harvard Kennedy School, steve-lydenberg, accessed February 2014 where he helped establish the Initiative for Responsible Investment, news-events/news/press-releases/pr-hauser-iri-marlO, accessed February 2014.

101. The Sustainability Accounting Standards Board is a 501(c)3 non-profit engaged in the creation and dissemination of sustainability accounting standards for use by publicly-listed corporations in disclosing material sustainability issues for the benefit of investors and the public. Sustainability Accounting Standards Board. About, Vision and Mission, sasb. org/sasb/vision-mission/, accessed March 2014.

102. Sustainability Accounting Standards Board. Standards, Key Dates & Status,, accessed March 2014.

103. Sustainability Accounting Standards Board. Engage, Join an Industry Working Group,, accessed February 2014.

104. Sustainability Accounting Standards Board. About SASB, Standards Council,, accessed May 2014.

105. Sustainability Accounting Standards Board. Approach, Our Process,, accessed February 2014.

106. Amanda Medress, email correspondence with Robert Eccles, Jean Rogers, Mike Krzus, and Sydney Ribot, April 30, 2014. SASB released its Healthcare standards on July 31, 2014. SASB. Standards, Key Dates & Status,, accessed May 2014.

107. SASB released its Financials standards on February 25, 2014. Ibid., SASB, Standards.

108. SASB uses the Securities and Exchanges Commission definition of materiality as interpreted by the U.S. Supreme Court . See Securities and Exchange Commission Staff Accounting Bulletin: No. 99—Materiality,, accessed January 2014 and 22 TSC Industries v. Northway, Inc., 426 U.S. 438, 449 (1976). See also Basic, Inc. v. Levinson, 485 U.S. 224 (1988).

109. Bob Herz, telephone interview with Robert Eccles, Mike Krzus, and Sydney Ribot, October 4, 2013.

110. PR Newswire. "Michael R . Bloomberg and Mary Schapiro Appointed to SASB's Board Leadership," michael-r-bloomberg-and-mary-schapiro-appointed-to-sasbs-board-leader ship-257486101.html, accessed May 2014.

111. "Finance powerhouses Michael Bloomberg and Mary Schapiro to lead SASB,", accessed May 2014.

112. CDP., accessedMay2014.

113. CDP. About CDP,, accessed January 2014.

114. Nigel Topping, telephone interview with Bob Eccles, Mike Krzus, and Sydney Ribot, October 15, 2013.

115. Climate Disclosure Standards Board,, accessed May 2014.

116. Climate Disclosure Standards Board. Climate Change Reporting Framework,, accessed January 2014. It was established at the annual meeting of the World Economic Forum.

117. Climate Disclosure Standards Board. "Climate Change Reporting Framework,", accessed January 2014.

118. Ibid.

119. Ibid.

120. Climate Disclosure Standards Board. CDSB Framework Consultation,, accessed March 2014.

121. Climate Disclosure Standards Board. CDSB's Framework for integrated reporting,, accessed January 2014.

122. Global Initiative for Sustainability Ratings,, accessed May 2014.

123. Allen White, telephone interview with Robert Eccles, Mike Krzus, and Sydney Ribot, February 17, 2014.

124. Global Initiative for Sustainability Ratings. About GISR, Vision and Mission,, accessed February 2014.

125. Allen White, telephone interview.

126. McKinsey estimated the global bond market in 2010 at $158 trillion. The global equity market was $54 trillion. Roxburgh, Charles, Susan Lund, and John Piotrowski, "Mapping global capital markets 2011," McKinsey Global Institute, p. 2, c, 2011.

12 7. Allen White, telephone interview.

128. The 12 Principles comprise two categories: Process and Content. Process principles pertain to the design, application, and maintenance of a rating to ensure excellence, credibility, and integrity. The five process principles are Transparency, Impartiality, Continuous Improvement, Inclusiveness Development, and Assurability. Content principles relate to the scope, quality, and measurement aspects of a rating. The seven content principles are Materiality, Comprehensiveness, Sustainability Context, Long-Term Horizon, Value Chain, Balance, and Comparability. Global Initiative for Sustainability Ratings. Standard, Principles, GISR Standard Component 1: Principles,, accessed February 2014.

129. "Based on 2012 year-end data, the four largest registered public accounting firms and their global affiliates audited more than 98 percent of the global market capitalization of U.S. issuers. The next three firms and their global affiliates audited another 1.1 percent of this market capitalization." Franzel, Jeannette M. "Accountability: Protecting Investors, the Public Interest and Prosperity," Public Accounting Oversight Board, July 17, 2013.

130. Deloitte. "Integrated Reporting: The New Big Picture," Deloitte Review, Issue 10, 2012, pp. 124-137. Ernst & Young. "Driving value by combining financial and non-financial information into a single, investor-grade document." 2013. KPMG. "Integrated Reporting: Performance insight through Better Business Reporting," 2013. PricewaterhouseCoopers. "Integrated Reporting: Going beyond the financial results," August 2013.

131. American Institute of Certified Public Accountants, PRESS/PRESSRELEASES/2013/Pages/AICPA-Commends-IIRC-for-Release-of-International-Integrated-Reporting-Framework.aspx, accessed February 2014; Chartered Institute of Management Accountants, Thought-leadership/Integrated-reporting/, accessed February 2014; Institute of Chartered Accountants in England and Wales, about- icaew / newsroom / press-releases /2013-press - releases / integrated-reporting-is-a-catalyst-to-improve-business-reporting-says-icaew, accessed February 2014; Institute of Management Accountants, about_ima/advocacy _ activity/advocacy_activity_all/details_all/13-06-17/ Integrated_Reporting_Draft_Framework.aspx, accessed February 2014.

132. Association of Chartered and Certified Accountants, www, accessed February 2014.

133. International Federation of Accountants, 2013-12/ifac-welcomes-release-international-integrated-reporting-frame-work, accessed February 2014.

134. Ibid.

135. International Integrated Reporting Council. IIRC Pilot Program,, accessed January 2014.

136. International Integrated Reporting Council. Pilot Program Investor Network,, accessed April 2014.

137. California Public Employees' Retirement System. calpers-gover, accessed February 2014.

138. California Public Employees' Retirement System, eip-docs/about/board-cal-agenda/agendas/invest/201211/item09a-00.pdf, accessed February 2014.

139. Generation Investment Management. "Sustainable Capitalism," p. 1, pdf, accessed April 2014.

140. These counts are based on a database comprised of academic and practitioner journals.

141. These counts are based on the Factiva database of general press articles. There is no overlap between this database and the one used for counting article citations.

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