Subject discussed during international panel held by IBGC and GRI
The “New International Demands on Corporate Governance” panel occurred on November 11 and was promoted by the Exchange, the Brazilian Institute of Corporate Governance (IBGC) and the Global Reporting Initiative (GRI). The speakers were Professor Mervyn E. King, Chairman of the International Integrated Reporting Committee (IIRC); and Ms. Christy Wood, Chair of the International Corporate Governance Network (ICGN). Both said companies should have sustainability parameters at their very foundations, seeking to integrate them into their financial statements.
At the opening of the panel, Edemir Pinto recalled the advent of the Novo Mercado in 2000 and spoke about the current challenges for enhancing corporate transparency. “Today the discourse is far more advanced. Corporate governance has become one of the main pillars of an even broader subject – sustainability – which involves not only companies and investors, but society as a whole,” said the BM&FBOVESPA CEO.
Also taking part in the discussions were Ernst Ligteringen (GRI), Maria Helena Santana (CVM and IOSCO) and Gilberto Mifano (IBGC).
IIRC in Brasil
The panel also brought to a close the third Meeting of the International Integrated Reporting Committee (IIRC), which in 2011 was held in China and the United States as well. This body was created in 2010 by the Global Reporting Initiative (GRI) and by Accounting for Sustainability (A4S - coordinated by Charles, Prince of Wales) and has been involved in global discussions to change the model of corporate results, in order to bring together financial, corporate governance and sustainability information.
IIRC has around 40 members, who represent the corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors as well as civil society. Brazil has three representatives: Maria Helena Santana, Chairman of the Executive Committee of the International Organization of Securities Commissions (IOSCO) and Chairman of the Brazilian Securities and Exchange Commission (CVM); Nelson Carvalho, professor at FEA-USP, member of the BM&FBOVESPA Sustainability Committee and former chairman of the Standards Advisory Council of International Accounting Standards Board (IASB); and Roberto Pedote, Senior Vice President of Finances, Legal Affairs and Information Technology at Natura.
The discussion paper submitted by the International Integrated Reporting Committee will be open for public consultation to December 14. The paper contains concepts and directives that are essential for the elaboration of an international integrated reporting model. Anyone can access the Towards Integrated Reporting: Communicating Value in the 21st Century document and propose improvements, at: http://www.theiirc.org/the-integrated-reporting-discussion-paper/.