THE FUTURE OF

CORPORATE REPORTING
ICPAS-IIRC Roundtable Special Report
JUNE 2013
About the Institute of Certified Public Accountants of Singapore

Established in 1963, the Institute of Certified Public Accountants of Singapore (ICPAS)

is the national accountancy body that develops, supports and enhances the integrity,
status and interests of the profession.

The Certified Public Accountant Singapore (CPA Singapore) is a professional in

accountancy, finance and business distinguished by their technical expertise, integrity
and professionalism, in addition to a recognised accountancy qualification and relevant
work experience. CPAs Singapore serve every corner of the world in every industry.
Many of them helm some of the most prominent local and international corporations.

ICPAS accords the CPA Singapore designation. Working closely alongside businesses,
ICPAS connects its membership to an unmatched range of information resources,
events, professional development and networking opportunities. Presently, there
are over 26,000 members making their strides in businesses across all industries in
Singapore and around the world.

ICPAS’ international outlook and connections are reflected in its membership of regional
and international professional organisations like the ASEAN Federation of Accountants
(AFA), the Asia-Oceania Tax Consultants’ Association (AOTCA), the International
Federation of Accountants (IFAC) and International Innovation Network (IIN).

For more information, please visit www.icpas.org.sg

About International Integrated Reporting Council (IIRC)

The International Integrated Reporting Council (IIRC) is a global coalition of regulators,

investors, companies, standard setters, the accounting profession and NGOs.
Together, this coalition shares the view that corporate reporting needs to evolve to
provide a concise communication about how an organization’s strategy, governance,
performance and prospects, in the context of its external environment, lead to the
creation of value over the short, medium and long term.

The IIRC’s mission is to create the globally accepted International <IR> Framework
that elicits from organizations material information about their strategy, governance,
performance and prospects in a clear, concise and comparable format. The International
<IR> Framework will underpin and accelerate the evolution of corporate reporting,
reflecting developments in financial, governance, management commentary and
sustainability reporting. The IIRC will seek to secure the adoption of <IR> by report
preparers and gain the recognition of standard setters and investors.
 ICPAS-IIRC Roundtable
Special Report
1

CONTENTS
1 At the Roundtable 13 Market-Driven versus Regulatory-Based Approach
2 Executive Summary 14 Integrated Reporting – Responding to Business
4 Needs of Stakeholders and Investor Needs
7 Future of Corporate Reporting 18 Biographies
10 Role of Accounting Profession 24 Acknowledgement

AT THE ROUNDTABLE

DR ERNEST KAN PAUL DRUCKMAN

President Chief Executive Officer
Institute of Certified Public Accountants of Singapore International Integrated Reporting Council
Chief-of-Operations (Clients & Markets) (IIRC)
Deloitte & Touche LLP, Singapore

SIMON BENNETT DR HO YEW KEE ROBSON LEE

General Manager Head of Department, Department Asst. Honorary Secretary
(Sustainable Development) of Accounting, NUS Business School Securities Investors Association
Swire Pacific Offshore National University of Singapore (Singapore)

CHEUNG PUI YUEN KEVIN KWOK MAK KEAT MENG

Regional Managing Partner For Council Member Head of Assurance and Japanese
Assurance & Advisory Services Singapore Institute of Directors Business Services for Singapore
(Southeast Asia) and ASEAN
Deloitte & Touche LLP, Singapore Ernst & Young LLP
MIKKEL LARSEN
Managing Director
TONY CHEONG GRAHAM OWENS
DBS Bank Ltd
Group Chief Financial Officer Director, Climate Change &
Great Eastern Life Assurance Co Ltd Sustainability
KPMG Services Pte Ltd
PETER LEE
Chief Financial Officer
OSIM International Ltd SIM HWEE CHER
Head of Audit
PricewaterhouseCoopers LLP
 2 THE FUTURE OF
CORPORATE REPORTING

EXECUTIVE SUMMARY

In its role as the national accountancy body, organisation’s strategy, governance, performance
the Institute of Certified Public Accountants of and prospects can help it achieve short-, medium-
Singapore (ICPAS), together with the International and long-term value creation. Mr Druckman urged
Integrated Reporting Council (IIRC), organised all present to share their thoughts when IIRC
a roundtable entitled The Future of Corporate circulates the Consultation Draft of the International
Reporting on 5 April 2013. It aimed at gathering <IR> Framework from 16 April to 15 July 2013.
views and perspectives from different segments
of stakeholders in Singapore on whether and how
integrated reporting may be the way forward for
corporate reporting.

The Roundtable, co-chaired by Dr Ernest Kan,

President, ICPAS, and Mr Paul Druckman, CEO,
IIRC, comprised a panel of 11 senior business
leaders, CFOs, public accountants, independent
directors, investors and academics.

In his opening address, Dr Kan noted, “Uncertain

economic times, increasingly global business
Roundtable Co-Chairs Dr Kan and Mr Druckman sharing a
operations and greater stakeholder demands light-hearted moment during the Roundtable discussion.
signalled an inflection point for corporate reporting.”
Although it was not too long ago that a company
could deliver its product or service, publish its annual The roundtable discussed the following key areas:
report, distribute a dividend, and be considered
1. Meeting the needs of stakeholders
a model organisation, this is no longer the case
today. Expectations are growing for businesses to Integrated Reporting <IR> would benefit the
demonstrate to their stakeholders that they are providers of financial capital in supporting financial
doing more than simply turning in profits. Dr Kan capital allocation decisions, as well as other
remarked that the Roundtable was timely in view stakeholders such as employees and customers
of the traction that integrated reporting <IR> is of organisations. Several panelists felt the pace
gradually gaining around the world. of implementing <IR> would be affected by other
factors, such as costs and culture. For example,
Concurring, Mr Druckman shared in his keynote large organisations with more resources would
presentation that over the years, as businesses be able to afford the additional costs arising from
become more complex, intangible assets have <IR>, and organisations in different countries
been accounting for an increasing percentage may have different needs. Ultimately, it would boil
of the market value of S&P 500 organisations. down to whether the benefits derived from <IR>
Despite this, “traditional” reporting continues to outweigh the costs of implementing it.
focus on reporting past performances, which may
not communicate the full extent of the company’s 2. The future of corporate reporting
business value. This is especially since business
The panelists agreed that corporate reporting in the
value is heavily influenced by a company’s strategy,
future should be an ongoing continual process. It
plans and operations. In this regard, <IR> could
should not be confined to the traditional year-end
provide a more appropriate means of corporate
reporting. Other discussion points included doing
reporting, since it can communicate how an
 ICPAS-IIRC Roundtable
Special Report
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EXECUTIVE SUMMARY

away with printed annual reports and providing This is to enable students to learn more broadly and
updates via the website. Stakeholders should be cope with modern business complexities. Instead
continually updated on developments affecting the of focusing only on accounting, other areas related
company. The adoption of <IR> is also a continuous to it, for example, sustainability and business
learning journey for organisations. Ideally, through processes, would need to be given sufficient
this process, the organisation is better able to align emphasis to produce students who are ready for
its processes and behaviour patterns with its values any future “integrated accounting” concept.
and break down silos within the organisation. It
is important to gain a deeper understanding on 4. Market-driven versus regulatory-based
the relevance and usefulness of <IR> within the approach to <IR>
Asian context, before drawing any conclusion on
The panelists were divided on whether the
how relevant is <IR> for the future of corporate
implementation of <IR> should be market-driven
reporting.
or established through legislation. On one hand,
3. Role of accountancy profession organisations would need to see the benefit of
<IR> before committing resources to implement
In any <IR> framework, there would still be a such reporting. On the flip side, participants
need for assurance to ensure comparability and also agreed that without regulatory pressure,
completeness of reporting. <IR> also needs to organisations would likely take a long time to adopt
be relevant within the context of current business any form of <IR>, and as a result, uniformity or
complexities. Since there is a trend to look and report convergence could then be an issue. Hence, a
beyond financial numbers, audit firms would likely middle ground could be considered as an option, in
need to enhance their multi-disciplinary knowledge which regulators could take a “comply or explain”
and capabilities. To meet this challenge, there is a approach. Organisations that do not adhere to any
need to change the focus of accountancy education. future <IR> framework may then need to explain
their reasons for non-compliance.
 4 THE FUTURE OF
CORPORATE REPORTING

NEEDS OF STAKEHOLDERS

Against the backdrop of increasing

economic uncertainty and complexity
in the business environment, many

“
panelists agreed that the current
corporate reporting is unlikely When you start the process
to meet the informational needs of integrated reporting, you must
of stakeholders today. Beyond consider both your internal and
financial information, stakeholders external stakeholders. Stakeholder
are increasing demanding more identification and mapping is perhaps
qualitative information that provides the best place to begin this journey,
insight about the organisation’s although I rarely see any good
governance, strategy and prospects. evidence of this in most annual
reports. How do companies identify
Despite providing more information
their stakeholders, and who they are
via many non-financial reports today,
actually trying to communicate with? Based on our experience of working with
some panelists felt that there is
organisations, the breaking down of some of the internal silos and self imposed
room for organisations to improve barriers is one of the most important benefits of integrated and sustainability

”
their corporate reporting efforts and reporting.
explain beyond the financial numbers.
For example, many organisations - Graham Owens
have previously put in great efforts Director, Climate Change & Sustainability,
KPMG in Singapore
preparing their Initial Public Offering
(IPO) prospectus to communicate
important information about their

“
businesses to investors. Organisations
may consider replicating such If we look at the corporate

efforts during their annual corporate reporting today, reporting has evolved

reporting to explain and communicate to the stage where the reporting has

their strategies, as well as possible become so legalistic and protective

strategic changes to stakeholders. that you forget the fundamentals of

There is a need to communicate the what you are supposed to do. In Asia,
organisations are mostly owner-owned
financial and non-financial information
and not as corporatised as Europe
in a more coherent manner that allows
and United States. The reporting
stakeholders to better understand
today are so onerous and costly, but
their businesses and strategies.
add little value to the organisation. I am quite supportive of having an integrated
To enhance the current state of communication platform to really revisit the fundamentals to help everybody,
corporate reporting, organisations especially our group of investors, to understand what the corporate strategy is
could also consider

stakeholders with whom they need to

putting
greater efforts to identify their key
in and what is the value of the corporates today.

” - Peter Lee
Chief Financial Officer,
communicate. According to the IIRC, OSIM International Ltd

the primary audience for integrated

reporting are capital providers.
Although there were suggestions to
 ICPAS-IIRC Roundtable
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5

NEEDS OF STAKEHOLDERS

“
further consider stakeholders such
as customers, employees, regulators The needs of stakeholders vary. In the ideal world, you should have
and the society, panelists generally one document that simply addresses the needs of the market. But then you
agreed that investors should be the are talking about different markets, different cultures and different practices.
primary focus. Different markets and different countries would have different application and

”
different response to integrated reporting.
There were also concerns over
- Robson Lee
whether integrated reporting is a one- Asst. Honorary Secretary,
size-fits-all concept. As the needs of Securities Investors Association (Singapore)

stakeholders vary significantly across

markets and cultures, there were

“
doubts whether integrated reporting
would be relevant in the Asian context. The Swire Pacific group, as
This is largely because organisations the parent of Swire Pacific Offshore,
in Asia are mostly family-owned, fully supports integrated reporting,
unlike those in the other parts of the and indeed has issued an integrated
world. Further, retail investors who report for the past two years. Before
form a significant proportion of the we commence writing our reports, we
market in Singapore may not require establish who our key stakeholders
such sophisticated information as are, and we expect that this will
conceived for integrated reporting. always include our employees who
may well have as equal importance
Other considerations included the cost
as our institutional investors. Both of these key stakeholders need to know not
of adoption. Given that significant
only what we are doing, but why we are doing certain things and what results
time and resources are required,
we expect / have achieved. However some potential readers, such as investors,
such costs may be overwhelming for may require more granular detail. In recognising that not all the information
small-and-medium sized enterprises reported may be relevant for all potential readers and that customers, regulators
(SMEs). Further, the majority of listed and our employees are just as important, our challenge in producing a single
organisations in Singapore are SMEs. Integrated Report is to remain relevant to all of them simultaneously. One way
Hence, there were concerns that to address this could be with the formatting / structure of the report, such that it
only billion-dollar organisations could gives readers the opportunity either to skim the surface or to dive in deeply, as

”
afford to adopt integrated reporting. required.

On this note, the IIRC highlighted - Simon Bennett

the potential for SMEs to differentiate General Manager (Sustainable Development),
Swire Pacific Offshore
themselves from the competition
through integrated reporting. This

“
is because greater effort by SMEs
to communicate their strategies and Public stakeholders may require some form of assurance over the
plans could help investors gain a better information in integrated reporting. A Big 4 firm’s survey on the value of audit
understanding of their businesses and in 2012 showed that if stakeholders have some form of assurance, it gives
possibly attract greater investment them a lot more reliability. They also do not need to question nor challenge the
into their companies.

Beyond cost considerations, panelists

raised the need to consider the
information on their own.

” - Sim Hwee Cher

Head of Audit,
PricewaterhouseCoopers LLP
 6 THE FUTURE OF
CORPORATE REPORTING

NEEDS OF STAKEHOLDERS

potential benefits for organisations

to go beyond the current standards
of corporate reporting and adopt

“
integrated reporting. To accelerate
From my perspective, as the
and encourage more organisations
financials of the insurance industry
to jump on the bandwagon, potential
are always challenging to understand,
adopters may want to study whether
there is a lot of value to bring
organisations can benefit from
integrated reporting into the equation
integrated reporting, such as reducing
for stakeholders to better appreciate
their costs of capital or enhancing
the company and the industry drivers.
share value.
Basically, there are two types of
Noting the vast differences in the legal stakeholders. One set of stakeholders
environment across jurisdictions, are the sophisticated investors of
the panelists also raised concerns public listed companies. These stakeholders are usually well-serviced by the stock
over possible legal issues which analysts so the additional value from integrated reporting is probably a better
organisations may face in adopting understanding of the company’s strategy and its resources. On the other hand,
integrated reporting. Given that legal the other set of stakeholders, which are more important, is the public - the people
suits arising from misrepresentation who buy our products. The business model for insurance companies is one of
are likely to occur in countries such selling trust and developing long term relationships between agents, customers
as the United States and Singapore, and the company. This is not easily represented in the financial results. With this
organisations may be reluctant aim in mind, if an integrated reporting framework can be developed to represent
to embrace integrated
which calls for more comprehensive
disclosure of non-financial information
reporting the heart of the business, it would certainly be beneficial to all parties.

”
- Tony Cheong
Group Chief Financial Officer,
and future plans. The board of Great Eastern Life Assurance Co Ltd
directors and key executives, as well
as their auditors, may have to study
carefully their legal responsibilities
before adopting all aspects of

“
integrated reporting.
To explain how DBS creates value, we must show how we service our
To enhance the benefits of integrated stakeholders. Our Annual Report must aim to be clear and concise. What we do
reporting, standard setters should not want is to be everything to everybody. By trying to explain all elements of
also carefully consider and understand how we interact with society, we risk losing focus on the main value we bring.
the expectations of stakeholders. We want to continue to center our reporting on strategy. So for us, the focus
For information to be useful and
relied upon, panelists
organisations may need to consider
suggested
cannot be to try and create a new, say, 600 page report.

” - Mikkel Larsen
Managing Director,
DBS Bank
engaging assurance professionals
and subject matter experts to provide
assurance over its reliability and
completeness.
 ICPAS-IIRC Roundtable
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FUTURE OF CORPORATE REPORTING

While organisations currently provide

a deluge of information, questions
were raised about whether the
information, as a whole, communicate
effectively what the organisation is
doing to create value and how it plans
“ We have seen how corporate
reporting has evolved over the past
decade with the introduction of more
to create more value. Some panelists
complex accounting standards. A lot
shared that given the numerous
of these disclosures are financials
mandatory disclosure requirements,
centric and cater to a select group of
corporate reports may gradually
more sophisticated stakeholders. It
become boilerplates, rendering them may be timely to take a fresh look
less useful to stakeholders such as at whether the current corporate
investors, customers and employees, reporting framework continues to meet
since they no longer properly articulate the needs of an increasing stakeholder
the organisation’s story. group. It is like an organisation’s
computer system. There will come a
The panelists agreed that the future
time when we may have to replace the
corporate reporting should be an once basic and now heavily patched
ongoing continual process, and not legacy system with a totally new
just be confined to the traditional one. Integrated reporting may be the
year-end reporting through printed panacea for our current and future
annual reports. This may
possibly done through updating their
corporate website. This process will
be corporate reporting needs.

”
- Mak Keat Meng
Head of Assurance and Japanese Business
Services for Singapore and ASEAN,
enable stakeholders to be continually Ernst & Young LLP
updated on developments affecting
the company.

The importance of clear communication

on what the organisation represents
“ I think we have gone beyond financial reporting. If we look at corporate
reporting, there are financial reports, sustainability reports, corporate governance
reports, remuneration reports and a whole host of other regulatory reports. So

and its strategy was reiterated during there is a lot of information out there, but a lot of them do not tie up together.
Thus, there is a need to put them together in a logical, comprehensive and
the roundtable. Organisations need
structured way. Integrated reporting does that, but it also actually goes way
to review their entire communication
beyond that. Integrated reporting compels corporations doing the reporting to
process behind corporate reporting,
look at their own business models, to better weigh the value of their capital,
both internally and externally, in order
better measure the risk aspects of their businesses and to tie that in with what
to select suitable platforms to engage
they are doing, what they plan to do, how they are going to do it and over a

”
all stakeholders. Ideally, through this
defined time-frame. It is a very ‘live’ form of reporting.
process, an organisation is better able
- Kevin Kwok
to align its processes and behaviour
Council Member,
patterns to those values and break Singapore Institute of Directors

down silos within the organisation,

thereby adding value to the
organisation.
 8 THE FUTURE OF
CORPORATE REPORTING

FUTURE OF CORPORATE REPORTING

Integrated reporting offers an

innovative paradigm shift from usual
reporting. It compels organisations

“
doing the reporting to look at how
their business strategy, governance, The timing of when to embark on integrated reporting is important. There
performance and prospects tie is a bit of chicken and egg here. On one hand, the organisation and its processes
with the creation of value over the should not only be ready in terms of how it manages and reports internally but
short, medium and long term. Some also in terms of having the data needed for integrated reporting. On the other
hand, some may find that starting on the journey will help the organisation focus

”
panelists view <IR> as a learning
experience for the company, as it re- on how it creates value and how it measures that.
examines its value-adding processes - Mikkel Larsen
and gets rid of silo thinking. Managing Director,
DBS Bank

However, before determining whether

<IR> is the future of corporate
reporting, it is perhaps important

“
for us to look at the relevance and
usefulness of <IR> within the Asian When we use the phrase
context. There is a need for the integrated reporting, we are still
integrated reporting framework thinking of financial reporting. Maybe
to take into consideration the integrated communication is more
different business, cultural, legal apt. We are looking at the entire
and regulatory environment in communication process to engage
which organisations operate. Some all stakeholders, from employees
concerns were raised over whether to customers to capital providers.
the integrated reporting framework Organisations would have to basically
had taken into consideration the create a platform in which that
needs of organisations in Asia, communication could be used to

”
particularly as there was little engage all these stakeholders.
research and studies currently being
- Dr Ho Yew Kee
conducted in the Asian context. Thus, Head of Department, Department of
moving forward, to better assess its Accounting, NUS Business School,
National University of Singapore
relevance in Asia, it will be important
for Asian perspectives to be better
represented by developing a better
understanding through studies on
integrated reporting in the region and
providing the relevant feedback.
 ICPAS-IIRC Roundtable
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FUTURE OF CORPORATE REPORTING

“ I hope that the IIRC will be able to come up with a

framework which takes into account the Asian perspective
- one that is supportable by our companies’ current internal
reporting structures, local regulatory frameworks as well as our
commitment to achieve sustainability standards and address the
changing needs of the various stakeholder groups.

”
- Sim Hwee Cher
Head of Audit,
PricewaterhouseCoopers LLP

“ Not just communicating but disclosure as well. I think the

essence of integrated reporting, for want of a better description,
is that you would want to align the thoughts and values of the
management with the stakeholders, that is existing investors
and potential investors, so that people take a longer-term
horizon, rather than a short-term or mid-term horizon where
people buy on hope, hold in greed and sell in fear. Once you
understand the direction, the challenges and process, you
should just bite the bullet and do it, because at the end of
the day, you have a clearer picture of where the company is
headed. There should be a system in which there is continuous
communication, continuous disclosure and updating, instead of
a single report at the end of the year.

” - Robson Lee
Assistant Honorary Secretary,
Securities Investors Association (Singapore)
 10 THE FUTURE OF
CORPORATE REPORTING

ROLE OF ACCOUNTING PROFESSION

The introduction of integrated

reporting provides an opportunity to
assess if auditing, in its current state,
is able to achieve its primary objective
of providing assurance on the financial

“
statements. One panelist highlighted
that the amount of audit work done is There are at least two areas
based on the amount of liability that where I can see audit firms giving
the auditors are exposed to. As audit some assurance. One is on the
work becomes more prescriptive in accuracy of the financial and non-
nature, auditors are also increasingly financial Key Performance Indicators
using less judgement and becoming (KPIs). Another broader area may be
more mechanical in the way they around the processes that are in place
conduct the audit. This reinforces in a company in order to produce an
the need for auditors to have a integrated report. The risk of such
clear understanding of their audit assurance is that it may end up being
objectives. As organisations attempt an overly elaborate process, similar
to address as wide an audience as for example, to what is seen with SOX
possible, there are also
amounts of information contained in
copious

annual reports, which may not achieve

for US registrants.

”- Mikkel Larsen
Managing Director,
DBS Bank
its desired communication objective.

The panelists debated over the

question of whether there is a need
for attestation and, if so, whether
the accounting profession is capable
of providing assurance for integrated
“ In our sustainability assurance team, we are not all accountants; I’m not.
All of the Big 4, especially when we look at non-financial data in expressing
sustainability assurance, have subject matter experts and auditors on the team
reporting. The panel agreed that the
because we need the professional mix of skills from both. We are able to use
need for attestation of integrated
different levels of assurance, limited or reasonable, for different sets of data
reporting would be best determined
depending on stakeholder requirements. We can apply the same principles to
by market forces. Of importance is
Integrated Reporting, but must be clear that it is not about removing or replacing
the need for integrated reporting to be
current reporting such as IFRS. It’s about telling the company’s strategy story in a

”
viewed as a reliable form of reporting.
clear and consistent way.

One potential challenge for auditors, - Graham Owens

should they provide assurance for Director, Climate Change & Sustainability,
KPMG in Singapore
integrated reporting, is to opine on
the appropriateness and adequacy
of the information disclosed. Unlike
management, the auditors may not
have sufficient understanding of the
key drivers of the business. While
this concern is valid, it also highlights
the need to develop an assurance
 ICPAS-IIRC Roundtable
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ROLE OF ACCOUNTING PROFESSION

framework. For those in favour of

auditors providing attestation of
integrated reporting, they believed
that the Big Four and larger sized

“
mid-tier firms would be qualified to
provide such attestation services. I think we have already started
on that journey. I think the next
Several panelists suggested that
step is to put it all together into
instead of developing a new form of
one comprehensive package. The
assurance for integrated reporting, the
intricacies of putting together the
current available forms of assurance
appropriate bases of measurements
may potentially be tweaked to cater
are really the key challenges that we
to the needs of integrated reporting.
have. I certainly believe that going
The question on whether integrated
forward, just as any public document
reporting should be an added report
needs attestation, the Integrated
to the financial statements or a
Report will need to be attested too. So
replacement of the conventional
it ought to be attested. I think the best
annual report was also raised.
people to attest would be the Big Four

While these questions cannot be

answered overnight, what appears
clear is that status quo is not an
and bigger mid – tier accounting firms.
- Kevin Kwok
Council Member,
”
Singapore Institute of Directors
option. These developments will have
potential impact on the accounting
profession. For instance, future
auditors may include non-accounting

“
trained persons who are subject
matter experts. The accounting When we talk about integrated reporting, by definition we are moving along
profession could also be transformed the lines of attestation. At some point in time you need integrated accountants
into one in which accountants are not and auditors too. In that sense, the accounting education should also become
merely accounting trained but are more holistic. They not only must know IFRS, they must also understand
also business savvy. business processes, be able to look at human rights, sustainability and make
sure they are in accordance with global standards. You open up almost a new
Paul Druckman shared that
chapter. If you are trying to link integrated reporting together with the accounting
professionally trained accountants
profession, we are certainly going to take a significant turn in the accounting

”
should already possess such skills,
profession. You are going to widen accounting by definition.
but it would not be feasible to require
- Dr Ho Yew Kee
all accountants to be equally trained
Head of Department, Department of Accounting, NUS Business School,
in all fields. Moreover, he pointed National University of Singapore

out that the increasing complexity of

business had created specialisations
for accountants. Thus, integrated
reporting necessitates multi-
disciplinary teams both in businesses
and practice firms. A panelist shared
 12 THE FUTURE OF
CORPORATE REPORTING

ROLE OF ACCOUNTING PROFESSION

“
that currently, the Big Four Firms are
already operating multi-disciplinary Another dimension is legal responsibility. Ultimately when you want to
teams, particularly for sustainability have a reliable integrated report, you must have assurance. But underlying it is
assurance, where the skills sets of responsibility. That is the greatest inertia or challenge. No one wants to be open

”
both accounting and non-accounting to a floodgate of litigation.
trained personnel are invaluable.

“
From a legal perspective, although
the Board is ultimately responsible, Directors are jointly and severally liable for all publications. You cannot
auditors will have to pay greater divorce from the reality that when you sign off as auditors there is a legal
attention to more disclosures and responsibility attached to your audit. If you are talking about more disclosures
reports that are not financial but more and reports that are not financial and more qualitative, that is where it becomes
qualitative in nature. tricky. The board will have to be guided by professionals. Do you need to
do a valuation where the valuers will have to take the responsibility akin to
prospectus? There are a lot of issues here when you are dealing with who
is responsible. Of course, the board has to be the ultimate body to take the
responsibility. But there is the defence of reasonable reliance and due diligence.
So what have you done to discharge your duty of care? It is not just the
auditors or accountants. If you want a true integrated report, you need various
professionals to hedge the risks of the board. But the board has to be ultimately

”
responsible.
- Robson Lee
Assistant Honorary Secretary,
Securities Investors Association (Singapore)
 ICPAS-IIRC Roundtable
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MARKET-DRIVEN VERSUS REGULATORY-BASED APPROACH

Currently, integrated reporting is a question the motivation to push for its

market-led initiative, driven by the adoption and may not recognise the
needs of stakeholders to gain greater value to invest the time and money in
insights into how organisations integrated reporting.

“
present a holistic and complete picture
To strike a balance, there were calls for
of their businesses.
flexibility through which a form of code If integrated reporting is left
to the industry and not legislated,
As integrated reporting gains traction, governed by market standards could
convergence of best practices will
questions will arise as to whether serve as a catalyst to encourage the
take a long time. Uniformity or
integrated reporting would better acceptance of integrated reporting. comparability will also become a big
thrive under a market-driven or A code of compliance could serve as issue. How do we tackle this? Many
a guidance of industry practices, as things start with good intention but
regulatory-based approach. The
the market pressure for transparency where is this good intention going
panelists had differing views on
to lead us ultimately – International
which approach would be better in gets stronger.
Integrated Reporting Standards

”
accelerating the pace of adoption of (IIRS)?
Integrated reporting is in its nascent
integrated reporting.
stage. As the concept of integrated - Dr Ho Yew Kee
Head of Department, Department of
reporting gains traction globally,
There were concerns over the unduly Accounting, NUS Business School,
the trend towards market-driven National University of Singapore
complex reporting structure in the
or the regulatory-based approach
current landscape due to regulatory
will manifest over time to meet the
compliance and the developments in
needs of a more sustainable, global
financial, governance, management

“
economy.
commentary and sustainability
If there is no comparability
reporting. In view of this, the panelists
of data or a specific frame of the
raised concerns over whether required disclosure, organisations may
regulating integrated reporting selectively disclose information in their
would result in a framework with favour and drop the information that
may not put the company in good
complicated standards and guidance,
light. The 300-page report may end up
further driving up the steep cost of
showing only the good things and the

”
compliance and implementation.
important information are left out.

On the other hand, the lack of - Cheung Pui Yuen

Regional Managing Partner for
regulatory framework could Assurance and Advisory Services,
compromise reliability. Without a Deloitte Southeast Asia

“
regulatory framework, organisations
There should be some form of regulatory guide, akin to the Code of
may report only what they have
Corporate Governance. It is not a statutory compliance but it is to be complied
to or want to, which is mainly
or explained. The practice now is that the Singapore Exchange will look up the
financial information and those key Annual Report of issuers and question on the non-compliance areas. There should
performance indicators or market be some form of Code governed by market convention or market practices and
information that are favourable to the that will evolve into a certain level of compliance standards over time. It should
not be prescriptive but more of adherence to industry standards. If there are
company. The benefits of integrated
good reasons to deviate from the industry practice, the company should disclose

”
reporting, especially its long-term
and explain. There should be some way to strike a balance.
perspectives, may be eroded. In
- Robson Lee
similar light, if integrated reporting
Assistant Honorary Secretary,
is market-driven, organisations may Securities Investors Association (Singapore)
 14 THE FUTURE OF
CORPORATE REPORTING

INTEGRATED REPORTING – RESPONDING TO

BUSINESS AND INVESTOR NEEDS1
Mr Paul Druckman,
Chief Executive Officer, 2) Communication: accountants are increasingly
International Integrated at the forefront of communicating business
Reporting Council (IIRC) performance to providers of financial
capital from banks to investors. Integrated
As a market-led initiative, hearing the accountants, Reporting provides the opportunity for better
business and investor case for Integrated Reporting communication and engagement between the
and the practical benefits it can bring about is business and key stakeholders.
imperative. Earlier in the year, in discussions with
the Chairman and Chief Executive of the Singapore 3) Strategic leadership: Integrated Reporting
Stock Exchange, it became very clear to me that enables the business to provide greater
there is genuine momentum behind the growth insights into how its strategy is creating value
of Singapore’s capital market, and an increasing over time. As such, it provides opportunities for
need to demonstrate high quality governance and accountants within the business, who manage
reporting by businesses to attract investment over data and information flow as well as make key
the long term. We want Integrated Reporting to be financial resource allocation decisions, to take
the anchor for this growth, to enable greater business a greater role in the strategic management
resilience and underpin investor confidence. and leadership of the business.

In this regard, IIRC has issued a draft consultation What is <IR>?

framework on 16 April and we invite feedback on To help you respond to the Consultation Draft,
the Consultation Draft of the Integrated Reporting I thought it would be helpful to brief you on
Framework till 15 July. We aim to create a the definition and underlying concepts behind
Framework that will help businesses communicate Integrated Reporting <IR>.
value in the 21st century, and your involvement will
help us to do so. Integrated Reporting is a process that results in
communication by an organisation, most visibly a
The role of accountants periodic integrated report, about value creation over
In particular, I would like to emphasise the time. It is a concise communication about how an
importance of accountants as a key participant in organisation’s strategy, governance, performance
the movement towards Integrated Reporting for at and prospects lead to the creation of value over the
least three reasons: short, medium and long term.

1) Capital allocation: accountants are often At the heart of a business’ ability to create value is
the key decision-makers when it comes the concept of six capitals, the prism through which
to allocating capital within the business. organisations should assess, and then report, the
Accountants understand that an effective degree to which they are creating, diminishing
information flow is vital to enable the efficient and destroying value over time. The capitals are:
and productive allocation of capital within financial, manufactured, intellectual, human, social
the business. They can lead the process and relationship, and natural.
towards integrated thinking, which results in
the breakdown of silos and greater reporting In short, Integrated Reporting allows businesses to
efficiencies. communicate their own value creation story.

1
At the invitation of ICPAS, this section was contributed by Mr Paul Druckman as additional material for this special report.
 ICPAS-IIRC Roundtable
Special Report
15

INTEGRATED REPORTING – RESPONDING TO

BUSINESS AND INVESTOR NEEDS

How does <IR> differ from existing types of in shaping and testing the Framework include:
reporting? Arisaig Partners, Deutsche Bank, Goldman Sachs,

Although Integrated Reporting builds on Natixis, APG and Norges Bank.

developments in financial and other reporting, an

The IIRC has released the Consultation Draft
integrated report differs from other reports and
of the International Integrated Reporting <IR>
communications in a number of ways. In particular, it
Framework. The Framework creates the foundations
has a combined emphasis on: conciseness, strategic
for a new reporting model which will enable a
focus and future orientation, the connectivity of
business to provide a concise communication of
information, the capitals, the business model, the
how it creates value over time. Fifteen events were
ability to create value in the short, medium and
held around the world to launch the Framework, six
long term, and providers of financial capital as the
of which were hosted by stock exchanges.
primary, but not exclusive, audience.

What does <IR> mean in practice?

Current model Integrated
of financial reporting An Integrated Report will provide a range of
reporting <IR> information, presented concisely, and in a way that
Future, connected, demonstrates the interdependencies:
Focus Past, financial
strategic
Short, medium • Material information about the organisation’s
Timeframe Short term
and long term
strategy, business model and the context in
Consise and
Detail Long and complex
material which the organisation operates
Responsive to
Compliance Rule bound
circumstances • Historic performance (defined more holistically
Presentation Paper based Technology based than simply by reference to standard financial
Greater metrics) and future orientation.
Trust Narrow disclosure
transparency

Thinking Silos Integrated • Information to allow users to better understand

All capital
the pressures (including risks) around
Stewardship Financial (human, social, achieving those performance measures and
etc.)
that reflect the resilience of the business in the
Legal entity /
Scoping management Value chain long term.
control

What does an Integrated Report look like?

The Role of the IIRC in the Growth of <IR> Many people discussing Integrated Reporting want to
The International Integrated Reporting Council ‘see’ an example of an Integrated Report. However,
(IIRC) has a presence in 25 countries globally. there is no standard format for an Integrated Report.
Businesses involved in its work include: The Coca- Instead, the Consultation Draft issued by the IIRC
Cola Company, DBS Bank, SK Telecom, China Light sets out six Guiding Principles and seven Content
and Power, The Clorox Company, National Australia Elements for an Integrated Report. See examples
Bank, Takeda Pharmaceutical and Hyundai. The of emerging practice in Integrated Reporting in the
50+ institutional investors that have been involved Examples Database2.

2
http://examples.theiirc.org/home
 16 THE FUTURE OF
CORPORATE REPORTING

INTEGRATED REPORTING – RESPONDING TO

BUSINESS AND INVESTOR NEEDS

GUIDING PRINCIPLES AND CONTENT

ELEMENTS INTERNATIONAL <IR> FRAMEWORK
AT A GLANCE
A principles-based approach

The requirements of the Framework are principles- GUIDING PRINCIPLES

based and do not focus on rules for measurement or
disclosure of individual matters or the identification • STRATEGIC FOCUS AND FUTURE
of specific key performance indicators (KPIs). Senior ORIENTATION
management and those charged with governance
therefore need to collectively exercise judgement • CONNECTIVITY OF INFORMATION
to determine which matters are material. They also
need to ensure material matters are appropriately
• STAKEHOLDER RESPONSIVENESS
disclosed given the specific circumstances of the
organisation, including the application of generally
• MATERIALITY AND CONCISENESS
accepted measurement and disclosure methods as
appropriate.
• RELIABILITY AND COMPLETENESS
The intent of the principles-based approach is to
strike an appropriate balance between flexibility and
• CONSISTENCY AND
prescription that recognises the wide variation in
COMPARABILITY
individual circumstances of different organisations
but enables a sufficient degree of comparability
across organisations to meet relevant information CONTENT ELEMENTS
needs.

• ORGANISATIONAL OVERVIEW AND

Content Elements
EXTERNAL ENVIRONMENT
The requirements with respect to the Content
Elements are expressed as questions that should
• GOVERNANCE
be answered in an Integrated Report in a way that
best expresses the organisation’s unique value
• OPPORTUNITIES AND RISKS
creation story and makes the connections between
the Content Elements apparent. They are not
intended to appear in a set sequence or as isolated, • STRATEGY AND RESOURCE
standalone sections. ALLOCATION PLANS

An Integrated Report should answer the following

• BUSINESS MODEL
questions:

Organisational overview and external • PERFORMANCE AND OUTCOMES

environment: What does the organisation do
and what are the circumstances under which it • FUTURE OUTLOOK
operates?
 ICPAS-IIRC Roundtable
Special Report
17

INTEGRATED REPORTING – RESPONDING TO

BUSINESS AND INVESTOR NEEDS

Governance: How does the organisation’s Performance: To what extent has the organisation
governance structure support its ability to create achieved its strategic objectives and what are its
value in the short, medium and long term? outcomes in terms of effects on the capitals?

Opportunities and risks: What are the specific Future outlook: What challenges and uncertainties
opportunities and risks that affect the organisation’s is the organisation likely to encounter in pursuing
ability to create value over the short, medium and its strategy, and what are the potential implications
long term and how is the organisation dealing with for its business model and its future performance?
them.
Call to action
Strategy and resource allocation: Where does
We do not have all the answers and we need your
the organisation want to go and how does it intend
help to shape the future of corporate reporting.
to get there?
Visit the IIRC’s website (http://www.theiirc.org/
consultationdraft2013/) between April 16 and
Business model: What is the organisation’s
July 15, 2013 to download the Consultation Draft
business model and to what extent is it resilient?
and share your views.
 18 THE FUTURE OF
CORPORATE REPORTING

BIOGRAPHIES

DR ERNEST KAN

With close to 30 years of professional experience, Dr Kan has vast expertise in financial
audit and consultancy, particularly in Initial Public Offerings, in diverse sectors such as
finance, energy & resource, healthcare & life science, manufacturing, technology and
telecommunications, consumer business, public sector, travel and leisure. Currently, Dr
Kan is also head of the Global IFRS & Offerings Services group at Deloitte Singapore and
is a member of the firm’s Management Committee. He has vast knowledge of the role of
the CFO and chairs the CFO Judging Panel of the Singapore Corporate Awards organised
by the Singapore Exchange & Business Times. He is also the Chairman of the Singapore
Institute of Accredited Tax Professionals.
President
Institute of Certified Public Dr Kan is a member of the Singapore Accountancy Commission (SAC) set up under
Accountants of Singapore the Ministry of Finance. The SAC is to oversee the development of the accountancy
sector and help transform Singapore into a leading global accountancy hub in the future.
Chief-of-Operations He also serves on the Development Panel of the Singapore post-university professional
(Clients & Markets) accountancy qualification programme. Dr Kan is a member of the Appeal Advisory Panel
Deloitte & Touche LLP, set up by the Monetary Authority of Singapore. He sits on the Government Parliamentary
Singapore Committee Resource Panel (Ministry of Finance and Ministry of Trade & Industry).

Dr Kan contributes to the accountancy profession on the international front. He is a

Council member of the ASEAN Federation of Accountants, and was a Board member of
the International Federation of Accountants (IFAC). He has spoken at many regional and
international conferences. In November 2011, he spoke at the IFAC Forum in Berlin. He
was a speaker at the 18th World Congress of Accountants held in November 2010, and
at the 16th World Congress of Accountants.

PAUL DRUCKMAN

Paul is Chief Executive Officer of the IIRC. Paul is well known and respected in business
and in the accounting profession worldwide. Following an entrepreneurial career in the
software industry, Paul operated as a non-executive chairman and director for companies
in a variety of sectors until taking over this post.

Formerly Paul was a Director of the UK Financial Reporting Council; member of the City
Takeover Panel; and President of the Institute of Chartered Accountants in England and
Wales (ICAEW).

Chief Executive
His high profile work on sustainability matters has included chairing The Prince’s
Officer
Accounting for Sustainability Project (A4S) Executive Board and the FEE Sustainability
International Integrated Group.
Reporting Council (IIRC)
 ICPAS-IIRC Roundtable
Special Report
19

BIOGRAPHIES

SIMON BENNETT

Simon Bennett started his career at sea at age 17 as a Navigating Officer Cadet with
the Union Castle Line / Clan Line in 1974. After a sabbatical to take a 3 years honours
degree in Environmental Science at the University of East Anglia in UK from 1978 to
1981 he resumed his seagoing employment, and in 1986 he joined Swire Pacific Offshore
(SPO); the arm of the HK based Swire Pacific Limited group that provides marine support
services to the offshore oil and gas exploration and production industry.

Following several voyages as Master, in 1991 he came ashore into SPO’s Brunei office,
initially as HSE manager and latterly as Country Manager. After his 3 year stint in Brunei
General Manager
he worked in SPO’s Head Office here in Singapore for 10 years on such projects as
(Sustainable
preparation for the Y2K transition, scoping the new company-wide bespoke computerised
Development)
Management Information System, and managing a Floating Oil Production system in
Swire Pacific Offshore Thailand. He then spent 2 years in Dubai, marketing the company’s 70 ships for a single
regional territory stretching from Spain to the India / Bangladesh border, and Azerbaijan
down to Mozambique, before he moved to his last but one job as General Manager
managing and operating three of SPO’s state of the art new icebreaking platform supply
vessels in the Russian Far East, a place with a six month winter with temperatures ranging
from -20 deg C to -35 deg C.

Since returning to the warmth of Singapore again four years ago, he now wears three
hats: GM Training and GM for Sustainability for SPO, and since late 2010 doubling up his
Sustainability role when he was appointed to the same position for the China Navigation
Company, the Swire group’s privately owned deep-sea container shipping company after
its move to Singapore after 138 years in HK.

CHEUNG PUI YUEN

Pui Yuen is currently the Regional Managing Partner for Assurance & Advisory Services
(Deloitte Southeast Asia) and the Head of Assurance & Advisory Services with Deloitte &
Touche LLP, Singapore. Pui Yuen has substantial experience in serving both multinational
corporations and local companies in a wide range of industries. In addition to audit
engagements, Pui Yuen has been involved in assisting companies planning on listing on
the Singapore Exchange and in undertaking due diligence assignments.

Pui Yuen has held various appointments within Deloitte, including Chairman of the
firm’s Governance Committee, Management Committee and Board member of Deloitte
Regional Managing
Southeast Asia and Head of Transaction Services. He served as a member of ACRA’s
Partner For
Complaints and Disciplinary Panel, Working Group of the Steering Committee for the
Assurance &
Review of the Companies Act, CPE and Accreditation Sub-committee; and is currently on
Advisory Services
the Audit Committee of the Singapore Academy of Law; a member of ICPAS’ Board of
(Southeast Asia)
Education and Examiners; and CPA Australia’s Corporate-SME committee.
Deloitte & Touche LLP,
Singapore Pui Yuen graduated from the National University of Singapore with an honours degree
in Accountancy and holds a master’s degree from the University of Cambridge, England.
He is a practising member of the Institute of Certified Public Accountants of Singapore
and a Fellow of both the Institute of Chartered Accountants in Australia and CPA Australia.
 20 THE FUTURE OF
CORPORATE REPORTING

BIOGRAPHIES

TONY CHEONG

Tony Cheong has been with Great Eastern since 2009. He oversees the Finance and
Actuarial functions of the Group, and is also responsible for driving the Group’s corporate
strategy. Tony is a Fellow of the Institute of Actuaries, UK and graduated from London
School of Economics & Political Science with a Bachelor of Science degree (First Class
Honours) in Actuarial Science.

In his 25 years of experience in the insurance industry, Tony has held several senior
management positions. He started his career in the UK as a trainee actuary and dealt
with matters related to actuarial valuation and product pricing. He was also given the
Group Chief Financial
opportunity to work on M&A projects relating to purchases and disposals of life and
Officer
general companies in Ireland, Holland, Canada, Malaysia and Hong Kong as well as the
Great Eastern Life Assurance run-off of marine and aviation lines of businesses. In the role of CFO, he has gained
Co Ltd a wide experience in capital management, asset-liability management and investment
strategic asset allocations for the insurance funds.

In his current role as Group CFO of a public listed company, a key responsibility is to
ensure that regular reporting controls and processes are in place; more importantly,
the complexities and technicalities of the insurance business financials can be easily
communicated through reports to the Board.

Prior to joining Great Eastern, Tony held the post of GM in Prudential Singapore where,
in addition to overseeing the Actuarial and Finance functions, he also gained experience
in understanding life operations.

DR HO YEW KEE

Dr Ho Yew Kee is the Head, Department of Accounting of the NUS Business School.
He is an accountant by training having obtained his Bachelor (First Class) and Master
of Economics from Monash University, Australia. He obtained his Master in Industrial
Administration and PhD. from Carnegie Mellon University (CMU), USA. He has taught in
Monash University, CMU, and currently is an associate professor of accounting and Head,
Department of Accounting at the NUS Business School. Professionally, he is a Fellow with
CPA Australia and a Singapore CPA. In addition, he holds a professional qualification with
the CFA Institute as a Chartered CFA.

Head of Department,
Dr Ho teaches Accounting and Financial Management in the Executive MBA (EMBA). At
Department of
the university, he holds concurrent appointments as Chairman, Executive Education and
Accounting, NUS
Master, King Edward VII Hall of Residence. He had also served as the Vice-Dean (Finance
Business School
& Admin) and Director of MBA. He has won numerous teaching and research awards and
National University of has published extensively in journals, books, newspapers and conference proceedings
Singapore in accounting, finance, law, human resource management and industrial organizations.

Dr Ho is an executive trainer and has taught in many Executive Development Programmes,

(for example, Stanford-NUS Executive Programme, Samsung School of Asia Manager
Programme, DHL, Alcatel-Lucent, NPARKS, Monetary Authority of Singapore, National
Healthcare Group, among others). He also serves as a financial consultant for corporations
and expert witness for litigation purposes. His consulting works include valuation of
companies, stock options, financial planning and evaluation of companies and internal
control designs and systems.
 ICPAS-IIRC Roundtable
Special Report
21

BIOGRAPHIES
Dr Ho spends most of his other time serving on charities. He serves as the Chairman
of the Audit Committee of St Luke Hospital and The Boys’ Brigade in Singapore and is
a member of the Council, Ngee Ann Polytechnic, and board members of several other
charities, including a listed company. He also sits on the investment committee of several
other organizations.

KEVIN KWOK

Mr Kwok was a senior partner of Ernst & Young LLP and the Head of the firm’s Assurance
& Advisory Business Services for Singapore and ASEAN until he retired from the firm at
the end of June last year. He has had extensive experience in the assurance industry and
has worked with many of Singapore’s largest companies over the last 30 years.

He has also served ICPAS in various committees, including the Accounting Standards,
Financial Statements Review, the Disciplinary and the Accreditations committees. He is
also active in the Singapore Corporate Awards programme and has been the Chairman of
the Annual Report Awards Judging Panel. He was also a member of the Audit Committee
Council Member
Guidance Committee. He was awarded the Silver Medal for ‘Outstanding Contributions to
Singapore Institute of the Accountancy Profession and the Community in Singapore’ by ICPAS in 2007.
Directors
Mr Kwok, who is a Fellow of the Singapore Institute of Directors (‘SID’), has also been
working with various boards and audit committees of listed companies and with the
SID towards fostering improvements in corporate governance processes and practices.
He is a Council member and serves on the Finance, Advocacy & Regulations and the
Memberships committees of the SID.

Mr Kwok graduated from the University of Sheffield (United Kingdom) with a Bachelor
of Arts degree (Second Class Upper Honours, with Dual Honours in Economics and
Accounting & Financial Management). He joined Ernst & Young in London as an articled
clerk in 1977 and became a partner of the firm in Singapore in 1989. He is a Fellow of
the Institute of Certified Public Accountants of Singapore (ICPAS). He is also qualified as
a Chartered Accountant and is a member of both the Institute of Chartered Accountants
in England & Wales as well as the Malaysian Institute of Accountants and a Fellow of the
Chartered Malaysian Institute of Taxation.

Mr Kwok serves as a director on the boards of the Singapore Exchange Ltd and Mapletree
Greater China Commercial Trust Management Ltd. He is also Director of the NTUC Income
Insurance Co-operative Limited and the NTUC Eldercare Co-operative Limited.

MIKKEL LARSEN

Mikkel is the Group Head of Tax and Accounting Policy at DBS Bank.

Most recently he held the position of CFO for Asia Pacific for UBS AG covering the
Investment Bank, Wealth Management and Asset Management since April 2009.
Previously Mikkel was the Asia Pacific Head of Accounting Policy at UBS and location
controller for Hong Kong in 2007. Mikkel has worked in Citigroup in London and KPMG in
London and Denmark.

Mikkel holds an MBA from London Business School, Graduate education from Harvard
Managing Director
University and a Bachelor and Masters Degree in Economics from his native country
DBS Bank Ltd Demark where he is also a CPA.
 22 THE FUTURE OF
CORPORATE REPORTING

BIOGRAPHIES

PETER LEE

Mr Lee takes charge of OSIM’s financial strategy and control, investor relations, talent
management, human resources and administration, and management information
system.

A certified public accountant, Mr Lee graduated from the National University of Singapore
with a Bachelor’s degree in Accounting, and obtained his MBA from Manchester Business
School in 2005.

Mr Lee was appointed to the Board in 2005, and is the Chairman of Edusave Advisory
Chief Financial Officer
Council (Ministry of Education) and an Advisory member of Republic Polytechnic’s CIE
OSIM International Ltd   (Centre for Innovation and Enterprise).

ROBSON LEE

Robson Lee is a partner in Shook Lin & Bok’s Corporate & Corporate Finance practice and
has been with the firm since 1994. He obtained an LLB (Hons) from the National University
of Singapore. He is an Advocate and Solicitor of the Supreme Court of Singapore and is
also a Solicitor of England & Wales. He has structured a number of corporate finance
transactions and advises public listed companies on securities transactions, cross-border
mergers and acquisitions and foreign joint ventures. He also has an active practice
in advising local and foreign companies in their funds raising and their stock market
flotations.

Asst. Honorary
He is also a partner in the firm’s China practice and focuses on cross-border corporate
Secretary
transactions in the People’s Republic of China.
Securities Investors Association
(Singapore)

MAK KEAT MENG

CPA Singapore, ACA New Zealand and MBA (IMC, UK)

Keat Meng joined Ernst & Young in Auckland upon graduation. He transferred to Ernst &
Young in Singapore in 1985, and was made a partner in 1997.

Keat Meng is Head of Assurance Services and the Japanese Business Services for
Singapore and ASEAN.

During the course of his years with the firm, he has been involved in the audit of large
Head of Assurance
and multinational enterprises across various industries including airlines, insurance,
and Japanese
manufacturing, trading, technology, infrastructure and logistics.
Business Services for
Singapore and ASEAN
Keat Meng serves as Chairman of ICPAS’ Insurance Sub-Committee, and is a member of
Ernst & Young LLP the Auditing and Assurance Standards Committee (AASC).

He is a Director of Spring Singapore and chairs the Board Audit Committee as well.
 ICPAS-IIRC Roundtable
Special Report
23

BIOGRAPHIES

GRAHAM OWENS

Graham joined KPMG’s Sustainability Advisory team in 2011. He has 15 years experience
working in sustainability and ESG consulting and research, 10 of those in Asia. He has
advised MNCs, regional companies and NGO’s on their sustainability strategy and projects
including reporting, assurance, communications, system development, capacity building
and investor relations programmes.

Graham has being involved in over 50 corporate sustainability projects in varied

sectors including energy, financial services, telecommunications, real estate and agri-
business. He has produced several GRI reports, and led large-scale studies on corporate
Director, Climate
transparency, disclosure, CSR and ESG including a recent study on sustainability
Change &
reporting for SGX. Graham has helped clients respond to the Dow Jones Sustainability
Sustainability
Index, FTSE4Good Index and Carbon Disclosure Project and has undertaken complex
KPMG Services Pte Ltd stakeholder engagement and mapping projects.

He is a council member of the SEAS (Sustainable Energy Association Singapore) and the
Britcham CSR committee; he also advises SBF on their Sustainable Business Awards and
ACCA on their Sustainability Reporting Awards. Graham regularly speaks at conferences,
has delivered lectures at all of the universities in Singapore and has taught the Corporate
Governance module for the SAICSA Company Secretary professional qualification.

He holds a MBA from Nottingham University and a Post-graduate Diploma in Management

from Kingston University Business School.

SIM HWEE CHER

Hwee Cher is a current member of Leadership Team of PwC Singapore and the Head
of Audit. He has over 30 years of audit experience and has been actively involved in
planning, executing and managing audits of large companies in the manufacturing, real
estate, construction and trading industries.

Hwee Cher holds a Bachelor of Accountancy (Honours) from National University of

Singapore (NUS); he concurrently completed his ACCA (UK) examinations in 1981. Hwee
Cher is a Fellow of the Institute of Certified Public Accountants of Singapore (ICPAS),
Chartered Public Accountants of Australia and the Association of Chartered Certified
Head of Audit
Accountants of United Kingdom.
PricewaterhouseCoopers LLP
He is a member of the NUS School of Accounting Advisory Council, and since 2008 has
been a Board member of National Council of Social Service and Community Chest. He
sits on the Corporate Governance and Regulation Committee of Singapore International
Chamber of Commerce.
 24 THE FUTURE OF
CORPORATE REPORTING

ACKNOWLEDGMENTS

Mr Chan Sze Yee — Head, Research

Mr Germin Ong — Manager, Research
Ms Perrine Oh — Manager, Research
Mr Ang Soon Lii — Manager, Technical Standards
Development and Advisory
Mr James Shen — Executive, Research
Ms Kay Zin — Executive Assistant, Research

We thank Mr Paul Druckman, Chief Executive Officer, IIRC, for co-chairing the roundtable
and for his section titled “Integrated Reporting – Responding to Business and Investor
Needs” in this Special Report.

The Team sincerely thank Mr Yee Cheok Hong, Executive Director, Policy & Strategic
Planning/ Industry Development and Ms Lim Ai Leen, Executive Director, Technical
Knowledge Centre and Quality Assurance for their invaluable feedback and guidance
with regard to this report.

We also thank Ms Joyce Tang and Ms Yap Lu Ling of the Policy & Strategic Planning
Department for their inputs.
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THE FUTURE OF
CORPORATE REPORTING
ICPAS-IIRC Roundtable Special Report

ABOUT ICPAS RESEARCH

ICPAS Research identifies, explores and analyses the major issues driving today’s business
dynamics and shaping tomorrow’s marketplace. We aim to closely monitor the accounting
and auditing industry in order to provide an outlook for tomorrow.

ICPAS Research is committed to participating in and supporting high quality research which
is focused, timely, relevant and useful to the accountancy profession. We support the
conduct of research with a global or local perspective.

ICPAS Research focuses our attention on continuously connecting with our practice
members. Practitioners have numerous concerns and issues on their day-to-day practice.
These may range from technical understanding to practical applications or even operational
issues. A part of our research is directed at engaging our members to examine these
practice matters and exploring practical solutions with them. The various ways that ICPAS
shows its commitment to the research arena includes partnering with business partners
or interested parties and involvement in thought leadership activities. There will also be
conferences held to feature and showcase the results of our research with our members
and the public.

We will continuously seek comments from ICPAS members through surveys to gather views
from the CPA Singapore community. Do send your comments to [email protected]

This document contains general information only and ICPAS is not, by means of this document, rendering
any professional advice or services. This document is not a substitute for such professional advice or
services, nor should it be used as a basis for any decision or action that may affect your business. Before
making any decision or taking any action that may affect your business, you should consult a professional
advisor. Whilst every care has been taken in compiling this document, ICPAS makes no representations or
warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information
for any purpose. ICPAS, its employees or agents accept no liability to any party for any loss, damage or
costs howsoever arising, whether directly or indirectly from any action or decision taken (or not taken) as
a result of any person relying on or otherwise using this document or arising from any omission from it.

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