Would you like to use this article in your publication or on your website? See: Using SAinfo material 26 January 2011 A world-first integrated reporting guidance document – anticipated both locally and internationally as part of a growing push for companies and organisations to report on their total performance – was unveiled by Mervyn King in Johannesburg on Tuesday. The document offers direction to the 400 companies listed on South Africa’s JSE; companies that are obliged to produce an integrated report for their current financial years. The discussion paper views the integrated report – reporting on total performance and not just financial performance – as an organisation’s primary report, replacing the traditional annual report. The paper has the backing of a wide range of industry and professional groups in South Africa, including the Association for Savings and Investment SA, the Banking Association SA, Business Unity SA, Chartered Secretaries Southern Africa, the Institute of Directors in Southern Africa, Johannesburg Stock Exchange Ltd, and the SA Institute of Chartered Accountants.‘New era in corporate reporting’ “We are entering a new era in corporate reporting,” said King, chairman of South Africa’s Integrated Reporting Committee and the King Committee. King emphasised that the old form of annual report, focusing primarily on financial information and the short-term horizon, was no longer adequate to meet the needs of investors and other stakeholders. It was for this reason that the King Committee recommended – in the King Report on Governance for South Africa 2009 (King III) – that organisations issue integrated reports, connecting material, financial and sustainability information. Stakeholders could then make an informed assessment of the long-term sustainability of a business, and how the sustainability issues pertinent to the business had been incorporated into its strategic direction. In February 2010, the JSE, through its listings requirements, made it compulsory for all listed companies to comply with King III, including the requirement for a company to produce an integrated report for its financial year starting on and after 1 March 2010, or to explain why it was not doing so.South Africa ‘had to take the lead’ “The problem is that no specific guideline or standard defining the content of an integrated report for listed companies exists in South Africa or elsewhere in the world,” King said on Tuesday. To address this need, the Integrated Reporting Committee (IRC) in South Africa was formed in May 2010, and invited King to become its first chairman. Globally, the International Integrated Reporting Committee (IIRC) was formed in July 2010. It aims to issue an international discussion paper later this year, and include integrated reporting on the agenda of the G20 meeting due to take place in November. Integrated reporting will also be on the agenda of the World Federation of Exchanges meeting in October, and will being discussed at the World Economic Forum in Davos, Switzerland on 27 January. King said that because of the urgent need for guidance in South Africa, the local committee could not wait for the international discussion paper to be issued. South Africa’s IRC would liaise closely with the IIRC to ensure alignment, he said. King also serves as the IIRC’s deputy chairman. ‘Not just a sustainability report bolted on’ He explained that an integrated report should provide stakeholders with a meaningful and concise overview of the organisation. “An integrated report is not simply bolting the sustainability report to the financial report,” King said. “It incorporates, in clear language, material information from these and other sources to enable stakeholders to evaluate an organisation’s performance and to make an informed assessment about its ability to create and sustain value.” Integrated reporting, King added, forced companies to look at longer term horizons and at external factors such as economic, social and environmental impacts. “I believe this will lead to a fundamental shift in the way companies and directors act and organise themselves. “As companies integrate and connect the financial, economic, social, and environmental aspects into their businesses, they are likely to become more innovative and competitive and recognise new business opportunities,” King said. “Integrated reporting is an evolution of corporate reporting. It is an idea ‘whose time has come’ because of the crises of our time – the global financial crisis, climate change and ecological overshoot.”‘Significant benefits for investors’ Integrated reporting offered significant benefits for investors and other stakeholders, as it was a more transparent form of reporting, King added. “The capital markets in this country should also benefit from the improved presentation of corporate information, greater transparency, and more innovative strategy. “A responsible investment code for financial institutions (Code for Responsible Investing by Institutional Investors in South Africa) will be released shortly, and will require the institutional investor to make an informed assessment about the sustainability of the company’s business before acquiring its equity. This cannot be done by reading the financial statements alone.” The company itself should benefit from issuing an integrated report. The benefits could include a lower cost of capital, enhanced brand value and consumer loyalty, and greater trust and reputation among stakeholders. South Africa’s new Companies Act, not yet effective, allows for summaries of financial statements, in place of lengthy annual financial statements, to be provided to shareholders (although the full annual financial statements must still be available). The Act also permits the electronic distribution of this and other financial information. An integrated report could include the summarised financial statements required by the Act, thereby affording significant cost savings to the company. “I have no doubt that all these factors will translate into significant benefits for companies that embrace integrated reporting,” King said, adding that the 400 companies listed on the JSE would be among the global frontrunners in issuing integrated reports. He stressed that the guidance offered in the discussion paper could be used by any organisation, not only listed companies. The discussion paper is open for public comment until 25 April 2011, and can be downloaded from www.sustainabilitysa.org. Comments can be e-mailed to [email protected] SAinfo reporter
Share Facebook Twitter Google + LinkedIn Pinterest Warm weather brought short sleeves for the 54th episode of the Ohio Ag Net Podcast, brought to you by AgriGold.Joel Penhorwood talks with Marlee Stollar about the recent Farmers Share event held by the Agricultural Communicators of Tomorrow at Ohio State.Matt Reese has a conversation about micro greens and indoor farming with Daniel Klemens.Ty Higgins speaks with Brent Ditmars of Farm Credit Mid-America.The crew, including Dale Minyo, has more fun in the sun with this week’s podcast.
The origin of a radical ideaThis week at the Forum on Dry Climate Home Performance, Rick gave a short talk on the difference between what the models show and whas actually been achieved, and he concluded by suggesting seven measures which he believes should be required in California. The measures originated from some deep thinking he did upon re-reading Leverage Points: Places to Intervene in a System by Donella Meadows while he was on vacation last year. In that paper, Meadows argues that your best bet at achieving transformation is to change the paradigm. The least effective avenue is through standards and codes. RELATED ARTICLES How to Install Flex Duct ProperlyThe 7 Biggest Opportunities for HVAC ContractorsEnergy Modeling Isn’t Very AccurateAll About Furnaces and Duct SystemsKeeping Ducts IndoorsReturn-Air ProblemsSealing DuctsDuct Leakage Testing Four steps to transformationAs Rick thought about those nagging questions, he realized that four things needed to happen.1. We have to pay attention to human nature. People will take the easier path when there are no negative consequences for doing so.2. Move from energy models to reality. At the Dry Climate Forum this week, “modeling” has been taboo. It’s referred to here as “the M word,” and speakers who talk about it risk not being invited back to the conference. These folks are into measured results.3. Take the narrative away from the box manufacturers. Most installed HVAC systems perform like crap because HVAC companies follow the lead of the manufacturers, who just push the heating and cooling equipment and ignore the distribution side and commissioning.4. Train the workforce. A great many of the installers and technicians are woefully undertrained in proper installation of HVAC systems. Rick Chitwood’s proposed seven mandatory measuresRick works in California, which has a lot of requirements due to their building code, Title 24. One of those requirements is for HERS raters to do Title 24 compliance inspections and verification, and most builders, according to Rick, would like to eliminate the cost of that third-party verification.Here’s his seven-step plan to accomplish that objective and, at the same time, transform the construction industry in California.1. When modeling, downrate HVAC performance 50%. You can get credit for the other 50% by measuring full delivered performance once the system is installed.2. Post the energy model results where everyone can see them. Energy compliance documentation includes predicted energy use in each category (heating, cooling, domestic hot water, baseload) in dollars (based on site energy use and the current rate structure) and these predictions must be posted on the electrical panel in every new home.3. Publish energy modeling results and identify stakeholders. Place predictions (numbers from the computer models) for every new home in the registry and list the builder, energy consultant, HVAC contractor, and insulation/air sealing contractor. Make this information public.4. Assure quality and hold stakeholders accountable. Installers should test the delivered performance of their work on every system and record the results to the registry. Eliminate all HERS verification. Have the California Energy Commission do quality assurance on 1 in 100 systems. If cheating or errors occur every system installed in the last year must be tested — at the contractor’s expense.5. Register actual disaggregated energy usage for every house every year. Compare actual with predicted.6. Exempt home builder from Title 24 requirements if builder claims net zero energy and registers the actual performance every year. Registry is public info and home is connected to the builder, energy consultant, HVAC contractor, and insulation/air sealing contractor.7. Every builder pays the utility bills on every home he builds for the first three years of occupancy. The best way to create a system that works well, Rick told me, is not to adopt the wrong paradigms in the first place. “That was me. I never learned the conventional HVAC approach. I didn’t learn the bad habits.” Imagine home builders paying the energy billsI think the last of his seven measures has the power to reconstruct the construction industry. It is absolutely brilliant. I don’t know how much of a chance he has of getting this adopted, but wow, what a change it would bring if he’s successful. In California, it really could work because the builders would get some benefits by doing away with the current third-party verification system.Just imagine how energy efficient new homes would become if builders were on the hook for the first three years of energy bills! It wouldn’t take them long to get all the air sealing, duct sealing, HVAC location, and insulation effectiveness right.Can this work outside California? Maybe. It may sound onerous to home builders initially because they’d see it as another cost they’re asked to bear. But I think the good ones would jump on it.In fact, it could even become something that builders do voluntarily as a sales tool. They probably wouldn’t do a full three years in that case, but home buyers would certainly take notice of a home that comes with the first year’s energy bills covered by the builder. It’s really the next logical step from guaranteed energy bills, which some companies offer.What do you think? Three questions have been nagging at Rick Chitwood over the past 5 or 6 years. First, why is the HVAC industry in California, where he lives and works, so pathetic?Second, why have California’s strict energy standards, which have been in effect since 1978, not corrected the problem?Third, how is it that he, who came to the HVAC business through a nontraditional route, has become a leader in the industry? Allison Bailes of Decatur, Georgia, is a speaker, writer, energy consultant, RESNET-certified trainer, and the author of the Energy Vanguard Blog. You can follow him on Twitter at @EnergyVanguard.
Recommended for you Missing Teen home safe, not talking Related Items:alicia duncanson, hon. akierra missick, missing Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 21 Sept 2015 – “As Deputy Premier, and Minister of Education, Youth and Sports, I extend an appeal for information on the whereabouts of Alicia Duncanson also known as Leecie.”“Alicia Duncanson is a teen who was last seen on Wednesday 15th September by her mother, and reports are she was also seen over the weekend.”Earlier today I spoke with officials from the TCI Police force and the TCI Social Welfare Department who have setup a command post to lead efforts to assist in returning Leecie home.“At this moment, the command post has established two arms, one being an investigative arm and the other being a support and counselling arm. Both arms will work in tandem to bring about a swift and lasting resolution to this matter.”“Leecie, if you are hearing or seeing this please, I repeat please – contact the social welfare department on 338-2681, a team of officers has been assigned to help you and assist you if needed. If anyone is harboring this teen I would also like to invite them to contact social welfare and have her turned over in a discrete manner.”“Alicia’s mother is assisting efforts to locate her and has been receiving counselling from our professionals as we work together to ensure the wellbeing of this young child.”“The Turks & Caicos Islands is a community and regardless of the circumstances, whenever one of our own young children decides not to return home we must be ready to pitch in and assist.““In closing I repeat my call for somebody, anybody with information to come forward and help us bring Leecie home. Any person with information can contact the RTCI Police Sargent Ensa Wilson on 331-2432 or 911 or Ms. Olivia Day of the Social Welfare on 338 2681 her personal Support Officer.” Royal Turks and Caicos Islands Police Force’s mission to combat abusive images of children online Missing Teen, still missing Facebook Twitter Google+LinkedInPinterestWhatsApp
Facebook Twitter Google+LinkedInPinterestWhatsApp#TurksandCaicos, November 15, 2017 – Providenciales – FortisTCI (the Company) is sending a five-member crew from the Turks and Caicos Islands to assist with the restoration of electricity in Dominica, the Company announced today. It was in mid-September that Hurricane Maria, a destructive category 5 storm, wreaked havoc on the country, destroying infrastructure, demolishing homes and killing more than 25 people.The request for assistance came to FortisTCI through the Company’s membership with Caribbean Electric Utility Services Corporation (CARILEC), an association of electric services, and other stakeholders operating in the electricity industry in the Caribbean region, Central and South America and globally. CARILEC is known locally as having assisted the Turks and Caicos Islands back in 2008 following Hurricane Ike, sending 40 utility workers to help rebuild the Transmission & Distribution network on Grand Turk.FortisTCI President and CEO Eddinton Powell said, “We are thankful to be in this position. We recently completed the restoration of electricity across Turks and Caicos, and we can now extend a helping hand elsewhere in the region. It is important that we support where and when we can. Dominica needs our help right now, and I could not be more proud of the team from FortisTCI that has volunteered to go and help restore electricity to the citizens and residents there. FortisTCI is sending well wishes to everyone, and we know that our colleagues will do a superb job.”The five FortisTCI employees will depart the TCI for Dominica on Thursday, November 16, 2017, and the mission will be led by DOMLEC, Dominica’s electricity provider. The FortisTCI team will spend three weeks working as a part of the restoration efforts, joining several crews assisting from elsewhere around the Caribbean. The team is comprised of senior journeymen linemen Kavin Ewing and Aneil Lightbourne, a 3rd-year apprentice Jeffery Desir, and the Manager of Environmental Health and Safety Marcus Francis and Gregory Thomas.Press Release: FortisTCIPhoto Caption:FortisTCI volunteer crew going to Dominica to assist with electricity restoration is pictured with FortisTCI President & CEO Eddinton Powell and Senior VPs Devon Cox and Ruth Forbes. (L to R) Senior VP of Operations Devon Cox, Senior VP of Corporate Services & CFO Ruth Forbes, Linemen Supervisor Gregory Thomas, Senior Journeymen Linemen Aneil Lightbourne and Kavin Ewing, EHS Manager Marcus Francis, President & CEO Eddinton Powell. Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:
Manchester City goalkeeper Ederson revealed just how significant their 2-1 win over Liverpool was to themPep Guardiola’s side hosted Liverpool at the Etihad Stadium last week needing to avoid a third defeat in four games in order to prevent the gap between themselves and the leaders to increase to 10 points.Goals from Sergio Aguero and Leroy Sane were enough to seal a 2-1 win for City and decrease their deficit to four points with Liverpool losing their first league game of the season.“For us, it was a matter of life or death,” Ederson told Sky Sports.Jose Mourinho is sold on Lampard succeeding ar Chelsea Tomás Pavel Ibarra Meda – September 14, 2019 Jose Mourinho wanted to give his two cents on Frank Lampard’s odds as the new Chelsea FC manager, he thinks he will succeed.There really…“We knew the circumstances around the game – drawing or losing was not an option. We only contemplated winning, and we did a great game.“It was our best game in the Premier League so far, and hopefully we will continue at the same level as of now.”City will next play Wolves on Monday in the Premier League.