In a recent update I mentioned the Veridia Carbon platform main feature development had ‘paused’ while we work through Beta 1. As a deliverer of tech solutions for 26+ years Beta is always fun, because it rarely ends up being quite what you expect. As the platform at the MVP1 stage is essentially straight forward right now users are asking more about the problem it’s looking to solve, progressively across MPV1 and MPV3. Most of what we’re discovering in Beta 1 is a smattering of bugs (e.g. editing on filtering), insights into core reporting needs (less charts, more template narrative aligned to SBTi, CSRD, etc. That was a surprise) and questions to clarify the use cases for the solution (How To’s… coming soon via the platform)
We’ll be exiting Beta 1 on Friday 25th July, recommencing main feature development the following Monday.
Integrated Reporting
A key goal of the platform is to ensure that reporting of emissions data is easy, complete and available when needed. That’s why even in Beta 1 you can produce Scope 3 ad-hoc and annual reports with other report types to follow in the next development phases. Think of these current reports as essentially being a Trial Balance and Final Accounts.
The reports are produced in .docx format, not .pdf, so they remain fully editable. This is also key, as it’s unlikely any tool-produced report is going to meet your style, layout, content needs entirely. We expect you’ll generate the Veridia Carbon report or take information from it and copy-paste it into final reports with your corporate branding and design. That’s functionally integrated reporting, of various types, that can then be brought together to enable full scope IR at the business level.
Integrated Reporting – more than just Reporting functionality
Integrated Reporting (IR) of financial and non financial data is not just a feature Veridia Carbon integrated into the system, it’s a globally accepted, defined approach to more comprehensive and meaningful reporting. The International Integrated Reporting Council (IIRC) played a pivotal role in formalising the concept of Integrated Reporting. After a long string of organisational mergers the IIRC as a separate entity no longer exists; its role and functions are now carried out by the Integrated Reporting and Connectivity Council within the IFRS Foundation.
It slightly concerns me that IR is not spoken of as a commonplace thing in company reporting – but that speaks more to the siloed nature of sustainability reporting than the desire to report comprehensively. That needs to change for several critical reasons.
Integrated Reporting – More than just Finance
IR gives a more complete picture of the company’s performance than financial data alone. We’ve known this for decades. Investors don’t invest in company’s based just on financial data. Almost every annual report on Companies House has a narrative about the business, about employee programmes, educational courses to upskill staff, social initiatives, governance approaches, core values and how they are being demonstrated and of course sustainability.
Integrated Reporting demonstrates the company has control and understanding of the whole of its operations
IR includes Carbon Accounting related information such as total emissions and emissions by category – but also much more, such as supply chain risks, rationale for use of primary or secondary data and associated risks, spend based calculations and broader ESG activities.
Combined, this gives stakeholders a more holistic view of how value creation is achieved, across all departments of the company, in a sustainable manner by drawing in these two classes of data. It provides competitive advantage as Integrated Reporting demonstrates the company has control and understanding of the whole of its operations. If a company cannot provide Integrated Reporting they are clearly lacking in some level of control and understanding that will inevitably reduce stakeholder confidence.
That’s what customers, investors, staff and the wider marketplace want – trusted, comparable and assured disclosures of both financial and non financial data.
Follow on Report
As IR is a key feature of Veridian Carbon and we argue an essential component to resetting the strategic approach to integrating of sustainability – we’ll be producing a White Paper on this in the near future. If you’d like a copy drop me a message and I’ll let you know when its ready. A Peer reviewer of two wouldn’t go amiss if you’re of a mind to do that.
Mark.
If you’re interested in talking more about Integrated Reporting, how the Veridia Carbon platform and consultancy team can assist you in data collection, report building and related processes – then book a free catch-up or paid consultancy time and we’ll get you moving. https://tidycal.com/veridiacarbon
