Land Securities wins ‘Best Narrative Reporting’ category at IR Awards
Land Securities has been named as the Top 100 FTSE Company in the ‘Best Narrative Reporting’ category, sponsored by The IPA, at the annual IR Magazine Awards on 25th June 2008, held at the Artillery Gardens. Capita was the runner up.
IR Magazine created this award category in response to the increasing demand from investors, analysts, and other key stakeholders for more information to be provided in company reports, as well as the additional mandatory reporting requirements that have come into force since the introduction of the *‘Enhanced Business Review’ last October.
As category sponsor, the IPA convened a high-profile judging panel (13th May 2008) to find those companies whose reports have created the best understanding of their business.
Says Convenor of Judges, Seamus Gillen, “Land Securities has reason to be proud. The business review confidently - and with style, attractive layout, and interesting graphics - outlined the complexity of the business in a way which attracted interest, and invited the reader to continue all the way to the end. The company has proven it has the skills to communicate the strengths of its business to its investors, and other key stakeholders. Capita was a very close runner up with its report going directly to the heart of what makes it tick as a business, outlining, in clearly understandable detail, the strategy and the key factors which make it successful. Congratulations to them both.”
For more information on last night’s event, click on www.irmagazine.com
The IPA will be publishing an in-depth report on its analysis of narrative reporting in September 2008 (date tbc).
IPA Judging Panel
• Convenor of Judges - Seamus Gillen, Narrative Disclosure Specialist for ICSA (Institute of Chartered Secretaries and Administrators)
• Chairman of Judges - Moray MacLennan, IPA President and Chairman, Europe, M&C Saatchi
• Mark Goyder, founder of Tomorrow's Company
• Patricia Peter, Head of Institute Governance at the Institute of Chartered Accountants in England and Wales
• Aine O’Keefe, advisor to the Chief Executive at The Work Foundation
• Hamish Pringle, Director General, IPA
• David Russell, Co-Head of Responsible Investment, University Superannuation Scheme (USS)
• Jennifer Walmsley, Associate Director, Hermes Equity Ownership Services (EOS)
Enhanced Business Review
Companies have been legally bound to increase the amount of information they provide - in the annual report to shareholders - on key aspects of their business. These narrative reporting (or disclosure) obligations increased significantly when the Enhanced Business Review was introduced in October 2007. Failure to meet the reporting obligations can lead to directors being fined and receiving criminal records, and the company being referred to the regulatory bodies, the Financial Reporting Review Panel, and the Financial Services Authority. The IPA 'Best Narrative Reporting Award' seeks to provide companies with the incentive, and recognition, for pursuing good practice narrative reporting.
The Development of Intangibles Reporting
The IPA published its second report on ‘The Development of Intangibles Reporting’, (5th May 2007) which revealed how intangible assets are transforming management and reporting practice, and calls on CEOs, CFOs, company secretaries and corporate communications directors to develop a relationship with representatives from the IPA community, to present a truer picture of intangible assets and the value they generate. To download the report, please click on the link:
There is also www.intangiblereporting.com
Last updated 30/06/2008