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The Center for Corporate Reporting (Zurich, Switzerland) is based on a survey of companies in the Swiss Market Index, Swiss Performance Index, German Stock Index, Mid-Cap-DAX, Small-Cap-DAX and Austrian Traded Index (SMI, SPI, DAX, MDAX, SDAX, ATX). It was conducted for the first time in 2019 on the initiative and in cooperation with the Center for Corporate Reporting (Zurich, Switzerland). The study is designed as a compass for strategic developments, trends and as a benchmark. Based on a survey of project managers, the study opens the "black box" of corporate reporting and analyzes strategies, resource allocation, decision-making processes and the organizational framework for reporting.
Some insights of the study are summarized below.
The Corporate Reporting Monitor 2020 is based on a survey of companies in the Swiss Market Index, Swiss Performance Index, German Stock Index, Mid-Cap-DAX, German TecDAX, Small-Cap-DAX and Austrian Traded Index (SMI, SPI, DAX, MDAX, TecDax, SDAX, ATX). The 2020 survey was supplemented for the first time by a survey of proven experts from the DACH region in order to make their knowledge and trend assessments accessible. Each year, the study focuses on a specific topic. In 2020, the special section is dedicated to the topic of sustainability reporting. The study is designed as a compass for strategic developments, trends and benchmarking. It is produced in cooperation with the Center for Research in Financial Communication at the University of Leipzig and the University of Applied Sciences St. Pölten.
The future belongs to the Stakeholder Report. The predominance of reporting with a focus on the capital market is a thing of the past. The target groups are becoming more diverse and with them the information needs.
Synergy potentials are now recognized. However, there is largely no consistent monitoring of success in reporting:
The digitisation trend is irreversible, the "print first" approach is no longer the first choice. In the EU, ESMA requires iXBRL/XHTML reporting for financial reporting from 2020. Already today, non-financials are often published in purely digital sustainability reports:
Sustainability is part of the strategic agenda. Sustainability dominates the social discourse and permeates everyday corporate life. This topic is attracting increasing attention in the annual report:
In addition to the study results, members of the Center for Corporate Reporting (CCR) receive practical recommendations for action and access to individually tailored workshops with experts. An executive summary for Board members and C-level decision-makers is available on request.
The Corporate Reporting Monitor 2019 is based on a survey of companies in the Swiss Market Index, German Stock Index, Mid-Cap-DAX, Small-Cap-DAX und Austrian Traded Index (SMI, DAX, MDAX, SDAX, ATX) (30% response rate). The survey is structured according to the strategic management cycle: It covers questions of planning, organization, management, resource allocation and evaluation. In doing so, the Corporate Reporting Monitor deliberately applies a strategic perspective to the annual report - an instrument that is still predominantly seen as a regulatory necessity rather than an opportunity for strategic communication.
With regard to the "planning" of reporting, the study surveyed the primary reporting objectives of listed companies (see Fig. 1). It is not surprising that compliance with regulatory requirements is considered the most important goal by those responsible for reporting. At the bottom of the list of priorities are classic public relations objectives such as maintaining the corporate image, positioning the company and increasing awareness. The survey also asked the respondents to assess the relevance of these goals in three years. It turned out that increasing confidence in sustainability is seen as the topic that will gain the most importance. It is also expected that regulatory requirements will become even more important in the future - some of them with a focus on sustainability reporting.
As part of the organization, the Corporate Reporting Monitor dealt not only with formats but also with the synergies between the reporting process and corporate communications and the role of the annual report as a strategic communications instrument. The results show that only 34% of the companies have formally integrated the annual report into their communication strategy, while for 36% of the companies the annual report is largely oriented towards the communication strategy.
With regard to the management phase of "leadership", the study analysed the role of the management and supervisory boards in the reporting process. It also ascertained which corporate functions assume project responsibility for the annual report and which contribute to the report.
As Figure 3 shows, corporate communications or investor relations tend to be in charge of the overall project (39% each). However, at 26%, the finance department actually contributes the largest share of content.
The Corporate Reporting Monitor examined various aspects of resource allocation in the reporting process, such as budgets, team sizes or human resources used throughout the company. With regard to cooperation with external service providers, the study showed that companies often use agencies for translations, design, online implementation, printing and editing (see Fig. 4). However, when asked about the involvement of service providers in three years' time, about one-third of those surveyed said that the number of service providers would decline.
Finally, the Corporate Reporting Monitor examined the evaluation of the annual report. Since most companies have not integrated the annual report into their communication strategy, it is not surprising that the report or the reporting process is rarely formally evaluated. The study found that informal feedback is the most commonly used performance metric - from target groups, colleagues or management (see Figure 5).
In addition to the study results, members of the Center for Corporate Reporting (CCR) receive practical recommendations for action and access to individually tailored workshops with experts. An executive summary for Board members and C-level decision-makers is available on request.