Dr Fiona Robertson

Purpose: Stakeholder capitalism is a system in which organisations seek long-term value creation by considering all stakeholdersʼ needs. The paper aims to identify how stakeholder capitalism has become embedded in sustainability reporting over time and explore how it currently affects the standardisation of the ESG disclosure framework. Methodology/approach: The study reviews the essential works and research studies published over the last six decades that reflect the emergence or the revival of the stake-holder capitalism concept. The paper also analyses the complex environment of accounting standard-setters and regulators who promote various non-financial reporting frameworks or standards. Findings: The system of stakeholder capitalism may propel the harmonisation of sustain-ability reporting and serve common interests. It refers to more than just business organisations, which should focus on long-term value creation and consider their environmental impacts on the planet. It is a broader concept of engaging governments in a joint effort to create prosperity for their people, attracting society to enter the dialogue and ensuring planetary wellbeing. Originality/value: The work gives an insight into the waves of changes in the sustainability reporting standardisation scene that have gained momentum over the last two years. It addresses the critical views of experts and debates on how harmonising international standards can make sustainability reporting and stakeholder capitalism genuinely serve the interest of stakeholders and the planet.

Purpose – This study seeks to investigate the likely adoption of integrated reporting (IR), in addition to highlighting the limitations of current reporting practices. In particular, the analysis in this study used the characteristics of diffusion of innovation theory to investigate how perceptions of IR as offering a relative advantage over existing practices; its compatibility to existing organisational values, past experiences and needs; and its perceived complexity impacted on the adoption and diffusion of IR. Design/methodology/approach – Methodology was based on a content analysis of 22 UK FTSE 100 annual and sustainability reports across industries. To build a phenomenological triangulation research approach, semi-structured interviews were conducted with ten senior managers to ascertain their perceptions of current SR practices and IR. Findings – The analysis in this study revealed that low/medium levels of linkages exist between the majority of reports in the sample, thus limiting their usefulness. Based on these findings, this study suggests that senior managers perceive IR as having a relative advantage over existing practice. Overall, the senior managers interviewed were supportive of IR and this research revealed that many companies are starting to integrate their reporting along IR guidelines. This study further identifies factors that are likely to impact on more widespread diffusion of IR. Research limitations/implications – The sample size to assess linkages between reports was based on a sample of company reports across industries to give a balanced view of reporting practices. This could be viewed as a limitation as it was not a representative sample of the population as a whole. Another limitation of this research study was the small sample of organisations that participated in the interview process, and the single country focus. Practical implications – This study has identified several factors that were likely to impact on wider spread diffusion of IR, which should be of interest to practitioners in this field as well as those considering the adoption of IR. Originality/value – As an emerging phenomenon, there are few empirical studies exploring IR practices and perceptions. To the best of the authors' knowledge, this is the first paper that provides some insights into IR from a UK perspective.

This thesis investigated UK early adopters of integrated reporting (IR) to establish motivations for IR adoption and factors which have impacted on the diffusion of IR within their organisations, using Diffusion of Innovations (DOI) as a theoretical lens. It fills a gap in IR literature, where systematic reviews revealed a dearth of IR research from an internal organisational perspective, particularly within a UK context. The study was based on in-depth semi-structured interviews with 36 senior executives actively involved in IR within seventeen organisations. A content analysis of the interviews was undertaken using qualitative coding techniques within Nvivo 10 software. The study found that organisations drew on a wide range of rationales for IR adoption, with a predominance of sociological over economic rationales. Predominant sociological rationales were: external pressures, primarily due to perceptions of shifts in societal expectations; and internal aspirations which related to enhancing reputation. Main social influences on IR adoption were report design consultants and board support for IR Social influences on further diffusion of IR within organisations were predominantly from three external sources; business network groups; report design consultants; and external auditors. Internal influences were identified in five functional areas. Dedicated cross functional IR teams were found to positively impact in diffusion, while organisational size, and complexity of operations, hindered diffusion. Perceptions of the characteristics of IR also impacted diffusion of IR within organisations. Relative advantage, compatibility and voluntariness perceptions were found to positively impact of diffusion of IR within UK organisations, whereas perceptions of complexity were found to have a negative effect on the diffusion of IR.

Purpose Stakeholder capitalism (SC) advocates that organisations should focus on creating long-term value for all key stakeholders rather than maximising short-term profits for shareholders. This paper aims to explore whether and how business organisations have applied stakeholder capitalism principles (SCPs) during the COVID-19 pandemic and how these efforts were communicated in integrated reports. Design/methodology/approach This study is based on the content analysis of the text extracted from the integrated reports of 22 companies categorised as excellent in the 2020 EY Excellence in Integrated Reporting Award 2020. The research material consisted of paragraphs that reflected how the company observed the SCPs in practice. Findings The stakeholder responsibility principle was the most represented by the examined companies, followed by the principles of continuous creation, stakeholder engagement and stakeholder cooperation. The COVID-19 pandemic has propelled the necessity of implementing innovative solutions to counteract the virus's spread. It has also spurred the need for two-way digitalised communication between the executives and stakeholders. The new situation also required collaborative approaches in the forms of partnerships, joint initiatives and programmes to ensure employee safety and help communities recover from the social and economic impacts of the pandemic. Originality/value This study links SC with integrated reporting (IR) and contributes to the literature by providing new insights into how SCPs have been applied during the COVID-19 pandemic. This discussion suggests that whereas these principles determine how the companies must act to satisfy stakeholders expectations, integrating reporting may help develop a report that is stakeholder-oriented and which responds to their information needs.

Judge Professor Mervyn King spoke to Dr Fiona Robertson CA about Integrated Reporting (IR), the role of directors and the future of auditing.

Abstract Purpose This paper sought to investigate social network influences on UK Integrated Reporting () adoption and implementation. Design/methodology/approach The study was based on in-depth semi-structured interviews with 36 senior executives actively involved in within 17 organisations. Findings Main social network influences on adoption externally were report design consultants, and to a lesser extent, external auditors, primarily to legitimize . Internal influences were board support for , with the main driver being the mind-set of the CFO/Chairman to drive sustainability throughout the organisation, or to regain societal trust. Social network influences aiding further diffusion at the implementation stage came from three external sources: business networks; report design consultants; and external auditor. Internal influences in driving diffusion within organisations were identified in five functional areas, with Finance, Sustainability and Communications functions exerting greatest external influence on the diffusion of . Research Limitations This research study was limited by the small sample of organisations that participated, although significant efforts were made to ensure that the sample incorporated the majority of early adopter UK organisations who demonstrated best practice in . Therefore, the findings are specific to the research context and do not represent statistical generalisations. Practical implications Empirical evidence identifying social network influences from a practitioner perspective provide recommendations as to how may be further diffused in the future. Social Implications creates the potential to significantly improve the long-term health of corporations and the external environment they impact through consideration of the three indivisible and integrated dimensions of sustainable development, the economy, society, and the environment and can contribute to a sustainable society by providing the opportunity for organizations to respond to the UN Sustainable Development Goals. This highlights the significance of research which aims to gain insights into social network influences which can assist in the adoption and implementation of . Originality/value This is the first comprehensive study of social network influences on the adoption and implementation practices in UK. It incorporates recommendations to improve the likelihood of subsequent adoption and diffusion of based on the findings.

In this chapter, the authors chart the history of CSR activities over the decades, review methods undertaken by researchers and discuss the direction for future research methods. The theme of this chapter is to develop an argument shifting from positivism to social constructivism in CSR research. In this journey the research design is arguably biased towards a phenomenological approach that encompasses abductive paradigms. We take a case study design as findings are considered situational and contemporary and would build a stronger argument for mimetic actions among corporations in our society.

Purpose – This study seeks to investigate the likely adoption of integrated reporting (IR), in addition to highlighting the limitations of current reporting practices. In particular, the analysis in this study used the characteristics of diffusion of innovation theory to investigate how perceptions of IR as offering a relative advantage over existing practices; its compatibility to existing organisational values, past experiences and needs; and its perceived complexity impacted on the adoption and diffusion of IR. Design/methodology/approach – Methodology was based on a content analysis of 22 UK FTSE 100 annual and sustainability reports across industries. To build a phenomenological triangulation research approach, semi-structured interviews were conducted with ten senior managers to ascertain their perceptions of current SR practices and IR. Findings – The analysis in this study revealed that low/medium levels of linkages exist between the majority of reports in the sample, thus limiting their usefulness. Based on these findings, this study suggests that senior managers perceive IR as having a relative advantage over existing practice. Overall, the senior managers interviewed were supportive of IR and this research revealed that many companies are starting to integrate their reporting along IR guidelines. This study further identifies factors that are likely to impact on more widespread diffusion of IR. Research limitations/implications – The sample size to assess linkages between reports was based on a sample of company reports across industries to give a balanced view of reporting practices. This could be viewed as a limitation as it was not a representative sample of the population as a whole. Another limitation of this research study was the small sample of organisations that participated in the interview process, and the single country focus. Practical implications – This study has identified several factors that were likely to impact on wider spread diffusion of IR, which should be of interest to practitioners in this field as well as those considering the adoption of IR. Originality/value – As an emerging phenomenon, there are few empirical studies exploring IR practices and perceptions. To the best of the authors' knowledge, this is the first paper that provides some insights into IR from a UK perspective.

Various studies have assessed the energy performance alterations affected by the novel technology of Building Integrated Photovoltaic in Double-Skin Facades (BIPV-DSF), while lighting performance tied to the BIPV-DSF has not received much attention. This paper provides numerical modelling to assess the effect of BIPV-DSF on both indoor visual condition and energy consumption for an office module under a typical climate in the United Kingdom. The proposed study was focused on the comparisons between a reference case (a DSF office module with both layers using clear double glazing) and a design case of the same office module with BIPV-DSF using semi-transparent Amorphous Silicon PV glazing. Results show a significant drop in maximum daylight illuminance of 73% by configuring the BIPV-DSF with reference to the regular DSF. It was also reported the resultant average and minimum daylight factors (0.65% and 0.00%) were not able to meet indoor visual comfort requirements for office environments. Furthermore, it was found that the use of BIPV-DSF resulted in a net increase of 8% in building energy consumption over the reference DSF. Therefore, it is concluded that in the present context the BIPV-DSF is not viable for a commercial installation under the UK’s climate conditions.

Small Medium Enterprises (SMEs) are integral to a successful, competitive, and dynamic market-based economy. The UK government encourages SMEs as they add value, create employment, help promote a more diverse business base that strengthens local economy resilience to external shocks. Integrated Reporting (IR) has been something that large businesses have engaged with, and it is something that SMEs will need to address to ensure their future success. IR, with its focus on sustainable development in the guise of meeting the needs of the economy, environment, and society, can help businesses with the recruitment and retention of employees, investors, and customers. Corporate reporting regulations are reviewed to inform an understanding of how SMEs might work with IR. One conclusion drawn is that for SMEs IR should be voluntary so as not to add to the burden on business and to encourage the principle and ideals of “Think Small First.” Preceded by a discussion of macro-environmental factors, the chapter moves on to consider IR guiding principles that are used to report on evidence from large UK companies. With regards to IR, it can be said with a degree of certainty that SMEs in the UK are at the start of a journey. To encourage engagement, a simplified form of IR guidance with accompanying practice-based examples of what can be achieved is needed. Once SMEs begin to engage with IR and to appreciate the benefits it offers, then uptake can be expected to increase and the benefits of “value creation” and “Integrated Thinking” better realised.

This book examines on an international basis how small and medium-sized enterprises (SMEs) cope with the changing economic and social challenges, which are also reflected in financial and non-financial reporting.

Purpose The purpose of this chapter is to establish the sustainability reporting practices of FTSE 100 companies using Integrated reporting (IR), Corporate Social Responsibility (CSR) and Corporate Governance (CG) as proxies. Our study has adopted a holistic approach by combining dimensions of each factor in one variable. Design/ Methodological Approach The study data covers all FTSE 100 companies over five years; thereby generating 505 company-year observations for each variable of the study. Authors have collected the data from Economic, Social and Governance (ESG) reports filed with Thomson Reuters and International Integrated Reporting Council (IIRC). Findings Results indicate the practice of sustainability reporting in FTSE 100 companies both per variables and dimensions levels. It shows, for example, 89% of the companies reported on their charitable donations. The study also found that 79% of the FTSE 100 companies reported on their sustainability committees whilst 86% and 85% reported on their emission reduction and waste reduction policies respectively. Results show that the CSR impact is higher than CG regarding IR adoption. The Logistic Model manages to explain a high percentage of IR adoption while controlling for other misspecification issues such as multicollinearity. Practical implication The study highlights practice of substantiality reporting for pubic shareholding companies listed on FTSE 100 index along with interaction among proxies. These will be of interest to companies not only in the FTSE 100 Index but those outside as well. Companies can rely on these factors to strengthen their governance, social responsibility and reporting policies in consideration of all stakeholders and not just a few. We believe that we shed a quantitative explanation on IR adoption by CSR and CG factors, we expect an impact on practices following results of our study. Social Implication Results have indicated that at least 60% of companies in the FTSE 100 Index have imbedded social responsibility activities; such as charitable giving, waste reduction initiatives, emissions reduction policy and sustainability committees. Keywords: Sustainability Reporting, Integrated Reporting Adoption, Corporate Social Responsibility, Corporate Governance.