Please enable JavaScript.
Coggle requires JavaScript to display documents.
Category 2: Strategy, Performance & Reporting - Coggle Diagram
Category 2: Strategy, Performance & Reporting
Principle 4. The governing body should appreciate that the organisation's core purpose, its risks and opportunities, strategies, business model, performance and sustainable developmet are all inseparable elements of the value creation process.
-
- The GB must approve policies and operational plans developed by management in order to implement the strategy as per 2 and 3 above, and these must include key performance measures and targets for assessing achievement
-
5. The GB should delegate the repsonsibility for implementing these policies and operational plans to management
-
- The short, medium and long term strategy (in 2 above) must be approved by the GB. In approving, the GB must consider whether it addresses:
a. The timelines for short, medium and long term
b. The risks and opportunities and other significant matters that relate to the triple context that the organisation operates in (meaning economy, society and environment)
c. How much the proposed strategy depends on resources and relationships in the various froms of capital that it uses (refer to the definition of the 6 sources of capitals in the beginning of the notes)
d. The real and reasonable needs, interests and expectations of material stakeholders
-
-
Key words
GB must approve the strategies and ensure that they take into account the triple context, the forms of capital and the needs, interests and expectations of material stakeholders, as all are connected and inter-related
6. The GB should oversee the implementation of the strategy and operational plans by management and check management's actions against agreed performance measures
-
2. The GB should delegate the forumulation and development of the short, medium and long-term strategy to management
Key words
Delegate strategy formulation to management for short, medium and long term strategy
7. The GB should oversee that the organisation continually assesses whether it's actions/outputs have any negative impact on the triple context and forms of capital, and if so, that it responds to that in a responsible way
Key words
GB must be aware of possible negative impact of strategy or performance on triple context and forms of capital
1. The GB should take responsibility for the organisation's performance by steering and setting the direction for the achievement of it's core purpose and values through its strategy
-
-
Principle 5. The GB should esnsure that reports issued by the organisation enable stakeholders to make informed assessments of the organisation's performance, and it's short, medium and long-term prospects
-
4. The GB must oversee that at least one integrated report is issued annually, which is either:
a. a report on its own (stand-alone) which connects the more detailed information in other reports in an easy way at a high-level that significantly affect the organisation's ability to create value
b. Included in another report but clearly identified, easy to find and it must stand out in the other report. The other report would be one that must be issued (eg AFS)
Key words
Integrated report to be published at least annually, either as a stand-alone report or included in another statutory report
3. The GB should oversee that reports that are required to comply with legal requirements or information needs of stakeholders are issued. Examples of these would be AFS, sustainability reports, social and ethics committee reports, other on-line or printed reports
-
5. The GB must approve the materiality level that management proposed in deciding which information should be included in reports (what
makes something material enough to report on)
-
2. The GB should consider approve the reporting frameworks as put forward by management, considering reporting standards, legal requirements, intended audience and purpose of the reports
-
6. The GB must ensure the integrity of external reports (NB this relates to assurance of external reports - audit related assurance)
-
1. The GB should take responsibility for the organisation's reporting by setting the direction for how is should be approached and conducted.
-
- The GB should ensure that the following information is published on the organisation's website:
-
-
-
Key words
GB to publish reports on the website - corp gov report, integrated report and AFS (at least)