The biggest casualties of the global financial crisis have been trust and confidence. Both private companies and public institutions now attract much greater scrutiny. They’re expected to explain their business practices, disclose key relationships, justify their remuneration models, discuss their succession plans and make a wider contribution to society.
It’s not just investors they have to satisfy. They also have to answer to regulators and the general public. And, as many organisations move into new markets, they’re engaging with a more diverse mix of stakeholders, each wanting different kinds of information.
The digital technologies are simultaneously transforming the way we communicate. People can see – and say – more about the organisations that serve them than ever before. New risks, including new forms of risk, are also emerging, and the regulatory burden is increasing. So the pressure to be transparent, accountable and socially responsible is greater than at any time in history.
Any organisation that wants to survive, let alone succeed, will have to embrace new regulations and technologies, manage new risks and prepare for the future with robust succession planning. That means many private companies and public institutions will need new governance models.
Top management will also have to assume more supervisory responsibilities, and simple compliance with the rules won’t be enough. The management team will have to communicate its governance policies, processes and organisational culture to all its stakeholders. It will also have to go beyond traditional reporting and address issues such as sustainability and tax contributions.
Transparent disclosure is the key to building trust and changing the way stakeholders and the external markets view your business. But transparency alone isn’t sufficient. Demonstrating good governance involves creating a true dialogue with stakeholders, not just communicating openly.
15 Jul 2015
A practical guide to implement integrated reporting, helping business to manage and report broader value drivers and enhance dialogue with investors.
10 Jul 2015
Read more about how FTAs can boost the development of FS markets within emerging economies in PwC report.
10 Jun 2015
Risk management is an enabler to growth. In our 2015 Risk in review survey, over 1,200 global business leaders shared how they assess and manage risk.
20 Mar 2015
In the current (and likely foreseeable) environment of rapidly shifting and often disruptive trends, enterprise resilience entails not only preparing for risk, but capitalizing on the opportunity that often accompanies it.
20 Mar 2015
PwC’s Women in Work Index – two steps forward, one step back
22 Jan 2015
Delivering the value of the audit: Everything you need to know about the new auditor's report
15 Dec 2014
PwC survey of IIRC Pilot Programme organisations' 2013/14 reports shows 5 key themes to focus on for improvements in integrated reporting.
15 Oct 2014
The treasury function is changing, raising some pressing questions about companies’ organisational structure, treasury reporting and systems, oversight and control.
21 Jul 2014
Understanding the needs and opinions of investment professionals is crucial if management teams are to prepare truly useful financial reports and accounts. PwC has conducted a series of surveys of investment professionals aimed at maximising the effectiveness of corporate reporting.
17 Jun 2014
It’s much harder to predict where new risks will come from. But we can help your business adapt and become risk resilient and risk ready.