Cbus releases 2019 Annual Integrated Report, calls for public companies to adopt comprehensive reporting
Cbus Super, Australia's leading building and construction industry super fund, has called for a shift in corporate transparency as it releases its comprehensive 2019 Annual Integrated Report.
The Integrated Reporting <IR> framework provides a robust assessment of how an organisation’s strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term.
Cbus Super CEO David Atkin said reporting under the <IR> framework allowed the fund and its stakeholders to track performance against strategy and show a clear picture of value created by the fund.
"Our Integrated Report is a comprehensive and valuable resource for everyone who comes into contact with out fund," Mr Atkin said.
"I’m advised that Cbus is the third firm globally, and first in Australia, to obtain limited assurance over its full Integrated Report. This assurance provides confidence for members that the report is both accurate and has been prepared in accordance with <IR> framework.
"Our members, trustee directors and Cbus staff can have confidence that this report is a clear and comprehensive look at the funds performance, strategy and operations."
Cbus CIO Kristian Fok said investors would benefit from the widespread adoption of robust reporting frameworks like <IR>.
"Corporate reporting should demonstrate how a firm is creating value and what are the risks to value creation," Mr Fok said.
"Too often annual reports serve a PR purpose without telling investors anything meaningful about a company's strategy.
"As long term investors any insight we can glean about governance, risk and long term strategy creates real value for our members."
Cbus' Annual Integrated Report is available on the website.
The 2019 report is Cbus' fifth report in accordance with the <IR> framework. Assurance was conducted on the report by KPMG.
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