“In order to assess the magnitude of the corporate community’s concerns about the complexity, cost, and litigation risk of integrated reporting, we decided to see how hard it would be to construct an integrated report for a well-known company. We chose ExxonMobil since we were already familiar with the company’s reporting practices in a study “Why Companies Should Report Financial Risks From Climate Change” we did of 15 large oil & gas companies through the lens of the Task Force on Climate-related Financial Disclosures (TCFD). . . .
“The fact that the company could prepare a better integrated report for itself than we did is no big surprise. Of greater significance is that, done properly, integrated reporting would be a way of fostering integrated thinking in the company, with all of the benefits this entails. By “done properly,” I meant that the report is a reflection of how the company is being managed, rather than a bolt-on exercise at the end of the year which is still too common with most companies’ integrated reports.”