17 functions that don't normally work together, and the ability to identify the best practices of each department. Also, having a sense of humility was important so as to not impose our own processes and procedures, but rather bring practical examples of how the financial reporting system works so that it can be applied to the processes behind non-financial reporting as well. What is the next step? Improving further data accuracy is crucial. Financial statements are currently certified as “reasonable assurance” by an auditor. Nonfinancial disclosure reports receive a “limited assurance” opinion from our auditor Ernst and Young which is a lower level of assurance due to the nature of the data itself. The real added value of the Integrated Report is not only about the transparency and amount of data, but also the reliability that we give to this data. Regarding our stakeholders, our crucial goal is to achieve trust, which you build on the basis of a reporting system that is secure, reliable and consistent over time. The Integrated Report addresses all stakeholders, creating a strategic element of improved transparency. There was an exchange of expertise. Obviously, our colleagues who collect non-financial data had less-established procedures than those in finance, because they have been doing it since ESG reporting began in 2014. But overall, we are talking about two worlds where one learns from the other. ESG targets are often medium to long-term targets (e.g. CO2 emissions reduction targets) to 2030 or 2050. Finance, on the other hand, operates on a quarterly or annual timespan, or five years at the most. The challenge of working on the Integrated Report was to reconcile these two mindsets. The advantage was to lengthen (expand?) the strategic vision of management, allowing it to better consider the risks and opportunities that come from all these sustainability issues. What were some of your personal “lessons learned”? Firstly, I now have a better understanding of the technicalities of using GRI reporting standards and the strategic importance of ESG goals. This required collaborating with departments outside of our own and finding a common way of working. Personally, I believe that the future of the finance profession will increasingly involve the integration of financial and non-financial data. What was the most difficult part? The most difficult part was to find a common way of working between AN EXCHANGE OF EXPERTISE The Integrated Report is a powerful tool to link the organization's ESG and financial strategies. ESG and finance have different time horizons. Our aim in the near future is to achieve a “reasonable assurance” opinion for the ESG part as well. This is not mandatory yet. However, some “best performers” are already undertaking this path by aiming to achieve a higher level of audit assurance on selected KPIs. INSIGHT | Focus On
RkJQdWJsaXNoZXIy Mzc4NjU=