The result: Since 2007, the company has reduced its own electricity consumption by 17%.
"That means we can sell that power back into the market," she says.
Broader Acceptance
In January, the Johannesburg Stock Exchange became the first stock exchange in the world to mandate integrated reporting. And the movement for integrated reporting continues to gather momentum. The IIRC has committed to developing an international framework for reporting, and its working group last month released a discussion paper for public comment, available at its website (http://www.theiirc.org). It has also invited companies to participate in a pilot program, and Microsoft and Prudential are among the first out of the gate.
"It's important for companies to develop sustainably over the long term," says Eccles from Harvard. "It's a giant collective problem, and it's global scale. To solve it, it requires standards-setters, companies, investors, analysts, and accounting firms.
"And if it all gets done," he continues, "this will be as important a social convention as required accounting standards and reporting."
A former investment banker and veteran financial reporter, Ellie Winninghoff is a writer and consultant. Her work about responsible and impact investing can be found at: www.DoGoodCapitalist.com. She can be contacted at: Ellie.Winninghoff [at] gmail.com.