How Can The Board Of Directors Improve And Confirm Accountability?

To create comprehensive and complete reports, you can use special applications for the company’s board. They help managers keep documentation, generate documents, so you can easily do all the work in one software.

Financial statements

Financial reporting remains a key element of the annual report. It contains objective and benchmarkable information that provides insight into a company’s performance, its ability to generate profits, and serves as a basis for assessing the quality of business management. And although it cannot provide a complete picture of its development prospects, it continues to play a central role in the assessment of the company by investors.

For some time now, reporters have expressed concern that the volume of disclosures is on the rise and that companies have to comply with a set of mandatory disclosure requirements, whether they are material or not. They ask to “offload” the financial statements, focusing mainly on the information that iy important for the company, which could give users an insight into its business, taking into account its unique specifics. Many users agree with this.

Risk reporting

Risk reporting provides an opportunity for a company to communicate what measures it is taking to mitigate the negative impact of key risks on shareholder value. And given how hard most companies work to manage their risk, it’s rather surprising that few of them provide information about the steps being taken in this area, beyond what is required by the regulator.

Companies need to rethink their approach to reporting on risk, focusing on the measures taken to protect shareholder value, rather than simply listing the most vulnerable aspects of the activity.

Performance reporting

Narrative reporting allows organizations to focus on those performance indicators that have the highest priority in terms of future business development and its long-term value. Companies should pay closer attention to the extent to which the indicators that they currently include in their financial statements are significant.

Integrated reporting

The concept of integrated reporting is an ambitious attempt to reorient the focus and content of corporate reporting to provide investors with a more complete picture of the formation of business value by expanding the scope of standard reporting, which reflects only financial indicators for past periods. Integrated reporting can be used to inform on all aspects of business performance, while the application of the concept of integrated reporting is especially relevant when preparing reports in the field of sustainable development.

This reporting scheme is of particular interest to companies and regulators who are trying to improve the quality of the narrative reporting in the annual report, as it ultimately improves the dialogue between the business sector and regulators. One of the distinguishing features of integrated reporting is that the information included in it is not limited by mandatory requirements, which often do not make it easier for the reader of reporting to understand the principles of creating business value, but vice versa.

Examples of programs for board

You can use the following software to prepare reports to shareholders:

  • BoardMaps.
  • iDeals.
  • Boardvantage.
  • iBabs’.

The site provides reviews and comparisons of different programs for senior managers.