Generation Y influencing the way companies report performance
TORONTO - Across the world, the members of Generation Y are contributing to significant change in the way companies evaluate and report their performance, says ACCA, the Association of Chartered Certified Accountants.
"Non-financial reporting is becoming increasingly important," says Stephen Shields, ACCA's Director of Global Employer Relationships, based in Dubai, United Arab Emirates. "Generation Y is one of many stakeholder groups that expect more transparency from companies' corporate performance, including how they measure up in areas such as the environment, sustainability, social performance and human rights."
Shields, who leads ACCA's global employer relationships across the world, observes that "there's a growing need for companies to demonstrate successful performance beyond just financial measures. Generation Y wants to know that companies are operating fairly and ethically, internally and externally - ranging from employee satisfaction to impact on shareholders."
The demand for disclosure has led to a rapidly growing interest in "integrated reporting," a framework that includes not only the reporting of financial results but of an organization's performance in non-financial areas.
"The days of the traditional annual report," says Shields, "are quickly coming to an end."