1.

Introduction
To foster the appraisement of corporate success grounded on organisations ability to create sustainable
value in contrast to the traditional economic notion of profit maximization the idea of Integrated
Reporting (IR) has been preface.
Since to generate sustainable value a corporation must necessitate to have sustainable strategies which
in turn create a sustainable society. Integrated Reporting ensures how effectively a company
implements a sustainable strategy and form discipline to assure sustainability and accountability to its
stakeholders and betterment for the society as well as for it's surroundings where it operates. The
development of integrated reporting is designed to enhance and consolidate existing reporting practice
to move towards a reporting framework that could supply information require to assess organisations
value.

 Integrated Report (IR) basically interpret how a corporation's strategies, it’s governance
systems, overall performance and expectations lead to the creation of value which can be
upheld in short, medium and long term. It encourages integrated thinking as a integral part of
corporate success. Stakeholders now value information on forward-looking sustainably of a
corporation as much as they value historical financial information. Using annual report content
analysis the findings show that the companies have lately started disclosing non-financial
information regarding environment, society, governance along with financial figures. But it is
still prominent that they are still providing these information in disconnected strands and as a
part of Corporate Governance or CSR disclosures instead of linking these to financial
information and providing it as an integrated report.
To keep with the increased interest and pressure to focus on sustainability and for businesses to fulfil
their obligations under the ethic of accountability, corporates must provide relevant, timely and
understandable information about their activities With that view in mind, this research is aimed at
analysing the annual reports of the selected multinational companies of Bangladesh to see if they
are providing sufficient material non-financial (ESG) information along with the financial one in an
integrated form.

1.1 Background of Integrated Reporting:

In modern times organizations experience a growing pressure exercised by various types of
stakeholders because of the increased public concern regarding environment and social issues.
Hence, companies try to disclose information regarding the company in a way which might pacify the
growing concern regarding the wellbeing of the society and environment and could assure it’s solid
development.
The challenge here is not to grow the amount of information provided inside the annual reports,
but to increase their relevance through new, comprehensive and condensed reporting practices
which combine and interconnect financial and non-financial data. Accordingly, the concept of
integrated reporting was developed and introduced. August 2010 marked a turning point in
corporate reporting. That was when the International Integrated Reporting Council (IIRC) was
officially launched to create a globally accepted framework for accounting for sustainability.
According to the Global Reporting Initiative (GRI), approximately 160 companies that use its G3
Guidelines for sustainability reporting issued an integrated report in 2010 . No formal guidance
in about integrated re- porting existed until the IIRC published The International <IR> Framework
in December 2013. The <IR> Framework notes the information and transformation functions of
integrated reporting. It says that the IR promotes a more convincing and efficient approach to
corporate reporting and aims to improve the quality of information available to providers of
financial capital to enable a more efficient and productive allocation of capital [4].
The <IR> Framework recognizes the importance of looking at financial and sustainability performance
in an integrated way—one that emphasizes the relationship between what it identifies as the “six”
capitals—
 Financial Capital
 Manufactured Capital
 Natural Capital
 Human Capital
 Intellectual Capital and
 Social Relationship Capital
Over the three different time horizons [5]. A company publishing integrated reports must seek to
explain how the organization interacts with the external environment and the capitals to create value
over the short, medium and long term.
A company publishing an integrated report must follow the guiding principles and content
elements, as provided by IIRC <IR> Framework, while preparing their company annual reports.
The IIRC states that, integrated reporting brings together the material information about an
organization’s strategy, governance, performance and prospects, reflects the commercial, social
and environmental.
1.1(A)The International Integrated Reporting Framework:
The IRF is a voluntary principle-based framework consisting of three core sections. It introduces the
concepts that underpins the Framework, the guiding principles that inform the preparation of an
integrated report, and the content elements that specifies categories of information that are to be
included in the disclosure.
The IIRC (2013a) describes an integrated report as a concise and forward-looking communication that
details how an organization’s strategy, governance, performance, and prospects lead to value creation
in the short, medium, and long-term.
The IRF provides seven guiding principles and eight content elements. Integrated report should:
 be strategic-focused and future-orientated,
 connect information to reflect a holistic view of how organizations create value over time,
 provide insight into stakeholder relationships,
 Contain material information,
 be concise,
 be reliable and complete by including all material matters in a balanced and unbiased way, and
 be consistent and comparable.
 The report needs to cover:
 an overview of the organization and its external environment,
 governance structure,
 business model,
 risks and opportunities,
 strategy and resource allocation,
 performance,
 outlook, and
 basis of presentation on how matters are quantified or evaluated.
1.1(B)Integrated reporting aims to:
 Improve the quality of information available toproviders of financial capital to enable a more efficient and productive
allocation of capital
 Promote a more cohesive and efficient approach to corporate reporting that draws ondifferent reporting strands and
communicatesthe full range of factors that materially affect the ability of an organization to create value over time
 By Enhance accountability and stewardship for the broad base of capitals (financial, manufactured, intellectual,
human, social and relationship, and natural) and promoteunderstanding of their interdependencies
 Support integrated thinking, decision-making and actions that focus on the creation of valueover the short, medium
and long term.

1.2 Integrated Reporting in Bangladesh:

Stakeholders now value information on forward-looking sustainability of a company as much as
they value its historical financial information. With this view in mind, companies of Bangladesh
have lately started following the Integrated Reporting Framework in preparing their annual
reports that incorporate both the financial and non-financial information about the company in
a structured manner. As the custodian of corporate reporting in the country, the Institute of
Chartered Accountants of Bangladesh (ICAB) is now moving in strides and has positioned itself
formidably to develop awareness and promote the application of Integrated Reporting in the
financial and corporate sectors of Bangladesh. It is now organizing Annual Best Published
Reports and Corporate Governance Awards. All these are creating an environment where
Integrated Reporting is becoming a way to make profit by taking care of people and planet.
In Bangladesh, Integrated Reporting is not mandatory but keeping in mind the growing needs of
the users of information, the providers of information have started providing various ESG
information on performance and accomplishments in the areas of product safety, quality and
integrity, marketing and innovation, community support, workplace rights and protecting the
environment
To keep with the increased interest and pressure to focus on sustainability and for businesses to fulfil
their obligations under the ethic of accountability, corporates must provide relevant, timely and
understandable information about their activities. With that view in mind, this thesis is aimed at
analysing the annual reports of the selected multinational companies of Bangladesh to see if they
are providing sufficient material non-financial (ESG) information along with the financial one in an
integrated form.
1.2(A) Starting Block of Integrated Report in Bangladesh:
As mentioned before preparation of IR is not a must in Bangladesh but rather a voluntary act. Because
of growing public concern regarding environmental and social issues organizations have to be more
careful over how to function their companies which will ensure betterment of the society as well as
the corporation.

To materialize that goal they started to disclose information regarding corporate responsibility and
sustainability. But the absence of globally accepted integrated reporting framework made it kind of
difficult to rationalize what information should be included and what should be excluded.
Moreover, there is no internationally accepted set of standards for measuring and reporting non-
financial information. So it becomes somehow difficult to depict whether it is following integrated
reporting rules.
That’s why on August 2010, considered as one of the revolutionary point in corporate reporting.
Because that was when International Integrated Reporting Council (IIRC) was officially commenced
to start a globally accepted reporting framework for integrated reporting to create and sustain value. In
December 2013, IIRC published the international reporting framework. The framework consists of the
information and transformation function of integrated reporting.
Bangladesh experience the emergence of IR when some bank listed in the Dhaka Stock Exchange
(DSE) applied the IR framework in 2013. The momentum accelerated in 2015 the Institute of Chartered
Accountant of Bangladesh, the accounting and auditing standards setting body, circulated a disclosure
checklist following the International Integrated Reporting Framework ( IIRF). Interestingly, one year
later IIRC announced that, the annual report of 2016 published by Bangladesh based leasing
company IDLC Finance Ltd. Won the title of ' Best Integrated Report’ in Asia in financial
services category. Since then IR concept has gained massive attention among the manufacturing
companies listed in the DSE, and many of these companies voluntarily publishing annual integrated
report.

1.2(B) Organizations in Bangladesh which are keeping up with the integrated reporting
framework:
In Banking Sector (private) category:

 Shahjalal Islami Bank Ltd

 Brac Bank Ltd
 Asia Bank Ltd
 Mutual Trust Bank Ltd

Financial Services Category:

 IDLC Finance Ltd
 Bangladesh Finance Ltd
 Delta Brac Housing Finance Corporation
Fuel and Power Category:

 Summit Power Limited

Public Sector Category:

 Investment Corporation of Bangladesh (ICB)
 Infrastructure Development Co. Ltd (IDCOL)

Non-governmental Organisation Category:

 Sajida Foundation
 Gashful
 Community Development Centre

Service Sector Category:

 Unique Hotel and Resorts
 Category of Agriculture:
 Golden Harvest Agro Industries Ltd

Insurance Category:

 Reliance Insurance
 Prime Insurance
 Eastland Insurance

Diversified Holdings Category:

 ACI Limited

Communication and IT Service Category:

 Grameenphone Limited
Manufacturing Category:
 British American Tobacco Bangladesh
 RAK Ceramics Bangladesh
 Reckitt Benckisser Bangladesh

1.3 Objective of the Study:

To create and sustain value, it has become imperative for the companies to disclose environmental,
social and governance information to the stakeholders. Keeping this in mind, the companies have
started communicating such non-financial in- formation in their annual reports alongside the
financial information.
The broad objective of the study is:
To find out how much material non-financial information the selected multi- national
companies are providing and to what degree it is adhering to the Integrated Reporting
Framework as provided by IIRC.
While meeting this broad objective, the specific objectives that the research attains are:
 Finding out whether the companies have improved the quality of information available to
providers of financial capital.
 Seeing if the companies have promoted a more cohesive and efficient approach to corporate
reporting.
 Coming across whether the companies are supporting integrated thinking, decision
making and actions.
 The study aims at finding and discussing:
 Are the selected companies following the Integrated Reporting Framework? If the answer is
“Yes”?
 How are the companies developing and implementing their IR model?
 How are the companies applying the Guiding Principles?
 How are the organizations linking their core business activities to environ- mental, social
and governance issues?
 If the answer to the first question turns out to be a “No”, then:
 Are the companies disclosing any material non-financial information?
 Are the companies succeeding in understanding their impact on all the six capitals?
 Which non-financial information are the companies reporting?
 How are they connecting the different strands of reporting?
The aim of the study is to explore the magnitude of the introduction of integrated reporting on
social, environmental and ethical aspects within the annual reports of the selected multinational
companies to assess the extent of any increase in the quantity of reporting, as well as to provide a
qualitative overview of adherence to the IR Framework since the introduction of such reporting
practice.
1.3 Conclusion of Chapter (1):
When traditional annual report focuses only on the financial perspective of an organisation to
determine it’s value or to decide how it’s performing in the market place. Integrated report also
emphasizes on the factors such as: Human health, societal conditions, environment, political
durability, products safety, integrity ,employees morale, competition, brand recognition, good
will etc. to provide clear and concise representation of how an organisation demonstrates
stewardship and how it creates value now and in the future. Integrated report combines the most
material elements of information reported in separate reporting strands including financial,
management commentary, governance and remuneration and stability, in a coherent whole and
importantly, shows the connectivity between them.

2.Literature Review:
The development of Integrated Reporting is designed to enhance and consolidate existing
reporting practices, to move towards a reporting framework that provides the information needed
to assess organizational value in the 21 st century. Today’s organizations experience a growing
pressure exercised by various types of stakeholders because of the increased public concern
regarding environment and social issues.
The main challenge is not to simply increase the amount of information provided inside the annual
reports, but to increase their relevance through new, comprehensive and condensed reporting
practices which combine and interconnect financial and non-financial data.

August 2010 marked a turning point in corporate reporting. That was when the International
Integrated Reporting Council (IIRC) was officially launched to create a globally accepted
framework for accounting for sustainability. According to the Global Reporting Initiative (GRI),
approximately 160 companies that use its G3 Guidelines for sustainability reporting issued an
integrated report in 2010.

In Bangladesh, Integrated Reporting is not mandatory but keeping in mind the growing needs of
the users of information, the providers of information have started providing various ESG
information on performance and ac- accomplishments in the areas of product safety, quality and
integrity, marketing and innovation, community support, workplace rights and protecting the
environment. In short, annual reports now contain a company’s strategic focus including business
model, KPIs, approach to sustainability and risk and governance information along with the
financial information.
The IIRC emphasizes that a sustainable planet and a stable economy require sustainable businesses
that support broader societal interests by undertaking long term, as well as short and medium-
term value creation within planetary limits and societal expectations . No formal guidance about
integrated re- porting existed until the IIRC published The International <IR> Framework in
December 2013.

The <IR> Framework notes the information and transformation functions of integrated reporting.
It says that the IR promotes a more cohesive and efficient approach to corporate reporting and aims
to improve the quality of information available to providers of financial capital to enable a more
efficient and productive allocation of capital.

The <IR> Framework recognizes the importance of looking at financial and sustainability performance
in an integrated way—one that emphasizes the relationship between what it identifies as the “six”
capitals—financial, manufactured, natural, human, intellectual and social & relationship and corporate
performance over the three different time horizons. A company publishing integrated reports must
seek to explain how the organization interacts with the external environment and the capitals to
create value over the short, medium and long term.

A company publishing an integrated report must follow the guiding principles and content
elements, as provided by IIRC <IR> Framework, while preparing their company annual reports.
The IIRC states that, integrated reporting brings together the material information about an
organization’s strategy, governance, performance and prospects, reflects the commercial, social
and environmental context within which operates.

To keep with the increased interest and pressure to focus on sustainability and for businesses to fulfil
their obligations under the ethic of accountability, corporate must provide relevant, timely and
understandable information about their perspective
Studies regarding the challenges of adopting <IR> and exercising <IR> practices have reflected
prime concerns to focus and improve. There is the significant increase in the corporate disclosure
practice following the adoption of <IR> practice). Corporate disclosure and forward-looking
information are mostly qualitative in nature rather than quantitative). A case study of <IR> regarding
financial and non-financial reporting trends for ASX 50 listed companies found empirical evidence
for integration of non-financial information among annual reports, sustainability reports,
shareholders briefings and websites. The absence of ubiquitous standards and assurance
methodologies, poor comprehension of the link between financial and non-financial performance
and deficiency of adequate regulations for preparation and presentation are main drawbacks or
challenges.
Some studies have been performed to apprehend the usages of <IR>from the user perspective.
Demonstrated that integrated reports were taken as additional disclosures and these reports were
taken or used as the main source of information by the very limited number of providers of financial
capital. Many studies have addressed the needs of <IR>. Asserted that the benefits of this reporting
exceed its costs.
Though there are the significant amount of studies of <IR> in the world, from the Bangladesh
perspective to the best of our knowledge there is no significant study of <IR>. Again, asserted there
is little research examining the <IR> practice. Moreover, there is the scarcity of longitudinal
studies to demonstrate the implications of <IR> on corporate reporting practice.

3. Theoretical Perspectives:
There is no unique theoretical foundation for <IR> but many theories can bolster <IR> in their
own distinctive approach. But
 Stakeholder theory, and
 Institutional theory can delineate the reasons behind the adoption of <IR>.
Stakeholder Theory: As of Stakeholder theory, companies are not only liable to their owners or
shareholders but also accountable to the stakeholders who have specific interests in the companies.
Companies, whose primary motive is to earn the profit for the shareholders, are required to perform
the social responsibility of meeting the legitimate interests and needs of different parties
(Stakeholders). The practices of voluntary disclosures by the companies to sustain the positive
relationship with the stakeholders and to gain support for its strategy demonstrates stakeholder
theory Stakeholder theory describes that social reporting by companies is a reflection of
accountability of the companies to all the stakeholders- employees, suppliers, regulators,
governments, customers and society at large. <IR> benefits all stakeholders including creditors,
suppliers, employees, customers, regulators, policy makers which is the cornerstone of the
Stakeholder theory
Institutional Theory: In accordance with Institutional theory, organizations become influenced by
its surroundings financial, political, educational, cultural, economic institution and get pressurized
by these institutions to follow the institutional practices. identified ownership structure, the value
system of the country, laws regarding investor protection and the level of national corporate
responsibility as potential determinants of <IR>. It has been observed that company practices <IR>
more in countries with strong investor laws. Companies in an industry of dispersed ownership are
more likely to practice <IR>. If companies originated from a country which values self-expression,
then companies are more likely to produce integrated reporting. High level of national corporate
responsibility implies a comprehensive system of different institutions where <IR> practices are
emphasized
A universally accepted set of standards for Integrated Reporting is yet to come into practice. In
April 2013, the IIRC released the “Consultation Draft of the International IR Framework: Integrated
Reporting”. The framework is de- signed to establish expectations for organizations (mainly
corporations) to re- port important information to their stakeholders.
The fundamental concepts underlying Integrated Reporting are that an integrated report aims to
provide insight about the resources and relationships used and affected by an organization these are
collectively referred to as “the capitals” in the framework. It also seeks to explain how the
organization interacts with the external environment and the capitals to create value over the short,
medium and long term.
The IIRC Framework does not set a template for the format of an integrated report, but sets eight
content elements that are fundamentally linked to each other and are not mutually exclusive which
include Organizational Over- view & External Environment, Governance, Business Model, Risks &
Opportunities, Strategy & Resource Allocation, Performance, Outlook and Basis of Presentation.

4. Methodology:
The study area of this thesis deals with multinational sector of Bangladesh which includes both
financial (Banking) and non-financial institutions listed under Dhaka Stock Exchange (DSE). The
study uses annual report content analysis and disclosure index techniques to find out the integrated
reporting practices by the multinational companies of Bangladesh. Scholars and academics use
content analysis technique in corporate disclosure studies environmental data or while doing
sustainability research For doing content analysis, we used the annual reports of the selected multi-
national companies from the Dhaka Stock Exchange (DSE).

Most of the banks in Bangladesh present their sustainability report and integrated report separately
in their annual report. Also, some banks just report sustainability report only. For this reason, the
data are analyzed initially on the basis of sustainability and then integrated reporting.
Here data are mainly collected from annual report from twenty listed banks in Bangladesh from
2012 to 2017. Total 10 banks (out of 59) were selected randomly listed in Dhaka Stock Exchange.
This study considers the guidelines issued by the ICAB in the form of ‘Integrated Reporting
Checklist.

This included discussions on how risk assessments should be framed, the type of procedures
performed and the nature of any non-financial information given on an integrated report. At first, we
traced the sustainability reporting indexes under Global Reporting Initiative (GRI) guidelines and
then integrated reporting checklist under IIRC to verify whether they comply the guidance or not.
The concept of integrated reporting is elementary. Generally Bangladeshi companies are adopting
this because of their tendency to be transparent to all of the stakeholders and their desire to
legitimate their operations. The first integrated report has been produced in 2015 in Bangladesh
following the issue of an integrated reporting checklist by ICAB taking into account the content
elements suggested in the IR framework. Since banks are presenting their information in the form
of integrated reporting and sustainability reporting separately. The focus of this research is to find
out the reporting environment in banks in the form of sustainability reporting first and then
integrated reporting later.

And for Non-Financial institutions this thesis focuses on the sampled listed multinationals of
Bangladesh as their annual reports are publicly available. Companies might provide ESG in-
formation in somewhere else other than their annual reports like in sustainability reports, company
Brochures and Websites. But as Integrated Reporting demands the inclusion of such non-financial
information into the annual reports by linking it with the financial information, so only the annual
reports of the selected companies have been analyzed to find out how much of the integrated
reporting practices they are adhering to.
(1): GRI Guideline for Sustainability Reporting
Category Eco Environ
nom mental
ic
Aspects  Economic performance  Materials
 Market  Energy
presence
 Indirect economic aspects  Water
 Procurements practices  Biodiversity
 Emissions
 Effluents and
waste
 Products and services
 Compliance
 Supplier environmental assessment
 Environmental mechanisms
Category S
o
c
i
a
l
Subcategor Labor practice Human Rights Society Product
ies and Decent Responsib
work ility
Aspects  Employment  Investment  Local  Customer
communities health and
safety
 Labor  Nondiscrimination  Anticorruption  Product
managem and service
ent leveling
relation
 Occupational  Freedom of  Public policy  Market
health and association and communicat
safety collective ions
bargaining
 Training  Child labor  Anticompet  Customer
and itive privacy
 educatio behavior
n
 Diversity and  Forced or  Compliance  Compliance
equal compulsory
opportunity labor
 Equal  Security practices  Supplier
remuneration assessment
for men and for impacts
women in society
 Supplier  Indigenous rights
assessment
for labor and
practice
 Labor  Assessment
practice
Grievance
mechanis
m
 Supplier human
rights assessment
 Human rights
Grievance
mechanism

Sustainability reporting is a method of reporting as regards to economic, environmental and social

performance of an organization. Each of the bank has to publish the reporting following the
international standard of Global Reporting Initiative (GRI), but none except a few are abide by the
rules. A survey of Bangladesh Institute of Bank Management (BIBM) disclosed the information at a
seminar on “Sustainability Reporting Practice in Bangladeshi Banks” in 2017 The BIBM survey
revealed that among 56 scheduled banks, only three – Bank Asia, Prime Bank and Mutual Trust Bank–
published the sustainability report independently following the guidelines of GRI.
 For Non-Financial institutions:
And for Non-Financial institutions this thesis focuses on the sampled listed multinationals of
Bangladesh as their annual reports are publicly available. Companies might provide ESG in-
formation in somewhere else other than their annual reports like in sustainability reports, company
Brochures and Websites. But as Integrated Reporting demands the inclusion of such non-financial
information into the annual reports by linking it with the financial information, so only the annual
reports of the selected companies have been analyzed to find out how much of the integrated
reporting practices they are adhering to. There are several techniques available to do content
analysis of annual report disclosures, the most commonly being used include word counts ,
sentence counts page proportion, frequency of disclosure, and high/low disclosure ratings .
To find out the degree of integrated reporting practice by the selected multi- national companies we
used the “frequency of disclosure” as the unit of analysis. This particularly focused on the presence
or absence of disclosures as required by the integrated reporting framework. If a company disclosed
particular re- porting information it was assigned a score of 1, otherwise 0.
Organisations which annual report would be analysed for this thesis purpose are:
In banking sector:
 Brac Bank Ltd
 Asia Bank Ltd
 Mutual Trust Bank Ltd
 Jamuna Bank
 Prime Bank Ltd
 Standard Charted Bank Ltd
 Dutch Bangla Bank Ltd
 Islami Bank Bangladesh Ltd
 Southeast Bank Ltd
 AB Bank Ltd
Non-Financial Institutions:
 IDLC Finance Ltd
 Bangladesh Finance and Investment Company Ltd
 Delta Brac Housing Finance Corporation
 Lanka Bangla Finance Corporation
 Bay Leasing and Investment Limited

Table (2): Integrated Reporting Contents (IIRC Guideline)

Content elements
A. Organizational overview and
external environment
B. Governance
Items of the content elements
 Mission and vision
 Culture, ethics and values
 Ownership and operating structure
 Principal activities and markets
 Competitive landscape and market positioning
 Position within the value chain
 Key quantitative information
 Legitimate needs and interests of key stakeholders
 Macro and micro economic conditions
 Market forces
 The speed and effect of technological change
 Environmental challenges
 The legislative and regulatory environment
 The political environment
 Leadership structure
 Strategic decision making and culture establishing &
monitoring process
 Particular actions of governance for risk management
 Reflection of culture, ethics and values on the capitals
 Whether governance practices exceed legal requirements
 Responsibility for promoting and enabling innovation
 The link of remuneration and incentives with value creation
 C. Business model  Inputs
 Business activities
 Outputs
 Outcomes
 Identification of key stakeholders and other dependencies
D. Risk and opportunities  Specific sources of risks and opportunities
 Assessment of risks and opportunities
 Specific steps taken for risks and opportunities
E. Strategy and resource allocation  Short, medium and long term strategic objectives
 Strategies to achieve those objectives
 Resource allocation plan
 Way of measuring achievements and target outcomes
 The linkage between strategy and resource allocation
plansand other content elements
 Role of Innovation
 Developing and exploiting intellectual capital
 Features and findings of stakeholder engagement
used instrategy and resource allocation
F. Performance  Quantitative indicators about targets and risks and
opportunities
 State of key stakeholders relationships
 Linkage between past and current performance
 KPIs that combine financial measures with other
components
 Significant effect of regulations on performance
G. Outlook  Challenges and uncertainties regarding pursuing
itsobjectives
 Potential respond to the critical challenges and
uncertainties
 Potential implications for its business model and future
performance
 Anticipated changes over time
 The potential effect of external environment, risks and
opportunities on the achievement of strategic objectives
H. Basis of preparation and  Organization’s materiality determination process
presentation  Description and determination of reporting boundary
 Significant frameworks and methods used to quantify or
evaluate material matters

5. Findings and Analysis:

So as we have discussed above IIRC guideline for integrated reporting and it’s content element non in
this part of the study we are going to personify how articulately the organizations (financial and non-
financial) of Bangladesh are keeping track with the prescribed guidelines, framework and set of
standards and which are the areas they are lacking behind
As most of the financial institutions (banks) in Bangladesh follow the Sustainability Reporting
Guideline by Global Reporting Initiative (GRI) so we will look out which banks are executing both
guidelines simultaneously and which are just debunking their non-financial information along with
traditional one as a part of Corporate Social Responsibility(CSR) more like they are doing it because
they have to because of people increasing concern about the betterment of nature and environment
rather than being intent about the lingering effect of wide range of factors that truly determine the
actual value of the organizations.

In this study we identified most of the banks started to disclose sustainability and integrated
reporting from the year 2012 to 2017. From 2012-2015, very few banks include that information
by incorporating in their annual report. Some banks separately disclosed sustainability and
integrated reports in the annual report section, while others just disclose sustainability report.
Corporate reporting has a significant and material effect on related parties, stakeholders and
creditors. Some banks separately disclosed the sustainability and integrated reports. We chalked out
the following reporting practices in the selected banks during our study.

Financial Institutions Disclosure of Sustainability and Integrated Reporting:

Table (3): Disclosure of Sustainability and Integrated Reporting

Bank Name Sustainably Reporting Integrated Reporting

(Social, Economic, Environmental)
Brac Bank Summary of sustainability report, report
on going concern and CSR activities.
Bank Asia Separate sustainability report to
measure, disclose and be accountable to
internal and external stakeholders in
terms of governance, economic,
environmental and social aspects.
Mutual Trust Materiality, economic aspects, indirect
Bank economic aspects, energy, emission,
employment, local communities and CSR,
anti-corruption and customer charter.
Jamuna Bank Ltd The various aspects mentioned in the GRI
guidelines and sector specific guidelines
were evaluated and consider material
based on their significance to business
operations and to our stakeholders in
accordance with the Global Reporting
Guidelines.
Prime Bank Ltd Sustainability report, social responsibility
initiative, green banking, environmental
and social initiative.
Standard Sustainability reporting is embedded
Chartered Bank across annual reporting.
AB Bank Ltd Corporate Social Responsibility report.
Islami Bank Separately issue sustainability report.
Bangladesh Ltd
Scope, external assurance, responsibility
over the integrity of sustainability report.
Organizational overview, governance,
external environment, stakeholders
relationships, business model,
performances, risk opportunities and
internal control, outlook basis of
preparation, other qualitative
characteristics.
Not found (no information about
integrated reporting)
Separately report financial statements,
management commentary, governance
report, environmental and social impacts
and corporate communication.
Value added statements, and it’s
distribution, EVA and MVA statements.
No information about integrated
reporting.
No information about integrated
reporting.
Separately issue integrated report
(financial inclusion, tackling financial
crime, promoting sustainable finance,
employer of choice, protecting
environment)
 Dutch Bangla Measures taken by DBBL to maximize
Bank Ltd value for it’s stakeholders and to increase
it’s contribution in society and national
economy in a sustainable way.
Southeast Bank Sustainability appraisal only
Ltd
Not found any separate integrated
report.
Materiality, assurance approach, key
driver for value creation

This table- 4 shows that company-wise integrated reporting index indicates the level up disclosures of
the total possible items under all the eight content elements by each of the sample companies in each
year. Actually, this index demonstrates the trend of disclosing the items related to integrated reporting
by the sample companies over the time and answers the questions whether the companies are
eventually going towards the integrated reporting. From organizational overview and external
environment, there is a upward trend in disclosing those contents by most banking companies. All the
companies have reported ownership and operating Structure, principal activities and markets, key
quantitative information in their integrated or annual reports over all the selected years. Disclosures of
all the items under governance have been increased over the years. It is important to note that, for the
adoption of integrated reporting sample companies have started to report items i.e. reflection of culture,
ethics and values on the capital, responsibility for promoting and enabling innovation from 2015.
Outcomes and business activities are the two items under the business model which have been reported
by all the sample companies from 2014 to 2017. Disclosure of specific risks and opportunities by the
sample companies has been declined over the years. Among the reported companies, a tendency to
present risks in the annual reports has been found more robust than reporting specific opportunities to
them. Most of the reported companies have reported performance between past and current performance
in the Financial Highlights, Message from Chairman, Director’s Report, Managing Director’s review,
and supplementary information section of the annual reports. The total possible item of outlook
elements has been disclosed properly. And finally reporting of items related to the basis of preparation
and presentation has been increasing steadily. Some banks already consider those items from 2015 but
others on the basis of preparation and presentation have been reported in 2014 while in 2015 to 2017
the sample companies have disclosed most of these items respectively. This denotes that the companies
are heading toward reducing information asymmetry to a greater extent through adopting this which
elicits how the company will create value in short and long

Overall Findings about financial institutions according to the guidance of

Integrated Reporting:
Table (4): Overall Findings according to the 8 elements of IR Framework

Name of the Bank Overall Findings ( In accordance with the 8 content elements of IR)
Brac Bank Disclosed all the items in the integrated report. Also publish separate
sustainability report.
Summary They have published almost 90% of their sustainability and Integrated
Reporting related information in their annual report and considered as
outstanding.
Bank Asia Disclosed all the items in the integrated report. Also publish separate
sustainability report.
Summary Banks Asia presented almost 80% of their sustainability and Integrated
Reporting information in their annual report and considered as
outstanding
 Mutual Trust Bank They disclosed organizations overview, performances, governance,
Ltd outlook, risk opportunities but no information about business model ,
strategy and resources allocation
Summary They have presented integrated and sustainability report separately and
considered as good.
Jamuna Bank Ltd Disclosed organizations overview, governance, performance, external
environment basis for preparation but information about strategy,
resources allocation, risk opportunities.
Summary A good volume of information is disclosed in the annual report.
Prime Bank Ltd They disclosed some components of integrated reporting but
sustainability reporting information is not presented in detail
Summary Prime Bank satisfactorily present information in their annual report
Standard Chartered They disclosed basis of presentation and preparation , outlook,
Bank Ltd performance, business model but no separate sustainability report is
found.
Summary They have presented good volume of information about integrated
report
AB Bank Ltd There is no separate integrated reporting and sustainability reporting is
shown as a part of Corporate Social Responsibility
Summary Unsatisfactory
Islami Bank They disclosed almost all the elements of sustainability and Integrated
Bangladesh Ltd Reporting components
Summary Islami Bank disclosed almost 80% of integrated and sustainability
reporting in their annual report and considered as outstanding
Dutch Bangla Bank Disclosed organizational overview and external environment,
Ltd governance, risk and opportunities, and business model but they didn’t
disclose performance and outlook
Summary They have satisfactorily presented information about integrated and
sustainability reporting
Southeast Bank Ltd Disclosed organizational overview and external environment,
governance, business model, performance but risk and opportunities,
outlook, strategy and resources allocation information are missing
Summary Presented pretty good volume of information in their annual report

This study is motivated by a need to provide empirical evidence substantiating the claimed benefits
of IR, which is an emerging corporate disclosure approach that has been described by some as the
‘future of corporate reporting’ (IIRC). The significance of IR is evidenced by: the growing number of
companies voluntarily producing integrated reports; the convening of multiple influential parties
including investors under the global authority of the IIRC to provide guidance and impetus to IR; and
the increasing number of regulations around the world that pay attention to IR.
But here from this discussion above we can see that there are some banks which are giving their best
effort to prepare a well coordinated Integrated Report or sustainability report instead of the absence
of internationally accepted set of standards and framework with the vision of gaining positive image
from it’s stakeholders and also to make sure that any action of the corporation not causing any harm
to the basis of all life, environment and to the society where it belongs and operates it’s functions.
Non-financial Institutions Integrated Reporting Analysis:
The results and interpretations of this study, the present application of creation of IR in Non – Bank Financial
institutions is discussed by following tables and graphs.
SL. Non-financial Institutions 2020 2019 2018
No
01 IDLC Finance Ltd. 44 43 41
02 Lanka Bangla Finance 43 40 39
03 Uttara Finance and Investment Ltd. 26 27 26
04 Bay Leasing and Investment Ltd. 22 22 22
05 Bangladesh Finance and Investment Company Ltd. 38 35 34
06 Delta Brac Housing Finance Corporation 26 23 22
07 Phoenix Finance and Investment Ltd. 24 22 22
IRVCDI (Industry Average) 32 30 29
Percentage of Compliance 62.74 58.82 56.86
Source: Computation

Table :1 shows how that the overall disclosure pattern has been continuously increasing. The IRVCDI
mean score in 2018 was 56.86%, remained almost stable at 58.82%, in 2019 and sparked in 2020 by
reaching above the 62.74%. For (2020) we use the percentage of compliance to measure the trend of
disclosure. The reason for such a significant improvement within one year is attributable to the BSEC
Corporate Governance Code of 2018, which is mandatorily followed by all the listed companies from
December 31, 2019, and another reason might be the hunt for ICAB best presented annual report crown
that legitimizes the corporate sustainability image among the investors. The mean disclosure score in
the overall value creation disclosure of integrate reporting is approximately 60%, which implies that
still 40% of IIRC standards are not reflected in the annual reports analysed among the sample firms.
The status is presented below graphically:
Integrated Repoting Value Creation Disclosure Complied

65%

63%

61%

59%

57%
2020 2019 2018

Table 2. Content Elements Analysis of Value Creation Process of IR Framework

Sl. No. Content Elements of IR Value Creation IRVCDI Complied IRVCD Items Percentage of
Examined Compliance

01 Organizational Overview (OV) 50 63 79

02 External Environment (EE) 32 49 65
03 Governance (GOV) 24 42 57
04 Business Model (BM) 24 42 57
05 Risks & Opportunities (RO) 16 21 67
06 Strategy & Resource Allocation (SRA) 11 35 31
07 Performance (PEF) 17 21 81
08 Outlook (OL) 15 21 71
09 Basis of Preparation & Presentation 11 28 39
(BPP)
10 General Reporting Guideline (GPG) 16 35 47
Source: Computation

From table – 2, we see that the sample companies provided good volume of information on entity’s
Performance (PEF) and Organizational Overview (OV) as 81 percent and 79 percent respectively. The
reasons for this higher volume of disclosure disclosed are that, these types of value creation information
are mandatory by various other laws, rules and regulations in Bangladesh. But it is also observed that,
disclosure of Strategy & Resource Allocation (SRA) and Basis of Preparation & Presentation (BPP)
for value creation is very low which are only 31 percent and 39 percent respectively. And all these
disclosures of information relate to value creation are voluntary. Therefore, it can say that, most of the
Non – Bank Financial Institution are not willing to disclose voluntary disclosure. But these disclosures
are essential for creating value of the entity.
 The content wise disclosure practice in NBFI is presented graphically in below:

Content wise IRVCDI

85%

75%

65%

55%

45%

OV EE GOV BM RO SRA PEF OL BPP GPG

6.Discussion:
As we have already discussed about the different aspects of Integrated Reporting, it’s near similarly
and how it is different from sustainability report and about it’s preparation and presentation now it’s
time for us to focus on the principal report which is Annual Report.
So now we are going to dig up the key similarly and imparity between annual report and Integrated
report and which one is more profitable for the organizations.
A sustainable society requires its companies to have sustainable strategies. Integrated reporting is
an effective way of communicating how well a company is implementing a sustainable strategy
and forming a discipline to ensure that the company has a sustainable strategy at the first place.
Today’s organizations must assume their responsibility for the betterment of the environment and
society in which they operate through disclosing sustainability and corporate responsibility
information. As the time goes by people started to realize that there is a wide range of factors that
influence the actual value of the organizations.

But previously we assumed that the financial factors are the ultimate dictators of how well a company
functioning in the marketplace. But what about people, natural resources, environment, energy, market
competition, integrity, morale? They are also as important as any other financial elements of an
organization if not more.

So to find a platform which would not clash each other interest but would thoroughly represent all the
financial and non-financial items that affect an organization which indicates integrated report is a
narration of data which are tangible or financial in nature (like: cash, property, machinery) and value
generated from of intangible data such as : copyright, goodwill, patent, competition, natural resources,
the basis of all life.
Integrated Report also ponder over the lingering effect of the decisions organizations make by
considering all the wide range of factors which would be able to create and maintain sustainable value
for the organizations and for the society.

Some of the prime difference between Annual Report and Integrated Report are like:
 Annual Report is governed by International Accounting Standards Board (IASB) when
Integrated Report is promoted by IIRC
 Annual Report only discloses the financial aspect of a corporation by preparing and publishing
financial report but integrated report not only provides financial information but also improves
the quality of information available to users and enables proactiveness in organizational culture
around the world
 Annual Report is practiced by all industrialized jurisdiction with common reporting standards
and IR is increasingly being adopted worldwide by businesses.
 Integrated Report is concerned about the wellbeing of all relevant stakeholders when annual
report only works for the wealth maximization of it’s shareholders.
 Annual report is focused on only tangible information when IR aims to engage all relevant
information in the final statement
 The absence of globally accepted reporting framework made it kind of difficult to rationalize
which about the inclusion of information but there is GAAP (Globally Accepted Accounting
Framework) for financial reporting’s rules and standards.
 Because of growing public concern regarding environmental and social investment
corporations becoming more careful about how to operate their companies which in return
causing a higher demand for Integrated Reporting
 That’s why August 2010, considered as a revolutionary point in corporate reporting as that was
the time when IIRC decided to launch globally accepted reporting framework for Integrated
Reporting to create and sustain value. Then in December 2013, IIRC published the international
framework.

7. Conclusion:
The findings of this paper show that there is clearly room for improvement for the companies to
provide a more holistic picture of their company by incorporating essential non-financial
information in their annual reports along with the financial figures. The companies disclosing
more integrated items have a competitive advantage over others because stakeholders place a
greater faith in the performance and position over companies which choose to focus on gaining
customer loyalty by being careful towards it action to the society and by disclosing all the value creating
information

The aims of the study is to evaluate application of value creation and find out the area at where sample
companies are failed to provide information related to the value creation through IR. The results of
this study show that, the overall level of value creation by the sample companies as well as NBFI is
not satisfactory stage in Bangladesh. In financial sector there are only few banks like Bank Asia, Brac
Bank, Mutual Trust Bank, Shahjalal Islami Bank are pretty much in sync with the IR framework at
least to a certain extent but most of the banks are not they are mostly providing non-financial
information as a part of CSR even then choosing to not disclose all the information. And in non-
financial sector They disclosed only 60% which implies that still 40% of IIRC standards for value
creation are not reflected in the annual reports analyzed among the sample firms. On the other hand,
it is also discovered that, the value creation information of 5 content elements out of 10 is disclosed
below the overall level of disclosure. Strategy & Resource Allocation (SRA) and Basis of Preparation
& Presentation (BPP) related information are disclosed only 31% and 39% by the sample NBFI in
Bangladesh. It is now hopeful initiative has been taken by ICAB for improving and maintaining value
creation through IR. ICAB has announced the ICAB National Award for Integrated Reporting
category since some of recent year to till now. Thirty – six entities were honored with the ICAB
National Award in 14 different categories for their best presented annual reports, integrated reporting
and corporate governance disclosure in 2020 on 11th December, 2021. IDLC Finance Ltd. and Lanka
Bangla Finance Ltd. of NBFI have become the first and second prize winners respectively in the
integrated reporting category. These two companies are also sample companies in this research. And
it is also proved in this study that, highest level of value creation information is disclosed by IDLC
Finance Ltd. and Lanka Bangla Finance Ltd. at 84% and 80% respectively. But they can’t provide
100% level of information for creating value to their stakeholders. The Financial Reporting Council
(FRC) of Bangladesh needs to take initiative & actions for IR. Entities in NBFI sector afford 81%
and 79% value creation information under general heads of value creation disclosure of Performance
(PEF) and Organizational Overview (OV) respectively. It is also verified in correlation analysis that,
PEF and OV are highly correlated.

It’s a challenge for banking sector to overcome the deficiency of practicing sustainability reporting
as per GRI guideline and integrated reporting. As the progress was not satisfactory the central bank
needs to be revised policy guidelines. In the absence of regulatory requirements some banks in
Bangladesh have stepped forward to report sustainability and integrated reporting with a view to
creating a positive image . Regulatory authorities like Bangladesh Bank, ICAB, and Securities and
Exchange Commission can play a vital role to enforce financial institutions to present social,
environmental and economic information. Investors as well as customers awareness can be raised
regarding integrated and sustainability disclosure for implementing this in a standard way. The
findings of this paper suggest that IR has provided a passive avenue for the legitimization of
corporations and large entities among stakeholders, as responsible organizations can disclose material
information on their financial, manufactured, intellectual, human, social and natural capitals. It
suggests that the integrated disclosures of the organizations’ capitals and their value-creating
activities could catalyze positive behavioral changes in society and the environment. This research
lays the foundation of future research in the field of integrated reporting as well as sustainability
reporting in Bangladesh. Hence, this study can be used as a guideline to perform a study to determine
the extent of compliance by the banking companies with the guiding principles of the ICAB checklist.
So, there is a scope for future study to identify the elements of integrated and sustainability reporting
by Bangladeshi companies to represent financial and non-financial information in the annual report.
In a nutshell more listed companies in Bangladesh will be willing to adopt integrated reporting as the
industry practice in future which can make sure that our society is not being harmed by the activities
of an organizations and the growing public concern about the constant degradation of the environment
condition could be subsided through cautious business actions and creation and maintenance of
sustainable value in the short, medium and long term.

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 Appendices

Appendix – A: Frequency of Disclosure Index

No. of Items Disclosed

Name of Company Content Elements
2020 2019 2018 Average

Organizational Overview 9 9 9 9
External Environment 6 5 5 5.33

Governance 4 4 4 4

Business Model 6 6 5 5.67

Risks & Opportunities 2 2 2 2

IDLC Finance Ltd.
Strategy & Resource Allocation 3 3 3 3

Performance 3 3 3 3

Outlook 3 3 3 3

Basis of Preparation & Presentation 4 4 3 3.67

General Reporting Guideline 4 4 4 4

Total 44 43 41 42.67

Organizational Overview 8 7 7 7.33

External Environment 6 4 4 4.67

Governance 6 6 5 5.67

Business Model 5 6 6 5.67

Risks & Opportunities 3 2 2 2.33

Lanka Bangla Finance
Strategy & Resource Allocation 3 3 3 3

Performance 2 2 2 2

Outlook 3 3 3 3

Basis of Preparation & Presentation 3 3 3 3

General Reporting Guideline 4 4 4 4

Total 43 40 39 40.67

Organizational Overview 7 7 7 7

External Environment 3 4 3 3.33

Governance 4 4 4 4

Business Model 3 3 3 3

Risks & Opportunities 2 2 2 2

Uttara Finance and Investment Ltd.
Strategy & Resource Allocation 1 1 1 1

Performance 2 2 2 2

Outlook 1 1 1 1

Basis of Preparation & Presentation 2 2 2 2

General Reporting Guideline 1 1 1 1

Total 26 27 27 26.67

Organizational Overview 7 7 7 7

External Environment 4 4 4 4
Bay Leasing and Investment Ltd.
Governance 2 2 2 2

Business Model 2 2 2 2

Risks & Opportunities 2 2 2 2

Strategy & Resource Allocation 0 0 0 0

Performance 2 2 2 2

Outlook 2 2 2 2

Basis of Preparation & Presentation 0 0 0 0

General Reporting Guideline 1 1 1 1

Total 22 22 22 22

Organizational Overview 7 7 7 7

External Environment 7 6 6 6.33

Governance 4 4 4 4

Business Model 4 4 4 4

Bangladesh Finance and Risks & Opportunities 2 2 2 2

Investment Company Ltd. Strategy & Resource Allocation 1 1 2 1.33

Performance 3 3 2 2.67

Outlook 3 2 2 2.33

Basis of Preparation & Presentation 3 2 2 2.33

General Reporting Guideline 4 4 3 3.67

Total 38 35 34 35.67
Organizational Overview 7 7 7 7

External Environment 3 3 3 3

Governance 2 2 1 1.67

Business Model 2 2 2 2

Delta Brac Housing Finance Risks & Opportunities 2 2 2 2

Corporation Strategy & Resource Allocation 2 1 1 1.33

Performance 3 3 3 3

Outlook 3 2 2 2.33

Basis of Preparation & Presentation 0 0 0 0

General Reporting Guideline 2 1 1 1.33

Total 26 23 22 23.66
 Organizational Overview 6 6 6 6

External Environment 5 5 5 5

Governance 3 1 1 1.67

Business Model 2 1 1 1.33

Phoenix Finance and Investment Risks & Opportunities 2 2 2 2

Ltd. Strategy & Resource Allocation 2 2 2 2

Performance 2 2 2 2

Outlook 1 2 2 1.67

Basis of Preparation & Presentation 0 0 0 0

General Reporting Guideline 1 1 1 1

Total 24 22 22 22.67

Appendix – B:Content Elements Analysis of Value Creation Process of IR Framework

Name OV EE GOV BM RO SRA PEF OL BPP GPG TOTAL

IDLC Finance Ltd. 9 5 4 6 2 3 3 3 4 4 43

Lanka Bangla Finance 7 5 6 6 2 3 2 3 3 4 41
Uttara Finance and
Investment Ltd. 7 4 4 3 2 1 2 1 2 1 27
Bay Leasing and Investment 2
Ltd. 7 4 2 2 0 2 2 0 1 22

Bangladesh Finance and

Investment Company Ltd.
7 6 4 4 3 1 3 2 2 4 35

Delta Brac Housing Finance

Corporation
7 3 2 2 3 1 3 2 0 1 23

Phoenix Finance and

Investment Ltd.
6 5 2 1 2 2 2 2 0 1 23

IR Disclosure Complied 50 32 24 24 16 11 17 15 11 16 216

IR Disclosure Items
examined 63 49 42 42 21 35 21 21 28 35 357

Percentage of Compliance 79 65 57 57 67 31 81 71 39 47 60