Round table «Public non-financial statements: new challenges for Russia»
On September 26, 2017 Igor Mozharovsky, the leading consultant of STEP Consulting, participated in the Round table “Public non-financial reporting: new challenges for Russia”. The event was arranged by the Higher School of Economics.
The participants in the meeting discussed the opportunities for development of non-financial reporting – the global trends and the trends in Russia, the possibilities and the parameters of measuring the company’s efficiency, the government regulation and many other issues.
The co-chairman of the “World Intellectual Capital Initiative” Association (WICI), Stefano Zambon brought the issue of non-financial reporting in the context of the world of global economics’ new trends. Immaterial resources are increasingly creating value in the modern world. The investments in immaterial (intangible) assets are growing and already predominate over investments in traditional tangible assets of companies in many developed countries. The usefulness of financial information for investors decreases; there is descending correlation between the stock price and the financial statements which is only 10% of the information used by the investors.
As a reminder, in 2011 STEP Consulting joined GRI (Global Reporting Initiative) movement and became not only the ideologist but also the participant of this project. At that time in Russia, the practice of compiling the sustainability reports was just starting - in the list of Russian companies there were eight lines only.
You can find our report in GRI library: http://database.globalreporting.org/organizations/3058/.