the impact of recent changes in corporate financial reporting integrated reporting branko kecman...

The impact of recent changes in corporate financial reporting

Integrated reporting

Branko Kecman

Bosnian Institute of Directors

Brussels 17.12.2013

Corporate governance in B&H

• Corporate governance issues are directly related to joint stock companies stemming from privatization process.

• IFC has become widely recognized in B&H as the pioneer of establishment and improvement of corporate governance practices in family-owned companies, and its  trademark, IFC CG project, is the subject of interest for the owners of family businesses. 

Reporting in B&H

• Only few years ago listed companies started to issue basic annual reports.

•  There is no knowledge nor experience about Integrated reporting in B&H.

•  Major obstacle is persuading companies to present their annual reports as “voluntary obligation” in order to communicate with its stakeholders in the highest quality manner.

• There are not too many foreign investors in region, especially B&H. It  will be of great importance if existing investors and investors entering the market encourage companies to think more about transparency and IR, just as IFC is doing.

Mission of Bosnian Institute of Directors

Mission of Bosnian Institute of Directors is implementation of highest standards of corporate governance by transferring knowledge to boards and plans to raise awareness about integrated reporting in our country.