"Seamlessly joined." In an ideal world, that's how Thomas Keller, CFO of Codelco, sees the public disclosure of all financial and non-financial information published by Chile's state-owned mining giant. With such "integrated" reporting, Codelco's many stakeholders -- from investors to employees to NGOs -- would receive one report every year packed with financial stats as well as environmental, social and governance (ESG) performance indicators, giving them "the real picture of how the company is facing and managing its material issues," says Keller.
The reality, however, is somewhat different. CFOs like Keller say combining their firms' financials and non-financials into a single integrated report is too wieldy of an exercise for the time being. At many companies, non-financial reporting is simply not yet robust enough. So Codelco will continue to publish two separate tomes -- a statutory financial report every April and a voluntary "sustainability" report a few months later.
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