통합보고: 노보 노르디스크 사례 연구

n corporate valuation, the importance of non-financial information has greatly increased in recent years. As a result, investors and other stakeholders have started to request companies to responsibly disclose such non-financial information. This is precisely the reason that integrated reporting has started to appear in the mainstream. The International Integrated Reporting Committee (IIRC), established in 2010, has published the International <IR> Framework (hereafter, the Framework) in 2013, which codified the concept for the first time in the world. According to the Framework, integrated reporting is the means by which an organization communicates its value creation process. The value creation process explains mechanisms of how capitals are transformed into value over the short, medium and long term period. The capital referred in the Framework consists of six different categories: financial, manufactured, intellectual, human, social and relationship, and natural capital. To provide a better understanding of integrated reporting, this paper introduces Novo Nordisk’s recent report, which has achieved many awards and received praises from many academic articles as one of the best integrated reporting practices. While existing financial reports usually identify values in terms of financial capital, Novo Nordisk’s report has attempted to present how diverse categories of capital create impact on society by reporting non-financial performances such as ‘new patent families (intellectual capital),’ ‘least developed countries where they sells insulin according to the differential pricing policy (social and relationship capital).’ Through the report, Novo Nordisk was able to inform meaningful information as well as financial information of stakeholders . Currently, each jurisdiction is developing their own version of integrated reporting standards: notable examples include the Directive on disclosure of non-financial and diversity information of EU, the Integrated Reporting Committee of South Africa, and the Sustainability Accounting Standards Board (SASB) of the United States. More specifically, SASB has produced accounting standards in the non-financial dimensions with ten sectors, and aimed for mandatory disclosures. Compared to Novo Nordisk’s report on the non-financial performances, SASB’s Standard in Biotechnology includes more specific material issues of the industry. This trend of developing integrated reporting in each jurisdiction is expected to affect Korea as well in the near future. However, the current integrated reporting practice, particularly in Korea, seems to need significant improvement so that it can provide meaningful information regarding corporate valuation. For instance, the sustainability report of SK Chemical, a Korean company which is in a similar industry to Novo Nordisk, does not seem to fully satisfy the information user's requests on non-financial information. We should start in-depth discussions on the integrated reporting in Korea. The materiality process (of selecting reporting contents) and the assurance process should be discussed by the accounting professionals and regulators who set up, implement and oversee the accounting standards, relevant laws, and its processes. While it is important to maintain universality based on foreign case studies, it is equally important to seek independent efforts to find reporting items that fit domestic needs. Efforts of corporations, continuous research and publications by professionals, followed by codification of relevant concepts should precede legislation in Korea. Along this line, corporations should recognize the need for better communication. As can be seen in Novo Nordisk's recent report, corporations should recognize changes in the external environment and be ready to the changes with a corresponding strategy. In Korea, financial statements have traditionally been treated as more or less the same as financial reports. Stakeholders focus only on how to calculate the numbers and how to satisfy the minimum legal standards involved. This type of passive communication pushes shareholders and investors away from the information they need. For example, there were some notable legislative changes last year, which required the disclosure of registered directors’ compensation amount. However, most information users want to know whether the payment was made based on the directors’ performance or what is the rationale behind the compensation, rather than simply how much they earn. Such information can be of importance in analyzing the value of firms and deciding whether or not to make investments on those firms. In this regard, corporations should approach the ESG dimensions (or the six capitals of the Framework) in a strategic manner instead of focusing on simple collection of data. Corporations should focus on recognizing its fundamental competitive advantage and analyzing the information needs of stakeholders, rather than dwelling on what disclosure should be made in its integrated reports. Lastly, whether it be financial, manufacturing, intellectual, human, social and relationship, and natural capitals, or ESG, perceptional changes are necessary especially to areas that have previously been neglected in capital markets, beyond the boundary of reporting. Capital markets can only last when it reflects values created in the industry and society without distortion.