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date: 17 September 2019

Abstract and Keywords

The global business system has had deep and problematic impacts on humankind through its focus on maximizing the short-term return on financial capital. The most severe impacts are human-induced climate change, biodiversity loss and grotesque inequality between the rich and poor. A group of companies and investors have co-created a broader model, called integrated reporting, that explores how companies create and destroy value for multiple stakeholders in the short, medium and long term. It provides a better understanding of how corporations use the other capitals, such as natural, human and social capitals, in their working. The underlying structural issues affecting the global business system—such as shareholder primacy and the responsibility of business to its stakeholders—mean that changes in reporting need to be backed up by substantive change elsewhere in the system. This article considers case studies and the development of multi-capital thinking.

Keywords: multi-capital accounting, integrated reporting, environmental footprint, shareholder primacy environmental profit-and-loss accounting, multiple capitals, value creation, supply chains, corporate reporting

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