Harvard Case - DBS: Journey to Integrated Reporting
"DBS: Journey to Integrated Reporting" Harvard business case study is written by Soo Chiat Hwang, Teng Aun Khoo, Adina Wong. It deals with the challenges in the field of Finance. The case study is 12 page(s) long and it was first published on : Apr 1, 2015
At Fern Fort University, we recommend DBS Bank implement a comprehensive integrated reporting framework that aligns with the International Integrated Reporting Framework (IIRF) to enhance stakeholder engagement, improve decision-making, and drive sustainable growth. This framework should be integrated into the bank's existing reporting processes and communicated effectively to all stakeholders.
2. Background
DBS Bank, a leading financial institution in Asia, faced the challenge of effectively communicating its value creation to a diverse range of stakeholders. The traditional financial reporting approach failed to capture the full scope of the bank's performance, including its impact on the environment, society, and governance. This case study explores DBS's journey towards adopting integrated reporting as a strategic tool to address this challenge.
The main protagonists are:
- Piyush Gupta: CEO of DBS Bank, who championed the adoption of integrated reporting.
- The Integrated Reporting Team: A dedicated team within DBS responsible for developing and implementing the integrated reporting framework.
- DBS Stakeholders: Including investors, customers, employees, regulators, and the community, who benefit from a more transparent and comprehensive understanding of the bank's performance.
3. Analysis of the Case Study
DBS's adoption of integrated reporting can be analyzed through the lens of the Value Creation Framework, which emphasizes the interconnectedness of six capitals:
- Financial Capital: DBS's financial performance, including profitability, capital structure, and debt management.
- Manufactured Capital: The bank's infrastructure and technology, such as its branch network and digital platforms.
- Human Capital: DBS's employees, their skills, and their commitment to the bank's vision.
- Intellectual Capital: The bank's knowledge, innovation, and brand reputation.
- Natural Capital: DBS's environmental impact, including its carbon footprint and resource consumption.
- Social and Relationship Capital: The bank's relationships with customers, communities, and other stakeholders.
DBS's integrated reporting framework aims to demonstrate how these capitals are interconnected and how the bank manages them to create value for all stakeholders. This approach allows DBS to:
- Enhance transparency and accountability: By providing a comprehensive overview of its performance, DBS builds trust and confidence with stakeholders.
- Improve decision-making: The integrated reporting framework provides a holistic view of the bank's performance, enabling better strategic decision-making.
- Drive sustainable growth: By focusing on the long-term value creation, DBS can achieve sustainable growth and mitigate potential risks.
- Strengthen competitive advantage: DBS's commitment to integrated reporting differentiates it from competitors and positions it as a leader in responsible business practices.
4. Recommendations
DBS should continue to enhance its integrated reporting framework by:
- Expanding the scope of reporting: Include additional metrics and indicators that reflect the bank's impact on all six capitals.
- Improving data quality and reliability: Ensure the accuracy and consistency of the data used in the integrated report.
- Strengthening stakeholder engagement: Actively involve stakeholders in the development and review of the integrated report.
- Leveraging technology and analytics: Utilize data analytics and digital tools to enhance the reporting process and provide more insightful information.
- Promoting the integrated report: Disseminate the report widely to all stakeholders and use it as a platform for communication and engagement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The integrated reporting framework aligns with DBS's mission to be a leading financial institution in Asia and its commitment to responsible business practices.
- External customers and internal clients: The report provides valuable information to all stakeholders, including customers, investors, employees, and regulators.
- Competitors: DBS's adoption of integrated reporting positions it as a leader in the industry and differentiates it from competitors.
- Attractiveness - quantitative measures: The integrated reporting framework can be used to assess the bank's performance against key metrics, such as return on equity (ROE), cost of capital, and environmental impact.
- Assumptions: The recommendations assume that DBS has the resources and commitment to implement a comprehensive integrated reporting framework.
6. Conclusion
By adopting a comprehensive integrated reporting framework, DBS can enhance stakeholder engagement, improve decision-making, and drive sustainable growth. The integrated reporting framework will provide a more holistic view of the bank's performance, leading to better resource allocation, risk management, and value creation for all stakeholders.
7. Discussion
Other alternatives not selected include:
- Continuing with traditional financial reporting: This approach would fail to capture the full scope of DBS's performance and would limit stakeholder engagement.
- Adopting a limited integrated reporting framework: This approach would not be as comprehensive as the recommended approach and would not fully address the challenges faced by DBS.
The recommendations are subject to the following risks:
- Resistance to change: Some stakeholders may resist the adoption of integrated reporting.
- Data availability and quality: The integrated reporting framework requires access to reliable and consistent data.
- Cost of implementation: Implementing a comprehensive integrated reporting framework can be costly.
8. Next Steps
DBS should implement the recommendations in a phased approach:
- Phase 1: Develop a comprehensive integrated reporting framework aligned with the IIRF.
- Phase 2: Pilot the framework with a limited number of stakeholders.
- Phase 3: Roll out the framework to all stakeholders.
- Phase 4: Continuously improve and refine the integrated reporting framework based on feedback and performance data.
This timeline will ensure a smooth and effective implementation of the integrated reporting framework.
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Case Description
In 2011, Mikkel Larsen, Managing Director, Head of Tax & Accounting Policy, Group Finance at DBS Bank mooted the idea of DBS adopting an integrated reporting approach. He was convinced that this was a more holistic way of reporting on the bank's business strategy and activities, linking each of them clearly to the financial and non-financial impact it would have on its stakeholders. In 2012, when DBS adopted the integrated reporting approach, it was the first listed company in Southeast Asia to do so. The report had been well-received and garnered considerable attention from the external parties such as research analysts and the media. Based on feedback from DBS's stakeholders, DBS incorporated changes that would make the 2013 IR more user-friendly and meaningful for its stakeholders. Larsen was, in May 2014, looking over the 2013 report, recognising that there was always room for improvement. For instance, in preparation for the following years' annual reports, further enhancements, could include defining 'materiality', increasing stakeholder outreach, and reporting 'outcomes' as compared to 'outputs'.
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