Deloitte places great importance on its public interest role, and we are proud of our contribution to the growth of UK plc. As a responsible business, we know that our business activities affect society in many ways.
This year’s Impact Report provides detail and background on our performance, as well as covering a range of other issues of concern to our key stakeholders. It focuses on the contribution Deloitte makes to the UK and our impact in driving sustainable economic growth and improving high value skills. It follows our first Deloitte UK Impact Report launched in October 2012. During the course of 2013 we have continued to progress as a responsible business.
As CEO David Sproul sets out in his introduction to the 2013 report, the scrutiny professional services firms are under from regulators, politicians, investors, companies and other stakeholders continues. We have been proactive and constructive in participating in these discussions; and we take our public interest responsibilities very seriously. In the leadership and governance section, Chairman David Cruickshank adds that we have a strong belief that good governance and transparency contribute to the trust in, and ultimately the success of, our firm. Indeed, our Impact Report, Audit Transparency Report and Annual Stakeholder Forum are all part of our efforts to achieve this.
Across the report our total community contribution and selected environmental performance information are externally assured, alongside our financial results. All other measures go through an internal assertion testing process. Learn more about verification.
Deloitte hosted a lecture on 23rd January 2013 as part of a series on ‘Tomorrow’s Finance’. The keynote speaker was Professor John Kay who chaired The Kay Review of UK Equity Markets and Long-Term Decision-Making which reported to the Department of Business, Innovation and Skills in July 2012.
John’s topic was “Building trust and confidence by changing behaviours in financial services”. Oliver Grundy, a Deloitte audit partner specialising in capital markets, contributed his thoughts on the future direction of the sector as one of four panellists responding to Professor Kay’s policy recommendations.
Deloitte is participating in an innovative cross-industry initiative to ask big questions about the future of the audit profession. AuditFutures seeks to create opportunities for dialogue and to build relationships, trust and greater understanding between stakeholders. Its first assembly in July 2012 brought together a diverse gathering of 120 professionals from over 75 firms and organisations, including Deloitte. The assembly was the first step in a journey to collaborate and innovate in recognition of, and response to, the big questions that the profession is facing.
Deloitte UK partner Mark Rhys is a member of the Financial Stability Board’s (FSB) Enhanced Disclosure Task Force (EDTF), formed in May 2012. The Task Force presented a report to the FSB in October 2012, which includes a number of recommendations aimed at enhancing the clarity, comparability and timeliness of information that banks provide to their investors. Deloitte endorses the Task Force’s recommendations.
At the request of the FSB, the EDTF has undertaken review work this year looking at the implementation of its recommendations - see its July letter to the FSB Chairman. Despite the fact that the report was issued shortly before the year end for December reporters, banks’ risk disclosures did improve and further enhancements are expected from users in the next round of annual reports. Deloitte’s recent publication - Responding to the EDTF’s recommendations: A review of 2012 year end reporting - highlights examples of good practice.