Narrative reporting is back on the agenda!

It's a couple of years now since the IPA produced its annual reviews on best practice in narrative reporting. The most recent, in 2009, 'Best practice in narrative reporting - a global perspective' focused on top advertisers in the UK, USA and Asia, and provided commentary on levels of transparency in company reports about marketing investment, brand and marketing communications strategy, and key performance indicators. The findings were pretty disheartening.

However, new reasons for optimism are emerging. PwC's Corporate Reporting blog from 18th January 2011 reports that 'in the UK we have some really interesting progressive thinking coming out of BIS around narrative reporting.' (The IPA wrote a submission as part of the consultation process, on its members behalf, last autumn.)

In addition, the Financial Reporting Council (FRC) have themselves published a new report , based on their own consultation, entitled "Effective Company Stewardship - Enhancing corporate reporting and audit.". The most significant and interesting point, apparently, is hidden away on page 20, where reference is made to the potential formation of a "financial reporting lab": a place where new reporting models and concepts could be explored, tested and tailored (without liability) to enable greater innovation in the market.

Sounds like a brilliant idea!

We need more large multinationals

I make no apologies for quoting shamelessly from City a.m. editor Allister Heath's column from the 17th January. He in turn is reporting on a recent McKinsey report about the contribution to economic growth of large multinationals to the US economy; 23% of UK private-sector direct value add, 34% of private-sector value add if you include indirect value to their supply chain; 31% of growth in GDP since 1990; 41% growth in labour productivity over the same time period; 75% of private R&D spending; 50% of US exports; 33% of US imports.

The IPA, in its dealings with UK Government, particularly BIS and DCMS, has emphasised repeatedly the importance to the marketing services sector of encouraging big multinationals to make the UK their European HQ or their hub to the world outside of their immediate continent.

Our reputation globally relies on originating and managing international campaigns from the UK on behalf of multinational brands.
That's why we share Allister's worry that 'there are too few world-beating giant multi-nationals being created in the UK; and many existing ones are relocating their HQs for tax purposes out of Britain. Both these trends must be reversed.'

On the front foot

Credos, the AA's Front Foot's think-tank launched on Thursday night to great aplomb, with the great and the good in attendance at Unilever HQ!

It was good to see DCMS and BIS minister for the creative industries Ed Vaizey talking the talk about advertising; economically significant, leading, highly creative, globally competitive, strong in self-regulation. He preached a non-interventionist approach and applauded the industry for its savvy, intellectual calibre and entrepreneurship.

Ironic that on the same day Marketing magazine's front page predicted that the ad business (particularly media owners) would be deprived of £ 750 million of Government expenditure on marcoms.