Mike Krzus
integrated reporting consultant

Consulting Services


This program is based on the Harvard Business School case, “Novo Nordisk: A Commitment to Sustainability,” which was written by Robert G. Eccles and Mike. It is a study of how the company’s commitment to the long-term viability of the business benefits shareholders and society over the long-term. The lessons from the Novo Nordisk integrated reporting story are not restricted to specific national boundaries or cultures. Mike explains what Novo Nordisk executives meant when they said only “good business reasons” drove Novo Nordisk to balance the profit motive with societal concerns.

Implementation Strategy

Adoption of integrated reporting is a daunting task. The challenge for companies is where to begin. An often overlooked yet critical first step is developing an understanding the desired results, obstacles, resource needs, and consequences of embarking on an integrated reporting journey. Mike’s approach is built on “20 Questions for Policy and Strategy Design,” a guide developed by Jane MacMaster, founder of Ponder, an Australian consultancy.

Prototype Report Workshop

This workshop focuses on the development of a prototype integrated report. It covers how to use integrated reporting to address two or three of the “10 elements of a long-term strategy,” found in the FCLT Global paper, ““Rising to the challenge of short-termism.” This is a low-cost, low-risk way to produce a report that can be published on an internal website to illustrate integrated reporting concepts and vet the content with executives and board directors.

Integrated Reporting Adoption

Mike is an integrated reporting advisor to BrownFlynn (Cleveland) and Sustainserv (Zurich and Boston). Mike works with them to deliver integrated reporting adoption projects from implementation strategy, to materiality, to report writing, to website design.

Insights and recommended readings

Michael P. Krzus. Integrated Reporting for a Long-term Strategy International Integrated Reporting Council and SHIFT TO Long-term investing, March 2017.
This paper has three broad objectives. “Provide practical guidance for establishing a corporate-investor dialogue about an organization's long-term objectives and the actions needed to achieve strategic goals. Challenge the perception that integrated reporting is a communications initiative by focusing on the role of the integrated reporting process in changing corporate culture, governance, and strategy. Position integrated reporting as a part of a broader agenda to overcome the challenges of short-termism.”

Dominic Barton, Jonathan Bailey, Joshua Zoffer. “Rising to the challenge of short-termism,” FCLT Global, September 2016.
“Excessive corporate short-termism is a difficult problem, but not an intractable one. Although it has no single silver bullet intervention, a collective approach that tackles its multi-faceted causes may be the next best thing.”

Marc Goedhart, Tim Koller, and David Wessels, Valuation: Measuring and Managing the Value of Companies, sixth edition, Hoboken, NJ: John Wiley & Sons, 2015.
“For today’s value-minded executives, creating shareholder value cannot be limited to simply maximizing today’s share price for today’s shareholder’s. Rather, the evidence points to a better objective: maximizing a company’s collective value to current and future shareholders, not just today’s.”

George Serafeim. “Integrated Reporting and Investor Clientele.” Journal of Applied Corporate Finance 27, no. 2 (2015): 34–51.
“The main finding of my analysis is that companies that produce integrated reports show a clear tendency to have more long-term, ‘dedicated’ holders and fewer transient investors. Moreover, through the use of firm-fixed effects and lead-lag analysis, my study provides evidence that suggests a causal relationship between the corporate practice of integrated reporting and an investor base with longer-term shareholders.”

Marc Goedhart, Tim Koller, and David Wessels. “The real business of business.” McKinsey, March 2015.
“Shareholder-oriented capitalism is still the best path to broad economic prosperity, as long as companies focus on the long term.”

George Serafeim. “Integrated Reporting and Investor Clientele.” Journal of Applied Corporate Finance 27, no. 2 (2015): 34–51.
This paper presented “evidence that suggests a causal relationship between the corporate practice of integrated reporting and an investor base with longer-term shareholders.”

FCLT Global. “Straight talk for the long-term: How to improve investor-corporate dialogue.” March 2015.
“We have three primary recommendations for companies that seek to strike a better balance between short- term performance and long-term value creation: Build a compelling long-term strategy and communicate it to investors. Measure long-term value creation and performance relative to a set of long-term metrics specific to the company’s long-term strategy. Report to and engage with investors regarding long-term value creation.”

International Integrated Reporting Council. “International Integrated Reporting Framework,” December 2013.
“The purpose of this Framework is to establish Guiding Principles and Content Elements that govern the overall content of an integrated report, and to explain the fundamental concepts that underpin them.”