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Janine Guillot, the CEO of Value Reporting Foundation, in her recent letter to the Securities of Commission (SEC) in the United States of America highlighted that the Value Reporting Foundation remains committed to the goal of increasing the alignment of financial and material sustainability disclosure by businesses. In this regard, Janine stated that Sustainability information is market infrastructure essential to making informed investment and voting decisions.

However, the framework for integrated reporting has maintained a shareholder primacy for the disclosure of integrated reports.

Considering the potential conflict between a shareholder primacy and the provision of sustainability information, can the Value Reporting Foundation achieve its stated goal of supporting sustainability information as an essential market infrastructure to making informed investment and voting decisions.

Using the theoretical lens of positive accounting theory, present a critical argument as to whether a shareholder primacy for the disclosure of integrated reports can support the provision of sustainability information or not.

Your presentation should seek to discuss the following key points among others:

• A summary of what constitute a shareholder primacy for the disclosure of integrated reports and sustainability information.
• A critical evaluation of positive accounting theory and how it explains shareholder primacy for the disclosure of integrated reports
• A discussion of at least three well explain points in favour of the argument
• A discussion of at least three well explain points against the argument
• A discussion of the potential benefits of sustainability information

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