The Journey to Integrated Reporting: Insights from AtkinsRéalis

Like many of us observing the evolving landscape of corporate sustainability, you may have noticed a growing trend: the world’s largest companies are moving beyond traditional sustainability reporting and embracing integrated reporting. According to a 2024 report by KMPG, 82 per cent of the largest 250 companies globally now include sustainability as well as financial information in their annual reports.

This shift represents a broader recognition that natural, social and other non-financial capitals underpin long-term financial performance. As a result, investors and stakeholders are increasingly interested in how organisations manage their resources across all capitals, navigate systemic risks, and create long-term value.

Integrated reporting is defined by the International Financial Reporting Standards Foundation (IFRS) as:
a process founded on integrated thinking that results in a periodic integrated report by an organisation about value creation over time and related communications regarding aspects of value creation

Unlike traditional sustainability reports - which typically focus on an organisation’s environmental and social initiatives and disclosures – and separate financial reports that detail assets, liabilities, equity, income and expenses – integrated reporting offers a more holistic view.

According to the IFRS, an integrated report presents information on an organisation’s strategy, governance, performance and prospects. It showcases the organisation’s stewardship of resources and how it creates value across multiple capitals. The approach is grounded in systems thinking, and consideration of the inter-connections within and between capitals.

While investors remain the primary audience for both integrated and financial reports, integrated reports are also designed to inform a broader range of stakeholders. Integrated reporting has been on a continuously evolving journey over the past 15 years since the formation of the International Integrated Reporting Council (IIRC) in 2010, as a direct response to the global financial crisis. The first Integrated Reporting Framework was published by the IIRC in 2013, with an updated version published in 2021, and now sits within the responsibility of the International Financial Reporting Standards (IFRS) Foundation.

AtkinsRéalis’ integrated reporting journey

Two years ago, AtkinsRéalis decided to take a step forward in its sustainability journey and published its first integrated report in May 2024. With the publication of AtkinsRéalis’ second integrated report in May 2025, I spoke with Marie-Michele Bleau, AtkinsRéalis’ Corporate Sustainability Manager. Our discussion provided a behind-the-scenes look at AtkinsRéalis’ motivations, challenges, and lessons learned as the company transitions from traditional sustainability reporting to a more holistic, integrated model.

Why integrated reporting?

For AtkinsRéalis, the move toward integrated reporting was both strategic and natural. “We saw it as best practice,” Bleau explained. “It was the logical next step in our sustainability journey. We wanted to demonstrate that sustainable development and financial performance are interconnected and must be managed concurrently.”

Investor interest played a significant role in this shift. “They’re not just looking at financials anymore,” she noted. “They want to understand our sustainability performance too.”

Frameworks and guidance

While the company aspires to align more closely with the IFRS Integrated Reporting Framework, it currently draws from a mix of established standards. These include the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and metrics from the World Economic Forum. “We’re not trying to eat the whole elephant in one bite,” Bleau said, acknowledging the gradual nature of the transition.

Corporate expectations and data assurance

One of the key expectations from corporate leadership was data verification. “We aimed for assurance from external auditors wherever possible,” Bleau said. Where that wasn’t feasible, internal audit teams stepped in. This focus on data integrity marked a shift from earlier years, where some metrics were published with a more limited level of verification. “It was disappointing to publish fewer metrics, but quality trumps quantity.”

Benefits and stakeholder feedback

The most significant benefit so far? Trust. “With more controls and verification, we can really trust the information we’re putting out there,” Bleau emphasised. While investor feedback is often subtle, it’s clear that the integrated approach is appreciated - especially in one-on-one meetings and questionnaire responses.

Interestingly, integrated reporting remains relatively rare in North America, particularly in the engineering and nuclear sectors. “We might be somewhat of a pioneer in our small bubble,” she reflected.

Learning from peers, staying true to purpose

AtkinsRéalis took a hybrid approach - drawing inspiration from peers while tailoring the report to its own material issues. Participation in the UN Global Compact’s peer review process and feedback from board members, who can often provide deep insight from other companies, enriched the process. However, the report’s focus remains grounded in a 2022 materiality assessment, reflecting unique opportunities in nuclear, rail and transit, for example.

Challenges and lessons learnt

Producing the report is a complex, collaborative effort. “Every team wants to be the last to review the final version,” Bleau laughed. “But that’s just not feasible.” Managing multiple inputs, ensuring accuracy, and maintaining version control are key challenges.

Key lessons? Plan ahead, define roles of every team clearly, and be patient. “Sustainability cycles can take up to 18 months,” she said. “You can’t just add a new metric three months before publication and expect it to be ready.”

Driving change through reporting

Bleau feels the reporting process has driven real change. A more comprehensive inventory of greenhouse gas emissions, especially Scope 3 emissions, has helped the company identify high-impact areas like investments and purchased goods and services. “We had a hunch, but now we have the data to actively pursue emissions reductions in those domains.”

Looking ahead

The company is preparing for a new materiality assessment this year and aims to align more closely with the Integrated Reporting Framework. Other goals include publishing the report earlier - ideally six weeks before the AGM - and expanding both metrics and qualitative insights.

Advice for others

Bleau’s message to other organisations considering integrated reporting is simple: “Slow and steady wins the race. Plan ahead, be patient, and take it step by step.”

I’d like to sincerely thank Marie-Michèle Bleau for taking the time to speak with me and share her experiences. Her thoughtful insights offer valuable guidance for organisations navigating the path towards integrated reporting. The latest report is available here: Annual integrated report 2024 – AtkinsRéalis