Human capital information in management reports: An analysis of compliance with the characteristic of the relevance of disclosure

Ainhoa Saitua, Eneka Albizu, Lorea Andicoechea


Purpose: The aim of this paper is to assess the compliance with the characteristic of the relevance of disclosure in Management Reports, particularly dealing with Human Capital (HC) information.

Design/methodology/approach: We codify all instances where narratives of IBEX-35 stock index companies over a five year period in Spain comply with the recommendations for a “high quality” Management Commentary (MC) in terms of the relevance characteristic of the information disclosed (IASB, 2005).

Findings: The analysis results show that a greater quantity of information about HC in terms of the number of pages devoted is not always indicative of higher quality in terms of relevance if we look for the application of IASB recommendations.

Research limitations/implications: Further research could assess compliance with other qualitative characteristics required by other standards or guidances that were internationaly generaly accepted.

Practical implications: Among the areas that require improvement in HC disclosures we highlight forward-looking information.

Social implications: We propose that an internationally accepted agreement must be struck to unite all the efforts that are being made to improve narrative information in the MC section, and specifically with reference to HC.

Originality/value: This work compiles the HC disclosures identified as best practices that may serve as a reference to other companies.


Non-financial information; narrative disclosure; Human Capital; Management Report; IASB; Management Commentary

Full Text:



Licencia de Creative Commons 

This work is licensed under a Creative Commons Attribution 4.0 International License

Intangible Capital, 2004-2024

Online ISSN: 1697-9818; Print ISSN: 2014-3214; DL: B-33375-2004

Publisher: OmniaScience