Philip Morris International Integrated Report 2019: Analyzing the Content

55 Pages Posted: 20 Nov 2020

Date Written: September 11, 2020


On June 30, 2020, Philip Morris International, Inc. (PMI). announced the publication of their first integrated report. The press release read in part, “This year, we’ve evolved our traditional sustainability reporting into an integrated overview. In doing so, we’re providing a comprehensive outline of how PMI’s strategy, governance, and performance is delivering value over the short, medium, and long term.” This statement, in combination with the inclusion of a corporate statement of purpose (originally published in the company’s 2020 Proxy Statement), begged for a critical examination of the quality of the PMI integrated report.

A hybrid integrated reporting framework was created as a benchmark against which the PMI integrated report was evaluated. The author concluded that the quality of PMI’s integrated report ranked as high as that of the best reports published by companies in Germany, the Netherlands, and South Africa. PMI’s integrated report challenges often expressed concerns about the perceived risks of litigation that might arise from the forward-looking nature of an integrated report. Finally, the PMI report demonstrated that a high level of board and management support is required to produce a high quality integrated report.

Keywords: integrated reporting, corporate purpose, strategy, risk management, governance, targets and metrics, materiality, sustainability, Philip Morris International

Suggested Citation

Krzus, Michael P., Philip Morris International Integrated Report 2019: Analyzing the Content (September 11, 2020). Available at SSRN: or

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