What exactly an integrated report signifies to its audience has been evolving through four continuous, overlapping phases of “meaning-making”. The first, Company Experimentation, began in the early 2000s with a handful of companies’ efforts to produce their first integrated report. This phase is the initiation in practice of the idea of integrated reporting. Consultants, academics, and other experts instigated the second phase, which we call Expert Commentary, when they began to establish basic principles about integrated reporting based on observations of companies’ practices. Including lessons about the costs, benefits, and challenges of integrated reporting and how to overcome them, this theory-building phase started in the mid-2000s.