Integrated Thinking as a New Governance Philosophy

   Relevance. Accountability is a key concept in corporate governance. It establishes a link between corporate governance and corporate reporting, providing information to stakeholders, thereby reducing the information asymmetry resulting from the agency problem. Integrated reporting is a promising model of corporate reporting, the transition to the formation of which involves the introduction of integrated thinking – a new management philosophy. 
   The purpose of the study is to determine the role of integrated thinking in corporate governance, its principles as a new philosophy of corporate governance and the basis of integrated reporting, 
   Objectives: to investigate the principles of integrated thinking; to identify the drivers for the adoption of integrated thinking, to determine potential benefits from the introduction of integrated thinking in corporate practice 
   Methodology. The methodological basis of the research is the concepts of integrated reporting and integrated thinking; general scientific methods of cognition are applied: analysis, synthesis, generalization, abstraction, a systematic approach. 
   Results. The paper explains the reasons that led to the interest in understanding integrated thinking; the definition of this term in the concept of integrated reporting is given; the target orientation of the principles of integrated thinking for various levels of corporate governance is considered. Based on the analysis of the case studies of the Integrated Thinking and Strategy group’s participants the Value Reporting Foundation, possible drivers for the adoption of a new management concept are formulated; the potential benefits from the imbedding of integrated thinking into corporate governance practice are summarized. A set of measures for the gradual transition to integrated thinking is proposed. 
   Conclusion. The article concludes that integrated thinking is a continuously evolving process evaluated on the basis of integrated reporting. Integrated thinking requires effective governance, culture, accountability and transparency.

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