Our 2015 Integrated Annual Report continues Illovo’s journey towards effective integrated reporting and aims to provide our stakeholders with a comprehensive perspective of past and current performance, as well as giving insight into our business strategy and future prospects.
The report covers the Illovo group’s economic, social, governance and environmental performance for the year ended 31 March 2015, and provides a review of the cane, sugar and downstream operations of each of the company’s subsidiaries in six African countries: Malawi, Mozambique, South Africa, Swaziland, Tanzania and Zambia. Information regarding our agricultural, manufacturing and marketing operations, together with our environmental, social and governance activities, is included in order to promote understanding of the group’s primary processes. It also aims to provide an informed assessment of the group’s risks and opportunities and its ability to create and sustain value in the long term, for the benefit of all our stakeholders (most notably, our shareholders, investors, employees, trade unions, customers, our sugar cane growers and other suppliers, service providers, and the local communities in which we operate).
There has been no change to the structure of the business in the year under review and accordingly this report builds on, and is comparable with, the company’s Integrated Annual Reports for the 2013 and 2014 reporting periods. In line with our sustainable business strategy, we are guided by the principles of the United Nations Global Compact and our Social and Ethics Committee Report provides an overview of our continuing journey toward incorporating these principles into our business practices in all of our operations. In an initiative to increase inclusive access by our stakeholders to our sustainability performance included in our Human Capital, Socio-Economic Impact and Climate Change Reports, together with the intended consequence of reducing the print size of this document, these reports are now easily located on our website at www.illovosugar.com.
Reporting standards and assurance
In compiling this report, we have adhered to the applicable legislative and regulatory requirements for reporting, including:
- the Companies Act 2008 and the Companies Regulations 2011;
- the Listings Requirements of the JSE; and
- the requirements of King III.
We have also been guided by relevant national and international frameworks and best practise guidelines, including:
- the International Integrated Reporting Framework;
- the Global Reporting Initiative’s (GRI) G3 Guidelines and the JSE’s Socially Responsible Investment (SRI) Index 2014;
- third-party proxy advisory services and rating agencies’ recommendations; and
- integrated reporting frameworks.
Assurance in relation to our annual financial statements has been provided by the independent external auditors, Deloitte & Touche. The sustainability aspects of the report have been externally assured by Integrated Reporting and Assurance Services (IRAS), confirming that it meets the GRI’s Application Level B requirements (B+ with its assurance). A summary of the assurance statement is provided on page 70, with the full statement appearing on our website at www.illovosugar.com. Other sections of the report, such as Illovo’s B-BBEE rating, have been audited by relevant accredited external verification agencies.
This report is available on our website at www.illovosugar.com, as is an index of the GRI sustainability performance indicators, and the full annual financial statements.
Approval of Integrated Annual Report
The board acknowledges its responsibility to ensure the integrity of this report. The directors have collectively assessed the content and believe the report addresses all material issues and fairly presents the integrated performance of our group. The board has authorised the release of this report for 2015.
Don MacLeod, Chairman; Gavin Dalgleish, Managing Director
21 May 2015