This Integrated Annual Report continues our 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 2014, 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, Eswatini, Tanzania and Zambia. Information regarding our agricultural, manufacturing and marketing activities is included in order to promote understanding of the group’s primary processes and 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 to, the company’s Integrated Annual Reports for the 2012 and 2013 reporting periods. However, in line with our aim to move toward a more integrated reporting process, we have restructured this year’s report, taking cognisance of the guidance given by the International Integrated Reporting Framework published in December 2013.
This includes the ongoing process of identifying, disclosing and prioritising the group’s material issues. These issues, and their potential positive or negative impacts upon the group’s sustainable value-creating ability, are more fully described in our Risk Management report.
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 journey toward incorporating these principles into our business practices in all of our operations.
In relation to our corporate social responsibility initiatives, during 2013 we initiated an independent socio-economic impact assessment of our business by an internationally recognised global corporate responsibility consultancy, the results of which are included in this report and in more detail on our website at www.illovosugar.com.