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REPORT APPROACH
This year we produced a condensed printed report supplemented by information on a CD available at the back of this integrated report. Our approach was to report only on the significant issues within our business along with the material matters identified through engagement with our stakeholders. We believe that by following this approach we are able to provide stakeholders with information that is pertinent. Our ability to issue our integrated report on the day of our year end results release adds to the value of the report as timeous information enhances relevance. For feedback on our report please contact us at feedback@groupfive.co.za or +27 11 806 0278. |
Internal process followed to identify and manage significant issues
The group’s senior management and board members continued to measure the progress against our stated strategy and group objectives. In F2009 we implemented a total quality management system that underpins every aspect of our operations and reinforces the centrality of sustainability. During this year, the group evaluated the components of the integrated business model illustrated below as a base from which to extract the material issues across the group.
Against the backdrop of weak trading conditions, the resilience of the group’s processes and systems was tested. Implementing a total quality management system allowed us to drive disciplined behaviour through the group to ensure that risk management became the primary driver of the tactical actions taken to mitigate the rapid decline in trading conditions and the extremely volatile and uncertain business climate. The group’s focus has been to develop objective measures to monitor its capacity to absorb risk.
Specific risk parameters are used to evaluate the risk-bearing capacity of the group. The group’s
actual status is benchmarked against its estimated risk-bearing capacity. Where the actual
deviates negatively from the hurdle position, it indicates a material elevation of risk. The affected
area is monitored and material risks are interrogated and addressed. Material risks are also
constantly updated in each business and risks captured on a central risk analysis register to
facilitate pro-active management. Lessons learnt are ploughed back into the business to ensure
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The group also has over-arching group measures to ensure
consistent and stringent monitoring of performance.| The group’s material focus areas | External process followed to identify key stakeholder information needs | |||||||||||||||||||||||||||||||||||||
The group identified the following material focus areas across its business during the year:
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The internal identification of material issues was supplemented by a focused feedback analysis to identify the core issues for each key stakeholder group. We identified our key stakeholders as:
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