financial capital

For information on the financial capital, refer to the Chief Financial Officer’s report here and the annual financial statements which follow.

Combined Assurance

Although King III requires that sustainability reporting be independently assured, the Committee has obtained partial assurance over the six capitals to the extent disclosed in the combined assurance framework as reflected in the table on the right. It is the Group’s intention to enhance qualitative and quantitative information as systems are progressively bedded down. All material risks considering the sustainability of Clover’s business model and in complying with the requirements of Regulation 43 of the Companies Act, as well as King III are incorporated into Clover’s risk universe and are monitored under Clover’s risk management process as described more comprehensively under the Governance section of the Integrated Report.

Furthermore, legal compliance with Regulation 43 of the Act is described fully under the Six Capitals of this report, while compliance with Clover’s regulatory universe is described under Compliance in the Governance section. All legal compliance falls under the supervision of the Company Secretary who ensures that the full regulatory universe is monitored. During the year under review, the Social and Ethics Committee has monitored and addressed all lines of defence as depicted on the table on here. In the opinion of the Committee, based on the information provided to it, the statements set out below fairly reflect the standing of the Group.

report of the Social and Ethics Committee

The Social and Ethics Committee is a committee of the board of Clover. Its membership and functions are set out in the report of Governance Risk and Compliance here.

As required by the Companies Act 2008 the committee has reviewed the information reported by management in the Report on the Six Capitals set out above. In the opinion of the committee the report fairly sets out the Group’s standing in terms of the matters specified in regulation 43 to the Companies Act 2008 in respect of the year ended 30 June 2015 and will be presented to shareholders at the forthcoming Annual General Meeting.

T A Wixley
Chairman: Social and Ethics Committee

15 September 2015

combined assurance on six capitals

In relation to the Six Capitals Clover obtain external assurance against the respective capitals as described below: