Combined assurance on six capitals
On material inherent risks, dependant on effective control measures in keeping residual risks at acceptable levels, Clover annually revises its combined assurance plan over material risks to gain assurance from Internal and external identified assurance providers in accordance with the four levels of defence, as described below:
 |
Human Capital |
- Clover was assessed as a Level 4 contributor in the last B-BBEE assessment performed by EmpowerLogic in respect of Clover’s June 2016 year-end.
- Internal audit performed a Time and Attendance Review on Clover’s overtime hours.
|
 |
Natural Capital |
- Internal audit conducted a Sustainability and Advisory Review Health and Safety statistics published in 6 capitals and advice on tax implications on carbon reduction initiatives.
- External Safety, Health and Environmental legal compliance audits were performed at production and some distribution sites by SGS. These audits are performed every three years.
|
 |
Manufactured Capital |
- Internal safety audits were performed by Clover personnel and Makrosafe, covering all Clover distribution sites.
- Internal Audit performed independent reviews on Production Inventory Management and the Production Process.
- External audits were performed on assets.
- Clover adopted FSSC 22000 which is the latest international standard for Food Safety and Quality Management systems. All factories are in transitional phase from ISO 22000 to FSSC 22000. Annual certification is performed by SGS
- Clover engaged in independent third party audits performed by customers such as Woolworths, Kraft, Nestle, Unilever and others. These audits are performed against international food safety standards.
- Clover was subject to SEDEX audits from our clients on an ad hoc basis on selected factories.
- Marsh performed fire risk surveys over a three-year cycle of all Clover material sites.
- All South African Clover factories are annually certified by SGS on HACCP standards.
- SGS performed SIIR certification on behalf of the Botswana Government on all factories exporting to Botswana.
- Property valuations are performed every three years by The Property Partnership. Replacement values from these valuations are used to adequately insure sites.
|
|
Intellectual Capital |
- Internal audit performed a Rebate and Co-op agreement review on Clover’s customer contracts relating to trading terms.
- Internal audit performed advisory review over Cyber Security.
- Internal audit provided independent assurance over the Risk Management Function.
- Clover brands have won numerous accolades, confirming our status as a trusted household name.
- Clover Fresh Milk also achieved Kasi Star Brand status in the 2016 and 2017 surveys (the same accolades as Icon Brands, but survey conducted only in South African Townships).
- Clover’s portfolio of trademarks and patents are managed by Adams and Adams attorneys.
|
 |
Social and Relationship Capital |
- Clover Mama Afrika positioned itself as a sustainable and effective CSI project, as evident from prestigious awards received, with the PMR Diamond Arrow award most recently received in 2017.
- Clover received a full allocation of points on our Social Economic Development as assessed in respect of Clover’s June 2016 year-end by EmpowerLogic.
- Clover was the winner of South Africa RepTrak® 2017 most reputable company in South Africa award
|
 |
Financial Capital |
- Internal Auditors performed various financial control audits and provided a statement on material financial controls and governance as required by King III.
- Clover received an unqualified audit opinion by external auditors.
- External auditors assessed management’s representation over material internal financial controls.
|
