ABOUT THIS REPORT
SCOPE AND BOUNDARY
THIS INTEGRATED REPORT IS A CONCISE ACCOUNT OF THE OPERATIONAL AND FINANCIAL AFFAIRS OF CLOVER INDUSTRIES LIMITED (“CLOVER” OR THE “COMPANY” OR THE “GROUP”) FOR THE FINANCIAL PERIOD 1 JULY 2017 TO 30 JUNE 2018.
The scope of this report covers Clover’s South African operations and will in time be extended to our subsidiaries in other countries. This report focuses on the most relevant and material issues that could impact significantly on Clover’s ability to create and sustain value for its stakeholders in the long-term.
It deals with how Clover delivered against stated objectives and the way it executed its strategies. Throughout this integrated report we address Clover’s challenges, opportunities and the external factors that impact our operations and the broader communities we serve.
This report also covers the processes through which Clover interacts and communicates with its stakeholders, as well as how the Group has adopted and applied the principles and practices of sound corporate governance to safeguard the interests of all our stakeholders.
COMPLIANCE
The board has satisfied itself that Clover has conformed to the requirements of the Companies Act, 71 of 2008 (Regulation 43), the JSE Listings Requirements and IFRS. The integrated reporting process, as well as the content of this report has been guided by the recommended principles and practices of the International Integrated Reporting Framework and King IV™ (copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved).
A detailed application register of the King IV™ principles can be found on the Group’s website at www.clover.co.za.
MATERIALITY
Only matters considered by the board and executive management as material to the business and its sustainability have been included in this integrated report.
Clover’s potential material matters emerge through our risk management process and stakeholder feedback. The board and Audit and Risk Committee meets at least once a quarter to review all risk management processes, procedures and outcomes.
FORWARD-LOOKING STATEMENTS
This report may contain forward-looking statements that reflect the Group’s expectations at year-end. Whilst due care has been applied in the preparation of this report, readers are cautioned not to place undue reliance on these statements as forecasts are subject to uncertainty and contingencies outside Clover’s control. Actual results may vary materially from the Group’s expectations.
INTEGRATED COMBINED ASSURANCE
All disclosures included in this report are intended to provide
meaningful, accurate, complete, transparent and balanced
information to stakeholders.
Page 83 elaborates on the
combined assurance on the six capitals.
Together with the horizontal and vertical relationships with assurance providers, this integrated, combined assurance model assists the board in assessing the adequacy of the internal control environment and assessing the integrity of information used for decision-making and reporting. Clover understands that insightful reporting for our shareholders is an important consideration for establishing this assurance model.
More information on the Company, its operations and impact on the environment and communities it serves is available at www.clover.co.za.
BOARD APPROVAL AND RESPONSIBILITY STATEMENT
Clover’s Board of Directors (the board) acknowledge their responsibility for ensuring the accuracy of this 2018 integrated report. The board has applied its collective expertise to this report and, in their opinion, this report addresses all material issues and presents an integrated and accurate view of Clover’s performance in the year under review.
Based on the recommendations of the board committees, the
board approved this integrated report on 26 September 2018 for
release prior to 30 September 2018.
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| W Basson | S Booysen | W Buchner |
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| N Mokhesi | F Morgan | B Ngonyama |
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| F Scheepers | N Smith | J Vorster |
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