The IDC is committed to and fully embraces the principles of integrated reporting. Accordingly, the 2015 Integrated Report largely demonstrates our continued commitment to integrating sustainability across our organisation and its subsidiaries. When referring to “IDC”, “we” or “our”, we mean the Industrial Development Corporation and our subsidiaries Findevco, Impofin and Konoil.
Following on the Global Reporting Initiative Guidelines 4 (GRI G4) adopted in our 2014 report, this report covers our financial and non-financial strategy, performance aspects and prospects for the financial year 1 April 2014 to 31 March 2015. In addition the report covers the five material aspects identified as core to IDC business. These material matters were established in line with GRI principles and tests of materiality and relevance. Doing so ensures that the matters identified are sufficiently important concerns, which could substantively influence the assessments and decisions of stakeholders. This process involved the analysis of the following internal and external factors:
- Significant risks to the IDC as defined by our Enterprise Risk Management (ERM) process
- Concerns and expectations of our stakeholders
- Review and benchmarking material industry-wide issues
- Review by IDC, Executive Management Committee (EXCO)
- Advice from external specialists
Reporting boundaries are further refined for each material aspect. In preparing the report, management considered the integrated reporting guidelines provided by the following:
- South African Report of Corporate Practice (King III Report)
- The principles of the GRI G4, in accordance with the guidelines at core level
- Discussion paper issued by the Integrated Reporting Committee (IRC) of South Africa and the consultation draft of the International Integrated Reporting Framework issued by the International Integrated Reporting Council
- Companies Act, No 71 of 2008 as amended
- International Financial Reporting Standard (IFRS)
- Internally developed guidelines and policies
- Public Finance Management Act, No 1 of 1999 as amended
- Industrial Development Corporation Act, No 22 of 1940 as amended
Similar to our previous reports, a combined financial and nonfinancial assurance team from KPMG and SizweNtsalubaGobodo (SNG), supported by the IDC’s internal audit team, again adopted a combined assurance approach to the information in this report.
In addition to the annual financial statements and opinions included here, selected sustainability information was assured at a limited assurance level according to the International Standards for Assurance Engagements (ISAE 3000), assurance engagements other than audits and reviews of historical information. The external auditors assured the financial section of this report. The IDC Board Audit Committee verified the independence of the external assurance providers of the IDC.