The IDC is committed to and fully embraces the principles of integrated reporting. Accordingly, the 2016 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.
In 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 2015 to 31 March 2016. In addition, the report covers the five material aspects identified as core to the IDC business. These material matters were established taking into account published guidelines of Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC) and the International Federation of Accountants (IFAC). Doing so ensures that the matters identified are sufficiently important concerns, which could substantively influence the assessments and decisions of key stakeholders (refer to page 26).
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)
- This report contains Standard Disclosures from the GRI Sustainability Reporting Guidelines and a list of these Standard Disclosures can be found online in our GRI G4 table
- Guidance issued by the Integrated Reporting Committee (IRC) of South Africa and the International Integrated Reporting Framework issued by the IIRC
- Companies Act, No 71 of 2008 as amended
- International Financial Reporting Standard (IFRS)
- Internally developed guidelines and policies (available upon request)
- 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 non-financial assurance team from KPMG and SizweNtsalubaGobodo (SNG), supported by the IDC’s internal audit team, adopted a combined assurance approach to the information in this report.
In addition to the Annual Financial Statements and opinions included here, selected performance 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.