The IDC’s definition of materiality with regard to integrated reporting, and the process followed for determining material issues, take into account the published guidelines of the International Integrated Reporting Council (IIRC), the International Federation of Accountants (IFAC) and the Global Reporting Initiative (GRI).
A matter is considered to be relevant if it is very important to appropriate stakeholders, relates to critical risks facing the organisation, or forms an integral part of our strategy. If these relevant matters can also substantially impact the Corporation’s ability to create financial value and deliver development returns over time, as captured in the IDC’s mission, they are then also considered to be material to the IDC (refer to page 22).
The process of determining materiality, in the context of integrated reporting, continues with consultations with internal and external stakeholders. In addition to engagements with stakeholders and leadership, we conduct research into industry best practice and peer reporting themes and practices. Finally, we undertake a validation exercise to ensure that the outcomes of our process comply with the requirements of integrated reporting frameworks.
The 11 material issues identified in 2013 were merged into five during the last reporting period and these will be revisited during each reporting cycle to test their continued relevance.