The Grindrod Limited (Grindrod) integrated annual report aims to provide stakeholders with a balanced assessment of its ability to create and sustain value to ensure short-, medium- and long-term viability. The report provides a complete and balanced review of Grindrod’s economic, social and environmental performance within the context of its strategy and risks and opportunities for the period 1 January 2016 to 31 December 2016.
The report includes information on subsidiaries and local and international joint-venture partners and associates where appropriate. The report must be read in conjunction with the audited annual financial statements and other supplementary information, available on Grindrod’s website.
In creating value, Grindrod utilises various capital resources. This report has consequently been compiled in accordance with the concepts, guiding principles and content elements contained in the International Integrated Reporting Framework issued by the International Integrated Reporting Council (IIRC), including disclosures based on the six identified capitals.
Sustainability reporting is based on the identification, prioritisation and validation of material aspects to promote disclosure that appropriately reflects materially significant economic, environmental and social aspects and performance in the wider context of sustainability and the reasonable expectations and interests of stakeholders. Material aspects are those which have the potential to substantially impact Grindrod’s ability to create and sustain value for its stakeholders. These aspects are assessed within the context of the organisational strategies, environmental influences and the key risks and opportunities that affect the ability to create sustainable value.
Sustainability reporting is guided by the Global Reporting Initiative’s (GRI’s) G4 Sustainability Reporting Guidelines. An assessment of reporting structures will provide for disclosure in future reporting periods based on the recently published GRI Sustainability Reporting Standards. A GRI-G4 content index, based on a core “in accordance” option, is available on Grindrod’s website.
The indicator assessments included in the Financial Times Stock Exchange (FTSE) Environmental, Social and Governance (ESG) Ratings methodology, used as a basis for the FTSE/JSE Responsible Investment Index, are also considered. Grindrod has, based on external assessment, been included in the FTSE/JSE Responsible Investment Index and FTSE/JSE Responsible Investment Top 30 Index.
In compiling its integrated annual report and supplementary information, Grindrod also applies the Johannesburg Stock Exchange Limited (JSE) Listings Requirements, International Financial Reporting Standards (IFRS), the South African Companies Act No. 71 of 2008, as amended (the Companies Act) and is guided by the principles contained in the 2009 King Report on Corporate Governance for South Africa (King III) and, to the extent achieved through early adoption, the 2016 King Report on Corporate Governance for South Africa (King IV).
Grindrod’s board acknowledges responsibility for ensuring the integrity of the integrated annual report. Following collective assessment, the audit committee, responsible for oversight of the integrated annual report, recommended approval of the report by the board of directors.
The board believes that the integrated annual report has been prepared in accordance with best practice, appropriately addresses material aspects of Grindrod’s business and is a fair representation of the integrated performance of the company. The board accordingly approved the 2016 integrated annual report on 1 March 2017 for release to shareholders.
Chief executive officer
Go to the top