The Grindrod Limited (Grindrod/the company) integrated annual report aims to provide stakeholders with a balanced assessment of the company’s ability to create and sustain value to ensure short-, medium- and long-term viability. The report, together with the audited annual financial statements and other supplementary information available on the company website, provides a complete and balanced review of Grindrod’s economic, social and environmental performance, inclusive of information on subsidiaries and local and international joint-venture partners and associates where appropriate, within the context of its strategy and risks and opportunities for the financial year ended 31 December 2017.
In compiling its integrated annual report and supplementary information, Grindrod has applied the principles contained in the King IV Report on Corporate Governance for South Africa, 2016 (King IV), the Johannesburg Stock Exchange Limited (JSE) Listings Requirements, International Financial Reporting Standards (IFRS) and the South African Companies Act No. 71 of 2008, as amended (the Companies Act).
The integrated annual report is also compiled in accordance with the concepts, guiding principles and content elements contained in the International Integrated Reporting (<IR>) Framework issued by the International Integrated Reporting Council (IIRC), including disclosures based on the six identified capitals. The indicator assessments included in the Financial Times Stock Exchange (FTSE) Environmental, Social and Governance (ESG) Rating methodology, used as a basis for the FTSE/JSE Responsible Investment Index, are also considered. Sustainability reporting is guided by the Global Reporting Initiative’s (GRI’s) G4 Sustainability Reporting Guidelines. A GRI-G4 content index, based on a core "in accordance" option, is available on Grindrod’s website.
Disclosure is guided by the material economic, environmental and social issues which the directors believe have the potential to substantially impact Grindrod’s ability to create and sustain value for its stakeholders. Due consideration is given to appropriate internal and external factors, including the operating environment, stakeholder expectations and the company’s strategy and the associated opportunities and risks.
Grindrod’s external auditor, Deloitte & Touche, has provided assurance on the consolidated financial statements and expressed an unmodified audit opinion. The external auditor also audited the summarised consolidated financial statements included in the integrated annual report and their unmodified audit opinion is included in the corporate governace section. Grindrod’s internal audit function provided assurance on selected sustainability performance indicator disclosures. The B-BBEE scorecard information was assured by Aqrate KZN.
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.
In the board’s opinion, the integrated annual report provides a fair and balanced representation of the integrated performance of the company within the context of its identified material aspects, and has been prepared in accordance with internationally recognised best practice. The board accordingly approved the 2017 integrated annual report on 23 March 2018 for release to shareholders.
Lead independent non-executive director