South African petrochemicals company Sasol’s 2012 annual inte- grated report has received an award for its level of transparency from report monitoring, scanning, scoring and rating company ReportWatch at its 2013 Best Annual Reports 2013 awards.
The corporate watchdog surveyed the reports of more than 1 500 top global corporations, describing Sasol’s report as an outstanding example of an integrated reporting format, which is presented in a simple but effective layout and also masters a large number of classic report ingredients, combined with newer features.
Sasol group media manager Alex Anderson attributes the success of the 2012 report to greater involvement from top management with the team producing the report, including employees from the departments of communications, investor relations, statutory reporting as well as safety, health and environment.
Highlights of the report, according to ReportWatch, include Sasol’s business model and value chain reporting, key performance indicators, reporting on risk management and governance and its use of charts, as well as economic and responsibility measures.
“This award is testament to our approach of providing our stakeholders with an accessible and accurate assessment of our performance, not only financially but also socially and environmentally.
“Embracing the code of corporate governance in South Africa, the King III Code, the principles of the International Integrated Reporting Council and the Integrated Reporting Committee of South Africa underpin our commitment to transparency,” says Sasol executive director Nolitha Fakude.
Sasol received an A+, which is the first time this score has been recorded in the 17 editions of ReportWatch’s annual report on annual reports.
“The project runs over six months, as it involves reviewing, benchmarking, briefing, writing, typesetting, produc- tion, printing and distribution – in print and in electronic mediums,” says Anderson.
He points out that the content struc- ture was very specific in the past, but it is currently more flexible.
“There has been some debate as to the sequence of information in the report and what should be included and excluded. Sasol is a technical business, which can, at times, be difficult to explain simply. Also, we have a range of businesses within the group and it is important to balance priorities,” Anderson says.
Sasol understands that the currency of partnership is trust, he says; therefore, “the group needs to build and maintain trust and respect with its stakeholders, which underpin the spirit of Sasol’s transparent reporting”.
Sasol’s annual integrated report provides its stakeholders with an accessible and accurate assessment of its financial, social and environmental performance.
“This is highlighted by the principles of the International Integrated Reporting Council and the Integrated Reporting Committee of South Africa,” Anderson concludes.