CGISA CEO Stephan Sadie. Picture: SUPPLIED
CGISA CEO Stephan Sadie. Picture: SUPPLIED

Sasol is this year’s overall winner of the Chartered Governance Institute of SA (CGISA) Integrated Reporting Awards. The awards aim to encourage transparent financial and nonfinancial reporting to provide actionable insights into companies’ business performance, prospects and impact on stakeholders.

This year’s virtual event was once again hosted in partnership with the JSE. The awards are open to any organisation producing an integrated report. Organisations can enter their latest integrated report in one of nine categories.

Given the corporate scandals we have witnessed in the past few years, CGISA CEO Stephen Sadie said it was refreshing to see some companies remaining steadfast in their ability to produce leading integrated reports. He said the CGISA remained indebted to professor Mervyn King for the exemplary role he played — and continues to play — in promoting integrated reporting globally.

“While some companies may appear negatively in the press from time to time, what counts is they report transparently on their transgressions and, more importantly, what they are doing proactively to counter these problems,” said Sadie. “One has to commend EOH’s Stephen van Coller on how he is being completely transparent about the corruption and poor governance in the company and his efforts to turn it around.”

Normally, companies enter these awards voluntarily; however, this year all Top 40 integrated reports were evaluated by the judges to ensure a good report was not missed because the firm did not enter. PwC, the convener of judges, produced a comprehensive judges’ report providing feedback on each category.

The 2020 winners

Overall winner: Sasol

Top 40

    • Winner: Kumba Iron Ore 
    • Merit: Nedbank  


    • Winner: Institute of Directors in SA
    • Merit: National Sea Rescue Institute


    • Winner: Ubank 
    • Merit: Fidelity Services  


    • Winner: National Social Security Fund of Uganda
    • Merit: Eswatini Royal Insurance Corporation


    • Winner: Sea Harvest  
    • Merit: AfroCentric Investment Corporation 

State-owned companies

    • Winner: Airports Company SA
    • Merit: Sasria 

Small Cap

    • Joint winners: Sun International 
    • Joint winners: Royal Bafokeng Platinum 


    • Winner: Netcare 
    • Merit: Pick n Pay Stores 

Public Sector

    • Merit: Gautrain Management Agency

Judges’ comments

In the Top 40 category, Kumba Iron ore was the winner while Nedbank Group won a merit award. The judges noted that in this category, risk reporting remained a strong area with significant detail. They said most of the reports performed well in explaining their external environment and operational context, as well as providing organisational overview. Governance reporting is improving with more focus on activities that affect value creation. In the interest of conciseness and integration, many reporters in this category provided an overview of financial information with a strategic context, rather than a full set of financial statements.

The Mid Cap category was once again won by Netcare, with Pick n Pay winning the merit award. The judges were impressed with the reporting excellence of this category, noting detailed business model disclosures with an increased emphasis on the different capitals. Risk-level disclosures are starting to integrate both financial and nonfinancial issues — including linking to the implications of risks to outputs and outcomes. They also noted significant improvements in disclosing outcomes and the internal and external consequences for the capitals as a result of an organisation’s business activities and outputs.

In the Small Cap category, Sun International and Royal Bafokeng Platinum were joint winners. Overall, this category displayed a medium to high quality of reporting. Areas of strength were comprehensive and concise information of key actions taken by governing bodies, good presentation of risk identification and the management of key risks, and the inclusion of sustainable development goals.

Sea Harvest took top spot in the Fledgling/AltX category, while AfroCentric Investment Corporation won the merit award. According to the judges, areas of strength included clear disclosure of material matters, balanced and reliable assessment of issues that affect performance amid the Covid-19 pandemic, detailed stakeholder engagement, and business models that were clearly presented.

The State-owned Company category was won by Airports Company SA. Sasria SOC received the merit award. An area of strength, said the judges, was that most companies included both nonfinancial and financial strategic objectives connected and linked to the performance section, making the strategy implementation measurable. Reports did well to disclose their key performance indicators and targets.

In the Public Sector category, the Gautrain Management Agency won a merit award.

It was Ubank’s turn to shine in the Unlisted category, and Fidelity Services received the merit award. Areas of strength were consistent messaging of what organisations want to achieve and what value they intend to create, as well as generally well-reported stakeholder engagement.

The NGO/NPO category was won by the Institute of Directors in SA. The National Sea Rescue Institute received a merit award. Areas of strength included generally well-reported stakeholder engagement, and reports attempted to include sections explaining capital trade-offs, noted the judge.

In the Regional category, the National Social Security Fund of Uganda was the winner, with a merit award going to Eswatini Royal Insurance Corporation. Areas of strength, said the judges, were strong governance sections, business models that were clear and articulated the value creation journey adopted by the company, and a comprehensive understanding of risks and their impact. Most entrants, they said, delivered reports that were concise and easy to read.

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