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Stakeholder engagement

Building relationships with our stakeholders is central to our ability to create sustainable value. Engaging stakeholders and addressing their interests was a key priority for us during the year.

Engagement with our stakeholders is of key importance to the Group and pivotal to its sustainability. For this reason the Group put in place a deliberate process of evaluating its key stakeholders to ensure that their significance, key interests and concerns were understood and that attention was given to nurturing these relationships.

The Group’s approach to its engagement with stakeholders is well documented in the Code of Business Conduct and Ethics (“the Code”). The Group is committed to transparent and fair business practices in all its dealings with stakeholders. It is the Group’s expectation that all parties it deals with should similarly be committed to, and practice, the principles contained in the Code.

To improve its engagement with stakeholders the following activities were undertaken:

•    stakeholder identification;

•    key stakeholders were surveyed and their responses to a structured questionnaire were analysed; and

•    areas for improvement were identified.

The target audience of the abovementioned survey included:

•    investors;

•    employees;

•    suppliers; and

•    business partners.

Overall, the survey results across all groups were extremely positive and recommendations made for improvements to stakeholder engagement were constructive. These recommendations have been taken on board in the Group’s evolving approach to stakeholder engagement. Future surveys will be extended to a broader audience of stakeholders.

An overview of each of our key stakeholders who contribute materially to our value drivers is provided below:

Key stakeholder

Why we engage

How we engage

Our stakeholders’ key interests

Impact on strategic themes

Investors and funders

Investors and funders are providers of financial capital which enables us to grow the business and create sustainable value. In this regard communication needs to be transparent and timely so that potential concerns are addressed expeditiously.

•    Annual general meetings

•    JSE news services

•    Interim and final results presentations

•    Integrated annual reports and financial statements

•    Media releases

•    Presentations and roadshows

•    One-on-one discussions

•    Information on our website

•    Surveys

•    Financial and operational performance

•    Strategy, investment case and value proposition

•    Risk management

•    Remuneration philosophy

•    Dividends and share price growth

•    Return on investment

•    Corporate governance

•    Liquidity and gearing

•    Transformation

All

 

Governments and regulatory bodies

Governments grant our operating licences and provide an enabling regulatory framework to inform our operations.

•    Memberships to industry bodies

•    Meetings, presentations and consultations

•    Comment on developments in legislation

•    Submission of regulatory documents

•    As stipulated in agreements with governments

•    The impact of our business and operations on the environment and economic and social development

•    Regulatory compliance

•    Compliance with licence conditions

Sound governance

Operating partners

Working with business partners in multiple jurisdictions enables us to forge mutually beneficial relationships within the O&G sector which facilitate the expansion of our operations, hence creating value for our shareholders.

•    Meetings and presentations

•    Financial and operations reports

•    As stipulated in joint operating agreements and the Group’s Code of Conduct

•    Strategy and expansion

•    Progress against financial and operational targets

•    Corporate governance and ethics

•    Compliance with asset or project agreements

•    Funding of obligations

Grow our business

Pursue operational excellence

Maintain capital excellence

Customers

Our customers inform us of their specific needs which enables us to better deliver against their expectations.

•    One-on-one meetings

•    Building key contact relationships

•    Contractually

•    Quality product and timely delivery thereof

•    Terms of sale

•    Security of supply

Pursue operational excellence

Sound governance

Growing our business

Suppliers

Our various suppliers enable us to deliver products and services, whilst we support local business development.

•    As stipulated in the Group procurement policy

•    Surveys

•    Terms of sale

•    Group procurement process

•    Liquidity

Pursue operational excellence

Maintain capital excellence

Employees and unions

Employees are at the heart of our business and our engagement with them facilitates the creation of a work environment that fosters a high performance culture and promotes fair and equal opportunities for all.

•    Tone from the top

•    One-on-one consultations

•    Talks, internal memos and posters

•    Contractually

•    Ongoing training

•    Surveys

•    Code of Conduct

•    Performance management initiatives

•    Regular engagement with the Company

•    Career development and growth opportunities

•    Performance management and reward systems

•    Work-life balance

•    HSE practices

•    Diversity

•    Job stability

All

 

Communities

Minimising the impact of our operations on communities where we operate is of utmost importance to us. We also strive to improve the lives within these communities through our engagement with them.

•    Corporate social investment initiatives

•    Local representatives

•    Social development

•    Employment opportunities

•    The impact of our operations on the environment

Sound governance

Media

Engagement with the media enables us to promote and enhance the Group’s reputation.

•    Interviews

•    Press releases

•    Financial and operational performance

•    Key business changes

•    Corporate governance and ethics

Sound governance

Pursue operational excellence

Maintain capital excellence

 

Focus areas for stakeholder engagement in 2017/2018

•    Conduct a new survey or face-to-face interviews with stakeholders that were not engaged during the financial year to ascertain key interests and concerns

•    Update the communication approach taken for each stakeholder group in addition to responding to valid stakeholder issues

•    Utilise surveys or interviews to update and support the disclosures in the Report where relevant