Sustainability

Business, our society and the environment are intrinsically connected in complex ways and Efora believes that the sustainability of the Company within its operating environment should be a moral and economic imperative.

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Stakeholder engagement

As a responsible corporate citizen we commit to upholding the highest standards in our interactions with persons or entities we do business with.

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:

•    funders and 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.

Key stakeholder groups which are crucial to our sustainability and value creation, together with matters that are of significance to them, are outlined below:

Key stakeholderWhy we engageHow we engageOur stakeholders’
key interests
Impact on
strategic themes
Investors and fundersInvestors 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 bodiesGovernments 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 partnersWorking 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 businessPursue operational excellenceMaintain capital excellence
CustomersOur 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 excellenceSound governanceGrowing our business
SuppliersOur 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 excellenceMaintain capital excellence
Employees and unionsEmployees 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
CommunitiesMinimising 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
MediaEngagement 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 governancePursue operational excellenceMaintain capital excellence
Key stakeholderWhy we engageHow we engageOur stakeholders’ key interestsImpact 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 bodiesGovernments 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 partnersWorking 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
CustomersOur 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
SuppliersOur 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 unionsEmployees 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
CommunitiesMinimising 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
MediaEngagement 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

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