Approach and reporting frameworks
Approach
This is Blue Label's seventh integrated annual report, which continues to document the journey of our unique story, encompassing how the entrepreneurial Levy brothers envisioned and then built a business which listed on the JSE as Blue Label Telecoms Limited in 2007. Simultaneously, the report shares with stakeholders Blue Label's integrated thinking as it implements its strategy across the Group.
In following the recommendations of the King Code of Governance Principles for South Africa and the structure set out by the International Integrated Reporting Council's framework, Blue Label's process aims to link material Group information with reference to strategy, governance, performance, remuneration and prospects in a manner which enables stakeholders to obtain a view of the commercial, social and environmental context within which the Group operates.
This integrated annual report is the Group's primary report. It covers its business segments and its financial and operational performance for the financial year ended 31 May 2017. Non-financial and sustainability information is limited to the South African operations, as our international operations are not required to report on these matters.
The report contains issues material to our strategy and of interest to our stakeholders. Blue Label has mapped its stakeholders, in particular its relationship with its employees, providers of capital, the media, customers, business partners and suppliers, communities, educational institutions and government bodies. These stakeholder groupings receive more structured engagement processes than other groupings and the level of inclusivity with these stakeholders is correspondingly more integrated into the Group's strategic thinking (refer to the stakeholder relations section.)
The integrated annual report provides a detailed understanding of the financial aspects of the Group's business. The annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the Companies Act of South Africa.
This report contains the notice of Annual General Meeting, proxy form and information to enable shareholders to exercise their vote on the resolutions to be put to the meeting. The notice and other related disclosures have been condensed into a booklet for physical distribution to shareholders at their request. The complete integrated annual report is also produced and is available for viewing and download via the website.
Various supporting documents to the Group's library of disclosure, such as results presentations, short-form advertisements and SENS announcements are accessible via the website.
Ultimately, the report aims to provide stakeholders with the means to assess the Group's ability to create and sustain value over the short, medium and long term.
Reporting frameworks
This report has been compiled in line with the requirements of King IV report on corporate governance for South Africa 2016 (King IV) and the principles of the International Integrated Reporting Framework. This is the first reporting cycle that requires King IV adoption and disclosure. The disclosure requirements of King IV have been adopted in this year's integrated annual report, as far as possible, and explain the continuation of robust governance principles and practices adopted under King III and some of the transitional initiatives to adopting King IV.
Blue Label utilises a risk-based model which identifies internal risks and stakeholder issues, in order to determine the material content of the report.
Board responsibility and approval statement
Our process of integrated reporting continues to evolve and at this stage the Group has not sought external assurance of the content or part thereof apart from the annual financial statements, which the external auditor, PwC, has provided assurance as confirmed in the independent auditor's report. The Board, assisted by its Audit, Risk and Compliance Committee, is ultimately responsible for overseeing the integrity of the integrated annual report. The Board has applied its collective mind to the preparation and presentation of the integrated annual report and has concluded that it is presented substantially in accordance with the principles of the International Integrated Reporting Framework.
The integrated annual report was approved by the Board and signed on its behalf by:
Larry Nestadt
Chairman