The aim of our reporting is to provide concise and transparent information to current and prospective investors, and our other stakeholders, that will allow them to make an informed assessment of Massmart’s ability to deliver value over the short (one year), medium (two to three years) and long term (three to five years).

Reporting scope and boundary

This report covers the primary activities of Massmart and its four divisions in South Africa and sub-Saharan Africa.

Published annually it provides material information relating to our strategy and business model, operating context, material matters, risks and opportunities and operational performance during the 52-weeks ended 29 December 2019 and our future prospects. Information on anything material that took place after 29 December 2019 and up to the date the Board approved this report has also been included.

Previously, financial and physical assets were considered to be the key components making up an organisation’s market value. Increasingly, the sustainability of an organisation and its ability to create value in the future is also being measured in terms of its environmental, social and governance (ESG) performance, which can be attributed to its ability to create:

  • Natural capital by minimising its impact on the environment through responsible consumption of renewable and non-renewable environmental resources and addressing its impact on climate change
  • Social and relationship capital through its relationships and the role it plays in the communities in which it operates
  • Human capital through its approach to the human rights, skills development, safety, health and wellbeing of its associates
  • Intellectual capital through effective corporate governance, and its employment of organisational knowledge to extract value and innovate.

This report therefore also includes material information on our ESG performance.

Our approach to materiality

We apply the principle of materiality when assessing what information should be included in our report.
Our material issues, which are identified through internal and external engagement (see our stakeholder relationships on page 34) influence our strategy and inform the content of this report. Our Board reviews and approves these matters annually.

Reporting framework and combined assurance

The preparation of this report has been guided by the International Reporting Framework of the IIRC.

We use a combined assurance model to ensure the information we provide, and our underlying processes, support the credibility and integrity of our reporting:

  • Ernst & Young Inc. (EY) assured our Group and Company Annual Financial Statements
  • GCX Africa assured our emissions and renewable energy data
  • Xcelerate Verification Agency (Pty) Ltd verified our Broad-Based Black Economic Empowerment scorecard
  • Massmart’s Internal Audit Services assured our key compliance, corporate social investment and human capital performance indicators.

Board approval

The Massmart Board assumes responsibility for ensuring the integrity of this integrated report. In the Board’s opinion this report addresses the issues material to Massmart’s ability to create value, is a concise and transparent representation of the performance of the Group during the year under review and also provides information relevant to the short-, medium- and long-term outlook. We have applied our collective minds to the preparation and presentation of the information in this report and believe that this report has been prepared in accordance with the International Integrated Reporting Council (IIRC)’s International <IR> Framework. The Board unanimously approved this report on 2 April 2020.


Kuseni Dlamini
Chairman of the Board

Mitchell Slape
Chief Executive Officer

Mohammed Abdool-Samad
Chief Financial Officer

Nolulamo (‘Lulu’) Gwagwa

Olufunke Ighodaro

Phumzile Langeni

Lindiwe Mthimunye

Susan Muigai


Charles Redfield

JP Suarez