Reporting scope and boundary

This report covers the primary activities of Massmart’s wholesale and retail operations in 13 sub-Saharan countries and the key functions over which we exercise control. Published annually, it provides material information relating to our strategy and business model, operating context, material issues, risks and opportunities, governance, operational performance and future prospects for the period 30 December 2019 to 27 December 2020. Information on anything material that took place after 27 December 2020 and up to the date our Board approved this report has also been included. We also consider the risks and opportunities, and the outcomes of our activities here. Information on our stakeholders, the matters material to them and how these have been addressed is provided here.

This report is prepared in accordance with the International Integrated Reporting Council’s (IIRC) International <IR> Framework. We have also taken note of the revisions to the framework published on 19 January 2021. Our reporting is in terms of International Financial Reporting Standards (IFRS), the GRI Sustainability Reporting Standards, the King IV™ Report on Corporate Governance for South Africa 2016 (King IV), the JSE Listings Requirements and the Companies Act No 71 of 2008

Targets and strategy

The report covers the progress we have made against our strategy during 2020 and provides insights into our strategy going forward and our future financial and non-financial targets.

Our approach to materiality

The report covers the progress we have made against our strategy during 2020 and provides insights into our strategy going forward and our future financial and non-financial targets.

Combined assurance

We use a combined assurance model, the application of which is to be found here, to ensure the information we provide, and our underlying processes support the credibility and integrity of our reporting.

Approval by the Board

Our Board acknowledges its responsibility for ensuring the integrity of this Integrated Annual Report. It has applied its collective mind to the preparation and presentation of this report and is of the opinion that the report is in accordance with the International Integrated Reporting Council (IIRC)’s International <IR> Framework.

The Board has critically assessed the assurance obtained from Massmart’s combined assurance model. It is satisfied that the model enables an effective internal control environment that supports the integrity of information used for internal decision-making by management, the Board and its Committees and the integrity of the Integrated Annual Report.

The Board also considered materiality for the purposes of the Integrated Annual Report and the effect that the presence or absence of an item of information might have on the accuracy or validity of a statement in the Integrated Annual Report, or a decision by a stakeholder.

Our overall objective with this Integrated Annual Report is to provide information that could materially impact Massmart’s ability to create value over the short, medium and long term. The Board is of the view that, to the best of its knowledge and belief, our integrated reporting addresses matters material to our stakeholders’ decision-making by explaining the impact of Massmart’s value creation process over time. It also takes into consideration the Group’s impact on its stakeholders and the environment in which it operates.

The Board unanimously approved our integrated reporting for 2020 on 08 April 2021.

 

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