This is Santam's first integrated
report, encompassing the company's economic, social and
environmental performance for the 12 months that ended 31 December
2011. It covers the scope and operations of Santam's own business
units regarding material issues. The report does not cover Santam's
intermediary partners as they operate their business activities
independently of Santam.
This Integrated Report includes data and information deemed to
be useful and relevant to our stakeholders, and is informed by the
following legislation and standards:
-
King III report on Governance for South
Africa (King III)
-
Financial Sector Charter (FSC)
-
Department of Trade and Industry's
(dti) Code of Good Practice for BBBEE
-
Global Reporting Initiative (GRI) G3
Sustainability Reporting Guidelines
-
JSE's SRI Index and Listings
Requirements
-
Companies Act 71 of 2008
-
The International Integrated Reporting
Council (IIRC) discussion paper (published for comment in September
2011)
These guidelines and standards require a change
from how Santam reported to its stakeholders in previous years.
These changes will be implemented over time to eventually adhere
not only to all the required aspects of integrated reporting, but
also serve as a benchmark for reporting in the industry.
The most important change from the 2010 Santam
annual report relates to the annual financial statements which are
no longer included in full in this report. This Integrated Report
only includes an abridged financial statement that has been
prepared in accordance with the International Accounting Standards
Board requirements as set out in IAS 34. The full annual financial
results are published on the Santam website (www.santam.co.za), or
can be requested from the company secretary. Cross-references to
notes in this report are made with reference to the full set of
financial accounts.
The report covers an overview of our strategy
and specifically our focus areas for our current planning period
ending in 2014, our performance for the year ended 31 December 2011
and our objectives for 2012. The scope of the report relates to the
Santam group of companies. Detail of the group structure has been
provided in the Strategic review section of this report.
To see our online Integrated Report and
Sustainability Report, or for more information about Santam and the
services we offer, please visit our website at www.santam.co.za.
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