Integrated Reporting Policies and Combined Assurance
Use of guidelines
Non financial reporting policies are aligned to the Global Reporting Initiative's ("GRI") G3 guidelines and financial sector supplement, incorporating recommendations set out in the King Committee on Governance's Code of Governance Principles for South Africa (2009) (King III Code), the JSE Socially Responsible Investment ("SRI") index, and the BEE transformation requirements set out by the Financial Sector Charter, and the Department of Trade and Industry's ("dti") Codes of Good Practice.
Materiality
Material topics are defined as those reflecting significant economic, environmental and social impacts or those that would influence the decisions of the company's stakeholders. The material topics disclosed in this report have been informed by regulatory obligations, internal financial and non financial management reports and voluntary disclosure standards.
Stakeholder inclusiveness
The principle of stakeholder inclusiveness has been employed to ensure that disclosures are material and relevant to the legitimate interests and expectations of FirstRand's stakeholders. The primary vehicles informing stakeholder disclosures are the Group's integrated financial and non financial risk management reports and significant regulatory events.
Data measurement
Data reported pertains to the financial year ending 30 June 2010, with the exception of data in respect of the company's carbon footprint and selected BEE transformation data. Due to the duration of the carbon footprint calculation, carbon footprint figures represent the externally audited carbon emissions data for the prior financial year. Skills development and procurement figures reflect the externally audited BEE transformation data reported to South Africa's Department of Trade and Industry (dti) per calendar year.
Data measurement techniques are replicable and information is not reported if the margin for error is believed to substantially influence the ability of stakeholders to make informed decisions about the company's performance. Measurement techniques, estimates and underlying assumptions are described when it is materially necessary to do so. Carbon footprint calculations are made according to the Greenhouse Gas Protocol's Corporate Accounting and Reporting Standard.
Financial information
Financial data disclosed in the Group's governance report and divisional reports to society is informed by the audited annual financial statements and is disclosed in line with the Group's financial accounting policies set out in the Integrated Annual Report.
Combined assurance
FirstRand relies on integrated internal controls for determining the materiality and completeness of disclosures made in the Group's Integrated Annual Report and divisional reports to society. These integrated controls include oversight of Management, the group's Risk teams and Group Internal Audit, with ultimate oversight provided by the board of directors vie the FirstRand Audit committee.
In addition to these internal controls FirstRand has commissioned the following independent sources to provide assurance and commentary on the data contained in Integrated Annual Report and Divisional Reports to Society:
- Financial data is independently audited by PricewaterhouseCoopers
- BEE transformation performance has been externally audited by SizweNtsaluba Vsp
- FirstRand's carbon footprint data has been externally prepared by Merchantec Carbon and independently assured by FirstRand Internal Audit
- Corporate Social Investment information has been prepared by Tshikululu Social Investment and externally audited by Deloitte and Touche
- FirstRand Group internal Audit performed a limited review of the statements and quantitative data contained in the contained in Integrated Annual Report and Divisional Reports to Society as well as the effectiveness of the underlying control environment.