JOHANNESBURG. 13 August 2015 – South African Airways’ Integrated Annual Report has received an accolade at the annual integrated reporting awards.
The airline’s 2014 Integrated Report was ranked sixth amongst the State-Owned Enterprises (SOCs) assessed as part of the Nkonki SOC Integrated Reporting Awards. As part of the report, 20 of the country’s SOCs were assessed in terms of their integrated reporting performance.
Assurance and advisory firm Nkonki found that SOCs continue to improve integrated reporting efforts as part of its fourth annual review of integrated reporting in South African State Owned Companies (SOCs).
Titled “Integrated Reporting: A New Era for Public Sector Entities in South Africa”, the report assesses how local parastatals measure up in terms of applying the guiding principles of and global best practice relating to integrated reporting. As part of the report, 20 of the country’s SOCs were assessed in terms of their integrated reporting performance.
SAA’s report has shown marked improvement over the years and was ranked eleventh in 2011 and 2012; thirteenth in 2013 and now sixth for 2014. The airline has moved from an “F” in 2011 to a “C” for the 2014 report.
“It is heartening to see that our Integrated Report has shown such development and improvement over time. Our concerted efforts towards continuous improvement in our financial reporting are paying off,” says Wolf Meyer, SAA’s Chief Financial Officer.
The 2015 report provides insights into the extent to which SOCs have applied the International Integrated Reporting Council’s (IIRC) International Integrated Reporting Framework, released in December 2013, to their 2014 reports.
Chaired by Professor Mervyn King, the IIRC had as its mission to create a globally-accepted Integrated Reporting Framework, which brings financial, environmental, social and governance information together in a clear, concise, consistent and comparable format. The aim is to help with the development of more comprehensive and comprehensible information about organisations, prospective as well as retrospective, to meet the needs of a more sustainable global economy.