about this report
The 2016 Clover Integrated Annual Report deals with the most relevant and material issues that could substantially impact on Clover's ability to create and sustain value for its stakeholders. This report is intended to concisely and accurately inform our stakeholder universe of our strategy, governance, performance and prospects in terms of Clover's value creation over the short, medium and long term.
Compliance
The information provided in this Integrated Annual Report has been guided by local and international requirements.
These include the:
- Companies Act 71 of 2008 as amended (Companies Act)
- King III Code of Governance reporting principles 2009 (the King III Code)
- The Listings Requirements of the JSE Limited (the JSE Requirements)
- Integrated Reporting Framework
(<IR> framework) of the International Integrated Reporting Council (IIRC) - International Financial Reporting Standards (IFRS)
- Relevant Applicable Legislation and Best Practice
The Board has satisfied itself that Clover has conformed throughout the reporting period to all the principles of the King III Code and the JSE Requirements, with limited exceptions. Where we have partially complied or not complied with these provisions, Clover has provided motivations and reasons, as indicated in the King III index here of this report.
Furthermore, legal compliance with Regulation 43 of the Act is described fully in the Report on Six capitals. Compliance with Clover's regulatory universe is described under Compliance in the Governance section, on here.
Integrated Combined Assurance
All disclosures included in this report are intended to provide meaningful, accurate, complete, transparent and balanced information to stakeholders. The Board, its Committees and management were involved in finalising disclosures made in this Integrated Annual Report and assume responsibility for the information contained therein. Please refer here where this is discussed.
Together with the horizontal and vertical relationships with assurance providers, this integrated combined assurance model assists the Board in assessing the adequacy of the internal control environment and assessing the integrity of information used for decision-making and reporting. Clover understands that insightful reporting for our shareholders is an important consideration for establishing this assurance model.
Considering the sustainability of Clover's business model and in complying with Regulation 43 of the Companies Act, as well as King III, all material risks are incorporated into Clover's risk universe. These are monitored under Clover's risk management process, as described more comprehensively under the Governance section of this report.
Statement of Board responsibility
The Clover Board of Directors (the Board) acknowledges its responsibility for ensuring the accuracy of this 2016 Integrated Annual Report. The Board has applied its collective expertise to this report and, in its opinion, this report addresses all material issues and presents an integrated and accurate view of Clover's performance in the year under review.
Based on the recommendations of the Board Committees, the Board approved this report for release on 12 September 2016.
Contact information
We welcome your feedback on this report.
For more information regarding the contents of this report,
please contact Mr Elton Bosch, Chief Financial Officer, at Tel: +27 (0)11 471 1445
Forward looking disclaimer
This report may contain forward looking statements, including statements regarding our intent, belief or current expectations with respect to Clover's businesses and operations, market conditions, results, capital adequacy, provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements as forecasts are subject to uncertainty and contingencies outside Clover's control. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Clover does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the publication date of this report.
