COMBINED ASSURANCE ON SIX CAPITALS
In relation to the Six Capitals, Clover obtained external assurance against the respective capitals as described below:
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Capitals |
Internal Audit and Other Independent Assurance Providers: Clover's 3rd line of defence |
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Human Capital |
- Clover was assessed as a Level 4 contributor in the last B-BBEE assessment performed by Net Value Holdings in respect of Clover's June 2015 year-end.
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Natural Capital |
- External Safety, Health and Environmental legal compliance audits were performed at production and some distribution sites by SGS. These audits are performed every three years.
- Internal audit conducted a readiness assessment on Clover's carbon emissions disclosure against sustainability framework guidelines, such as GRI.
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Manufactured Capital |
- Clover adopted FSSC 22000 which the latest international standard for Food Safety and Quality Management systems. All factories are in transitional phase from ISO 22000 to FSSC 22000. Annual certification is performed by SGS.
- All South African Clover factories are annually certified by SGS on HACCP standards.
- SGS performed SIIR certification on behalf of the Botswana Government on all factories exporting to Botswana.
- Clover engaged in independent third party audits performed by customers such as Woolworths, Kraft, Nestle, Unilever and others. These audits are performed against international food safety standards.
- Clover was subject to SEDEX audits from our clients on an ad hoc basis on selected factories.
- Internal safety audits were performed by Clover personnel and Makrosafe, covering all Clover distribution sites.
- Marsh performed fire risk surveys over a three-year cycle of all Clover material sites.
- External audits were performed on assets.
- Internal Audit performed independent reviews on Production Inventory Management and the Production Process.
- Property valuations are performed every three years by The Property Partnership. Replacement values from these valuations are used to adequately insure sites.
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Intellectual Capital |
- Clover brands have won numerous accolades, confirming our status as a trusted household name.
- Clover's portfolio of trademarks and patents are managed by Adams and Adams attorneys.
- Internal audit provided independent assurance over the Risk Management Function.
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Social and relationship Capital |
- Clover Mama Afrika positioned itself as a sustainable and effective CSI project, as evident from prestigious awards received, with the PMR Diamond Arrow award most recently received in 2015.
- Clover received a full allocation of points on our Social Economic Development as assessed in respect of Clover's June 2015 year-end by Net Value Holdings.
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Financial Capital |
- External auditors assessed management's representation over material internal financial controls.
- Clover received an unqualified audit opinion by external auditors.
- Internal Auditors performed various financial control audits and provided a statement on material financial controls and governance as required by King III.
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