MATERIAL ASPECTS IMPACTING OUR STRATEGY
Changes in reporting on material aspects
We continue to report on topics that are material to the business, the Shareholder Minister and other key stakeholders. While we manage a wider array of commercial and sustainability topics, our ‘materiality’ focus helps to direct our reporting content according to aspects that are of material relevance and importance to Transnet and its key stakeholders.
There were marginal changes to the aspects we consider ‘material’ from the prior year, as represented by the table on the next page. Further, the 2017 Integrated Report clusters material aspects according to five material themes to simplify connectivity to other sections in the report, such as those relating to strategy and performance (see figure 12).
Directors’ approval of material aspects
The Board of Directors has signed off on the Company’s material aspects. During the materiality determination process, material issues derived from the business context were validated, prioritised and approved by the relevant oversight Board committees. The materiality determination process is described in more detail in the section that follows.
Determining material aspects
Transnet defines materiality with respect to the Company’s long-term sustainability in terms of aspects that substantively impact Transnet’s ability to create and sustain value over the short, medium and long term. This definition includes those issues pertaining to Transnet’s significant economic, social and environmental impacts.
Transnet’s material aspects were determined through a structured process of identifying relevant issues and prioritising those that are most material to the organisation’s commercial, social and environmental contexts.
Figure 10 summarises the levels of accountability for identifying, validating and approving material issues within Transnet, as well as the criteria used during each stage of the process.