Our stakeholder relationships
The purpose of our stakeholder management is to deliver value for stakeholders and contribute meaningfully to the societies in which we operate. Our ongoing engagement with each group of stakeholders is designed to address their needs and expectations.
We adopt a consultative approach to stakeholder engagement, with the aim of developing and achieving an accountable and strategic response. We consider stakeholder trust and confidence in our group to be fundamental to the sustainability of our business.
Our approach to engagement
While our approach to engagement has always included our corporate website, our interim and annual reporting, electronic announcements, which include the Stock Exchange News Service (SENS), previously we focused on one-on-one, face-to-face engagements with our key stakeholders and roadshows whenever possible. The Covid-19 pandemic changed this with online electronic engagement becoming the norm. Hopefully, we will start to see a return to face-to-face engagement in the near future.
Through an annual consultation process with our stakeholders, both internal and external, we determine what is material with regard to the needs and expectations of both the group and its stakeholders. Recent events, including the Covid-19 pandemic, have resulted in changing stakeholder expectations placing an increasing focus on expectations around the social roles of corporates and a broader approach to shared value, which require addressing through our role as a responsible corporate citizen.
Responsibility for stakeholder engagement
Responsibility for stakeholder relations is delegated to group functions and our business units. The group ensures that appropriate stakeholder consultation policies, practices and reporting procedures are in place in order to:
- establish clear accountability for effective stakeholder engagement
- comply with relevant laws governing stakeholder relationships and the various standards and codes of practices to which Barloworld subscribes
- promote awareness in our operations and functions of the importance, value and methodologies for stakeholder consultation and relationship management, underpinned by adherence to the principles of inclusiveness, materiality and responsiveness.
The sustainable value we create for our key stakeholders through commitment to being a responsible corporate citizen is addressed in the Creating sustainable value section of this report.