About our report
This report is prepared in accordance with the International <IR> Framework of the International Integrated Reporting Council (IIRC) and provides our stakeholders with a concise and transparent assessment of our ability to achieve our mandate and create sustainable value.
Scope and reporting boundary
Our integrated report provides our stakeholders (including our staff, regulators and society) with a concise, material and transparent assessment of our governance, strategy, performance for the period from 1 April 2020 to 31 March 2021.
Our Value Creation Process
Our integrated report is a demonstration of our value creation story. It aims to provide a balanced and accurate reflection of value creation, preservation and erosion in terms of our strategy, performance, risks, opportunities, trade-offs and future outlook in relation to material financial, economic, social and governance issues. This report primarily addresses how we create value over the short, medium and long term, with a demonstration of the effects on the six capitals (i.e. outcomes) providing our stakeholders with a transparent and holistic view of our business operations.
Materiality and Material Matters
Material events up to date of approval have been included and should be read in conjunction with our full set of annual financial statements (AFS) for a comprehensive overview of our financial performance.
OUR APPROACH TO VALUE CREATION, PRESERVATION AND EROSION
This report is prepared in accordance with the International Integrated Reporting Framework of the Integrated Reporting Council and provides our stakeholders with a concise and transparent assessment of our ability to achieve our mandate and create sustainable value. Our value creation process is embedded in our purpose and described in our business model, and integrated into the way we think and make decisions.
Value Creation
We create value by providing trusted blood products and services to all patients at a world class level and innovating new treatments to enhance human healthcare.
Value Preservation
The Board ensures value preservation by safeguarding stakeholders interests and enhancing long –term value through responsible decision making, taking into account the impact of operations on the environment and communities to maintain future stability.
Value Erosion
The Board defends against damage to stakeholder value including value erosion, reduction and destruction by leveraging our capitals as part of our business model and strategy. Careful consideration is applied between the capitals we use and /or affect and the potential trade-offs as a result of our strategic decisions
MATERIALITY AND MATERIAL MATTERS
We apply the principle of materiality in assessing what information should be included in our integrated report through a structured process. We identify the matters that are or have the potential to significantly impact our ability to deliver on our strategy and ensure sustainable value over the short, medium or long term for our stakeholders.
Read more about our material matters
REPORTING FRAMEWORKS, PROCESS AND COMBINED ASSURANCE
Our integrated report is based on the principles contained in:
INTERNAL CONTROLS
AND ASSURANCE
AND ASSURANCE
SANBS has adopted a combined assurance model that is risk-based and that covers strategy level risks and related material matters. Accountability is clear within the lines of defence model, with assurance providers working together to provide coordinated assurance.
Process to produce our
integrated report
integrated report
The report preparation and presentation process is governed by our Board and led by the executive committee, with active participation by their direct reports. The Executive committee meets weekly to discuss, review and provide input for the production of the integrated report
Our 2021 integrated report is prepared from minutes of board and executive committee meetings and workshops as well as financial and non-financial reporting information. The latter comprises of internal reports including our dashboard balanced scorecard reporting
Once report drafts are reviewed and approved by the Executive Committee, these are tabled with the Audit Committee and approved by the Board
Integrated Thinking
Integrated thinking helps us to expand the boundaries of our mindset, seeing ourselves as part of a larger system and taking into account the wider impact of our decisions, beyond short term financial rewards.
The SANBS embraces integrated thinking and with the enduring effects of the Covid-19 pandemic, it is through our strong stakeholder relations, robust risk mitigation processes, strong governance, how we care for our staff, donors and all stakeholders, ongoing effective, transparent communication and embracing opportunities for innovation, that has ensured our business has remained resilient.
Forward-looking Statements
This report contains certain forward-looking statements with respect to SANBS’ financial position, results, operations and businesses. These statements and forecasts involve risk and uncertainty, as they relate to events and depend on circumstances that occur in the future.
Outlook
Outlook information comprises challenges, opportunities and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified. Outlook information can be found throughout this report; however, the majority of this information can be found in our outlook section.
Board Responsibility and Approval
