OUR GOVERNANCE
Strategy, Performance and Reporting
OUR GOVERNANCE
Strategy, Performance and Reporting
Principles 4 and 5
Strategy and Performance
Principles 4 applied
The Board appreciates that SANBS’ core purpose, risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process.
SANBS has extended its 5-year iHEALTh strategy, initially set to conclude in 2024, until 2025. This extension indicates SANBS' commitment to continuing and aligning its strategic initiatives to address the ever-evolving environment in which it operates.
To ensure the ongoing relevance and alignment of the iHEALTh strategy, the Board sits for annual strategy sessions. These sessions serve as a platform to review, assess, and adjust the strategy necessary to respond effectively to the dynamic environment, enabling SANBS to remain adaptable and responsive to changing circumstances.
In 2024, the Board, Executive and Management teams have jointly produced the strategy for 2025-2030. The major shift in this new strategy is one from a product-centric strategy to a customer-centric strategy. Read more about strategy 2025/2026-2029/2030.
To monitor progress and drive accountability for the iHEALTh strategy, SANBS has a fully integrated process encompassing strategy, risk and opportunity, and performance management. This process supports and facilitates the tracking of performance and the achievement of SANBS' strategic objectives. By integrating these key components, SANBS ensures a comprehensive approach to measuring and managing its progress, identifying risks, capitalising on opportunities, and ultimately driving the successful execution of its strategic plan.
Reporting
Principle 5 Applied
The Board ensures that reports issued by SANBS enable stakeholders to make informed assessments of SANBS’ performance, and its short-, medium- and long-term prospects.
The Board is committed to ensuring transparency and accountability to all stakeholders associated with the organisation. This commitment is upheld through the following key practices and principles:
Comprehensive Reporting
SANBS places considered emphasis on providing stakeholders with comprehensive, timely, and well-balanced information.
Establishing Reporting Guidelines
The Board takes responsibility for establishing reporting guidelines and ensuring the quality, depth, and relevance of reports to meet the diverse needs of internal and external stakeholders.
Publications
Including an annual integrated report (IR) and annual financial statements (AFS): SANBS demonstrates its commitment to transparency through the annual publication of these documents, which are valuable tools for keeping stakeholders informed about the organisation's activities and financial performance.
Oversight and assurance
The Board oversees the integrity of the information included in these reports. Specific reporting areas are reviewed and challenged for appropriateness by the relevant Board committees and internal functions. The integrity of the AFS is assured through external audit processes. The audit of non-financial information included in the IR is a sample of key metrics.
Promoting Trust and Confidence
By upholding these stringent reporting standards and practices, SANBS aims to maintain the trust and confidence of its stakeholders, reinforcing a culture of openness and accountability within the organisation's operations and decision-making processes.