Integrated reporting

Sophie HeighwayNia Evans - SanfordAlison Howard - Deloitte@sustbusiness / #ProjectNZ

Three Questions:•Where have we come from?•Who's reporting and why?•Where are we heading?

@sustbusiness / #ProjectNZ

@sustbusiness / #ProjectNZ

Where have we come from?•Data > Materiality > Value•More story telling •From dumping to engaging

@sustbusiness / #ProjectNZ

Who's reporting and why?

Where are we heading?•Concise and focussed•Stakeholder participation •Story telling•Technology •Integration@sustbusiness / #ProjectNZ

OUR RECIPE FOR

BEAUTIFUL-NEW ZEALAND –

SEAFOOD

@sustbusiness / #ProjectNZ

Sanford LimitedNia Evans03 September 2015

@sustbusiness / #ProjectNZ

We are a food company – serving beautiful New Zealand

seafood to thousands around the world everyday

@sustbusiness / #ProjectNZ

FinancialFinancial Non-financialNon-financial

Our First Integrated Report

@sustbusiness / #ProjectNZ

14 years of reporting (at the time, 1 for me…)

Big Shoes to Fill…

New standards:

•Global Reporting Initiative (GRI) G4

•Integrated Reporting <IR>

Our Reporting Story

@sustbusiness / #ProjectNZ

@sustbusiness / #ProjectNZ

Stage 1 – Sharing the Vision

Leading the way

A tougher crowd

@sustbusiness / #ProjectNZ

Stage 2 – What is our desired state?

@sustbusiness / #ProjectNZ

Stage 3 - Identifying our Capitals

<IR> Capitals

Financial capitalShareholder investments through Economic performance

Manufactured capitalEfficient Farms, Vessels, Factories and Freight

Intellectual capitalQuota Management, R&D Capability

Human capitalStrong Governance, Management structure, Our people

Social and relationship capitalConsumer relations, Market access

Natural capitalHealthy ecosystems, sustainable raw materials

@sustbusiness / #ProjectNZ

Stage 4 – Our process of creating value

@sustbusiness / #ProjectNZ

The Challenge

BUSINESS MODELBUSINESS MODEL

VALUE CREATIONVALUE CREATION THE THE STORYSTORY

INTEGRATED REPORTINGINTEGRATED REPORTING

RISK MANAGEMENTRISK MANAGEMENT

STAKEHOLDER STAKEHOLDER ENGAGEMENTENGAGEMENT

@sustbusiness / #ProjectNZ

Stage 5 – Identifying the report structure

Option 1) STRATEGY DRIVEN Option 2) ENABLER DRIVEN

1. Strategy 1

2. What is ‘material’ that affects the strategy:

3. Which enablers support this element of our strategy

1. Enabler 1

2. What is ‘material’ that affects the enabler:

3. How does the results affect our strategic goal?

Problem:•All enablers linked to the strategy

•All material topics had a potential risk to the strategy

Problem:•Visually showing the connection to the strategy

•Some material topics cross various enablers

@sustbusiness / #ProjectNZ

Stage 6: The outcome

@sustbusiness / #ProjectNZ

With a few simple stepsStep 1: Staff Engagement, who needs to be involved

Step 2: Our current state to our desired state (1 report to 2)

Step 3: Identifying our Capitals

Step 4: Identifying our value creation process using our business model

Step 5: Identify the report structure

Step 6: Tell the story

Step 7: Assurance

@sustbusiness / #ProjectNZ

“Faith is taking the first step even when you don't see the whole staircase” - Martin Luther King, Jr.

Taking the leap of faith

“If the fire is in your belly, you can achieve anything” – Volker Kuntzsch, Sanford CEO