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STRATEGIC REVIEW

3

Key facts

3

Highlights

4

Business model

5

Our business

6

Vision, mission and values

7

How we work – business illustrated

8

Approach and reporting frameworks

10

Group operating structure

11

Ten-year review

12

Understanding material matters

14

Ethical leadership and business conduct

17

LEADERSHIP

18

Board of Directors

18

Senior Management

20

Chairman's report

22

The Joint Chief Executive Officers' report

24

Financial Director's report

28

GOVERNANCE

36

Governance philosophy and approach

36

Effective and ethical leadership

37

Board composition, structure and report back

39

King IV functional areas

48

Governance of risk

49

Technology and information governance

50

Compliance report

51

Combined assurance

52

Stakeholder relations

53

Remuneration report

58

Audit, Risk and Compliance Committee's report

69

Social, Ethics and Transformation Committee's report

73

OPERATING PERFORMANCE

74

Operational overview

74

Value added statement

80

Social practices

82

Human capital

83

Health and safety

84

Corporate social investment

85

FINANCIAL STATEMENTS

86

Prominent notice

87

Statement of Directors' responsibility

87

Approval of the financial statements

88

Declaration by the Company Secretary

88

Directors' report

89

Independent auditor’s report

92

Group income statement

98

Group statement of comprehensive income

98

Group statement of financial position

99

Group statement of changes in equity

100

Group statement of cash flows

102

Notes to the Group annual financial statements

103

Company statement of financial position

172

Company statement of comprehensive income

173

Company statement of changes in equity

174

Company statement of cash flows

176

Notes to the Company annual financial statements

177

Annexure to the Company annual financial statements

200

Notice of annual general meeting

202

Form of proxy

213

Notes to form of proxy

214

Glossary

214

Administration

218