About this report

Report boundary and audience

This integrated report reviews Tiger Brands’ business model and strategy, the risks and opportunities in our operating environment, and our operational and governance performance for the financial year ending 30 September 2020. In terms of operational scope, operations at Deli Foods in Nigeria were terminated in October 2019 while two separate sale-of-business agreements were entered into for the disposal of the company’s Value Added Meat Products business (VAMP). As a consequence, Deli Foods and VAMP have been treated as discontinued operations for purposes of these disclosures with the comparative information restated accordingly.

This is our primary annual report, written for investors and any other stakeholder who has an interest in our ability to create value over the short, medium and long term. This report should be read in conjunction with the supplementary sustainability report and our annual financial statements, published on our website: www.tigerbrands.com

Combined assurance

We use a combined assurance model comprising assurance obtained from management and from internal and external assurance providers:

  • Ernst & Young Inc. audited our consolidated financial statements, from which extracts have been included in this report. The auditor’s audit report does not necessarily report on all the information included in this integrated report
  • EmpowerLogic Proprietary Limited provided external verification of our BBBEE activities
  • Marsh South Africa conducted risk control audits at our manufacturing sites and warehouses covering health, safety, security, fire protection and readiness
  • The group’s internal audit team, overseen by the audit committee, provides annual assurance to the board on the effectiveness of the combined assurance plan.
 
Reporting frameworks

Our reporting process has been guided by the principles and requirements contained in the International Financial Reporting Standards (IFRS), the IIRC’s International Framework, the King Code on Corporate Governance 2016 (King IV™*), the JSE Listing Requirements, the South African Companies Act, No 71 of 2008, and the GRI’s Sustainability Reporting Standards.

* Copyrights and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.
Board approval

As a board, we have applied our collective mind to the preparation and presentation of the information in this report. We believe that the report addresses all material matters and that it presents a balanced and fair account of Tiger Brands’ performance for the financial year ending 30 September 2020, as well as an accurate reflection of our strategic commitments. On the advice of the audit committee, the board approved the integrated report and the consolidated annual financial statements on 19 November 2020.

Khotso Mokhele
Chairman
Noel Doyle
CEO
Emma Mashilwane
Chair of audit committee
 
Materiality and scope

This report provides information needed to enable an informed assessment of Tiger Brands’ capacity to create value over time. We believe that all of the following information is material, and structured in a manner intended to enable such an assessment:

Additional information not material for this report, but of interest for other purposes, is provided in separate reports and on our website. In assessing those issues that materially impact value creation we have looked beyond the conventional financial reporting boundary to provide for the relevant interests of key stakeholders. We have also considered the most significant risks, opportunities and impacts associated with our activities over the short term (less than 12 months), medium term (one to three years) and long term (beyond three years).

United Nations Sustainable Development Goals (SDGs)

The UN SDGs set a long-term agenda to end poverty, protect the planet and ensure prosperity for all by 2030. In fulfilling our core purpose – to nourish and nurture more lives every day – Tiger Brands is committed to playing its role in delivering on these goals. As part of our strategic pillar on Sustainable Future, we have developed a set of commitments and targets relating to three key focus areas: health and nutrition, enhanced livelihoods and environmental stewardship. In meeting these commitments and targets we believe we will provide a meaningful contribution to the following eleven SDGs:

 

         
           

 

Our approach to responding to these goals is reviewed in our accompanying sustainability report 2020.