Our material relationships
A significant portion of this report explains our relationships with material stakeholders – our material stakeholders being those individuals and groups that have a potentially high impact on our ability to create value.
The voluntary trading model relies on relationships of trust and support, and has therefore entrenched these relationships at SPAR from its adoption.
Our board has always taken the stakeholder-inclusive approach, with specific focus placed on those relationships that are material for SPAR: our relationships with suppliers, employees, retailers, consumers and communities.
We explain how we balance these interests and expectations to ensure a sustainable trading model here.
OUR RISK MANAGEMENT APPROACH
We recognise that risk management is integral to the achievement of SPAR’s strategic imperatives, and to the way we make decisions. SPAR performs an annual comprehensive enterprise risk management (ERM) analysis to ensure our sustainability risks are integrated with group risks and strategy, with appropriate action plans in place.
During the past year, we focused on maturing the risk assessment process by identifying the controls and mitigating actions that must be in place. During the next year, work will be done on improving and integrating the risk processes in Ireland and Switzerland into the South African operations framework. We continuously assess whether our mitigating actions and controls are sufficient – especially when considering emerging risks such as food security and cyber risk – while we continue to focus on prioritising initiatives such as broad-based black economic empowerment.