This section provides an overview of our reporting approach, giving insight into the scope and boundaries of our report including our process to determine material matters, a reflection on the six capitals as defined in the International Integrated Reporting Council’s <IR> Framework, our independent assurance and the Board’s approval.
Our 2015 Integrated Report is our primary report for communicating with all our stakeholders and covers the reporting period 1 January to 31 December 2015. It is supplemented with online disclosures, including our financial statements, our risk management report and special interest fact sheets (Citizenship, King III and Broad-Based Black Economic Empowerment).
This report focuses on our material matters and takes the operating environment, current performance and stakeholder feedback into account. Our executive management and Board deem these matters to be those that have the ability to influence our financial performance, our reputation or to impact on our licence to operate.
Assisted by our Disclosure Committee, our Board accepts ultimate responsibility for overseeing the integrity and completeness of this integrated report. Having applied their collective minds to the preparation and presentation of this report, the directors have concluded that it is presented in accordance with the IIRC’s <IR> Framework. We believe this report shows we are creating sustainable value and prosperity for stakeholders.
There are a number of other reporting frameworks such as the GRI’s G4 guidelines which are considered in our disclosures. We provide a GRI index online as a resource for stakeholders seeking sustainability-related information.
As a South African company listed on the Johannesburg Stock Exchange (JSE), our primary focus in this report is on South African regulatory reporting requirements. These include the Companies Act, the Banks Act, No 94 of 1990, the JSE Listings Requirements and King III.
While we endeavour to include all our operations in our disclosures, where data on metrics disclosed in the Balanced Scorecard are not yet available, this is indicated in the footnotes of the section. Note 49.3 of the financial statements provides a list of material subsidiaries and consolidated structured entities within our financial disclosures. Until 1 March 2016, we had management responsibility for Barclays Bank PLC operations in Egypt and Zimbabwe, however these do not form part of our disclosures.
We use a combination of internal controls, management assurance and compliance and internal audit reviews to ensure the accuracy of our reporting. We also contract a number of independent service providers to assess and assure various aspects of the business operations, including elements of external reporting.
PricewaterhouseCoopers Inc. (PwC) and Ernst & Young Inc. (EY) have:
- audited the Group’s financial statements. The auditors issued an unmodified opinion on these financial statements which are prepared in accordance with IFRS; and
- provided limited assurance over selected key performance indicators set out in the Balanced Scorecard section of this report (marked with a LA). As our reporting matures, we continue to expand this scope and in 2015 included an additional two metrics (Reportable training spend Rest of Africa and Conduct Risk College training). The auditors expressed an unmodified conclusion on this information.
The National Empowerment Rating Agency (NERA) has verified our broad-based black economic empowerment performance for the South African operations, confirming a Level 3 rating.
This report contains certain statements that relate to future operations and performance of the Group. These statements are not guarantees of future operating, financial or other results and involve uncertainty as they rely on future circumstances, some of which are beyond our control, and so actual results and outcomes may differ.
The Board has noted Barclays PLC’s intention to sell down its 62.3% shareholding in Barclays Africa and we will, over the coming months, work with Barclays PLC and the South African Reserve Bank (as our primary regulator) to ensure the sell-down is conducted in a manner which safeguards the interests of shareholders, customers and clients, colleagues and all stakeholders across the African continent.
Readers should exercise caution when interpreting any forward-looking statements.
The Board approved this report on 22 March 2016.