Our approach to reporting

Report boundary and scope

This report covers the activities of Aspen and its operating subsidiaries. Financial and non-financial data from our subsidiaries are fully consolidated. In assessing the issues that materially impact value creation, we have looked beyond the financial reporting boundary to provide for the material interests of relevant stakeholders, and to address the 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).

Reporting frameworks

Our reporting process has been guided by the principles and requirements contained in the International Financial Reporting Standards, the International Integrated Reporting Council’s (“IIRC”) Framework, the King Code on Corporate Governance 2016^TM (“King IV”), the JSE Listing Requirements, the South African Companies Act, No. 71 of 2008 (as amended) (“the Companies Act”) and the Global Reporting Initiatives (“GRIs”) Sustainability Reporting Standards.

Supplementary documents

Accompanying this Integrated Report are, among others, the following supplementary documents:

• the Annual Financial Statements, which are the Group’s and the Company’s audited statutory accounts (released on 4 October 2021);
• the reports of the Audit & Risk Committee and Social & Ethics Committee; and
• the Sustainability and Environmental, Social and Corporate Governance (“ESG”) Data Supplement which provides additional data aligned to sustainability objectives.

 

Materiality

This report provides information on all those matters that we believe could have a significant influence on our ability to create and sustain value over the short, medium and long term. The process of identifying and prioritising the material matters for inclusion in this report involved reviewing:

Our overarching consideration is our responsibility to provide relevant and transparent reporting.

Identifying our material matters is a Group-wide responsibility and all business units provide an assessment of key risks and opportunities in the environment in which we operate as well as feedback on the key issues arising from their interactions with our various stakeholders. Our approach to managing these material matters is reflected in our value creation process, is commented on in our business strategy and is appropriately aligned with our approach to managing risks. In determining disclosure, we have applied our judgement to ensure that we do not disclose information that could place us at a disadvantage.

Reporting notes

The following aspects are highlighted with regards to financial information included in the Integrated Report:

• The Group disposed of the assets of its European Thrombosis business and divested other products during the year. Accordingly, the financial results (and prior year comparative values) separately disclose discontinued operations. All values relate to continuing operations unless otherwise stated; and
• Due to the impact of relative movements in the exchange rate, the Group reports at constant exchange rates (“CER”), where appropriate

Refer to the basis of accounting set out in the Annual Financial Statements for further reporting notes relating to financial information included in this report.

Integrated risk management and combined assurance

We believe that an effective risk governance model contains checks and balances to support appropriate consideration of risk and opportunity management throughout the Group. We consider integrated risk management practices, supplemented by the combined assurance model, to be an optimal approach that facilitates coordinated risk management and governance efforts. This model provides assurance that there are clearly defined risk ownership responsibilities with functionally independent levels of oversight and independent assurance. It further provides assurance over the integrity of both internal and external information. The Audit & Risk Committee provides oversight on the combined assurance model and outcome of assurance activities. No significant areas of overlap or assurance gaps have been identified and the levels of assurance were considered to be appropriate. The following assurance has been provided on specific disclosures in the Integrated Report and supplementary documents:

Assurance provider			Assurance provided
Ernst & Young Inc (“EY”)			Unmodified opinion on the Group and Company Annual Financial Statements Agreed-upon procedures on selected financial Key Performance Indicators (“KPIs”) Reporting Accountant’s Report on Illustrative CER
Group Internal Audit function (“Internal Audit”) assisted by external expert service providers, where appropriate			Assurance provided over: Risk governance Ethics governance Information Technology (“IT”) governance Material business systems of internal control Material financial systems of internal control Selected KPIs
IBIS Environmental Social Governance Consulting Africa Proprietary Limited (“IBIS”)			Assurance provided in accordance with AccountAbility’s AA1000 Assurance Standard v3 (2020) (AA1000AS) – Type II moderate level requirements on whether Aspen adheres, in all material respects, to the AA1000 AccountAbility Principles of Inclusivity, Materiality, Responsiveness and Impact Selected KPIs
Empowerdex			Broad-based Black Economic Empowerment (“BBBEE”) scorecard