• The capitals
• Value creation
• Connectivity of information
• Strategic focus and future orientation

Key observations:

Kumba Iron Ore’s report provides an excellent example of how a company can integrate their value creation story throughout its report. Each section helps to produce a holistic picture of the value creation process in a concise manner. The business model provides a comprehensive insight into the resources and relationships the company relies upon (in compliance with 4.14-4.16 of the <IR> Framework), the different value propositions these relate to, the Group’s top ten risks as well as the Group’s key revenue and cost differentiators.

The next spread illustrates Kumba Iron Ore’s value chain activities and provides a good overview of the Group’s main activities, what the key outcomes from these have been throughout the year as well as the what the strategic focus area will be for the upcoming year to provide the reader with a detailed yet concise overview of where the Group is heading.

This is then followed by a table that outlines the Group’s six key capitals, what the key inputs have been for each of these as well as the outcomes (in compliance with 4.19-4.20 of the <IR> Framework) from these, and also highlights the trade-offs present across the capitals. What makes this page standout is the ‘actions to enhance’ column which means the company has to determine what they plan to do in the future and this in turn increases both the credibility and the accountability of the Group to its stakeholders.