• The capitals

Key observations:

Aware that “all organizations depend on various forms of capital for their success” (International <IR> Framework, para. 2.10), the report clearly illustrates how the company’s performance has been depended not only upon financial but also upon other types of capitals. The initial “Highlights” section (p. 7) summarises the 2015/2016 performance, not only in terms of “monetized” capitals, but also with reference to “relationship” capital, “human” capital and “environmental, economic and social” impacts.

A section titled “The Capitals Report” (pp. 36-52) explains, through the use of KPIs and narrative (International <IR> Framework, para. 4.32), the underlying logic and activities undertaken in relation to each capital in order to achieve its strategic objectives. Furthermore, a “Management Approach” section is included in each capital’s performance description. The comparison with previous years (until 2011/2012) (International <IR> Framework, para. 4.31) further depicts where improvements and regressions have occurred.