Pick n Pay 2012

Sustainable Living Report 2010 / 2011

Issue link: http://www.pads.eezeepage.co.za/i/65841

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Page 4 of 59

About this report Making the shift to integrated reporting This year, we published our first Integrated Report in line with the requirements of the King Code and Report on Governance for South Africa (King III). In addition, we present this more detailed Sustainable Living Report that seeks to provide a more comprehensive picture of our sustainability commitments to a broader range of stakeholders. Although we have reported on "triple bottom line" indicators for the past five years, this more integrated approach enables us to provide a clear account of our achievements and challenges within the context of an increasingly changing world. We believe that this gives you, our stakeholder, the ability to better assess Pick n Pay's performance. And it gives us a more accurate framework to measure our ability to carry on delivering value to our customers, employees, suppliers and to society. We have made excellent progress with regards to integrated reporting in line with the requirements of the King Code of Corporate Practices and Conduct (King III) and this has consolidated our efforts to further integrate sustainability thinking into our core business practice - Nick Badminton, Chief Executive Officer Understanding and engaging our stakeholders Stakeholder engagement has provided critical input into our sustainability strategy. We take stakeholders' interests into account when identifying our material issues and in the management of these issues. We believe the business case for stakeholder engagement will only strengthen as sustainability challenges, operating conditions and changing consumer preferences become more pronounced over time. It is important for us to maintain relationships of trust with all our stakeholders. In order to achieve our vision of being the favourite and most respected retailer in South Africa, we commit to continuing our efforts with each of our stakeholder groups. Engagement with the relevant stakeholders is an expectation across all our departments and is not the preserve of a single director or division. 5

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