annual report 2009
Sustainability Report
The King II report and the draft King III report on corporate governance have firmly entrenched the compilation of financial statements on the ‘triple bottom-line’ basis, encompassing economic, social and environmental sustainability. This approach provides shareholders and other stakeholders with a broad perspective of all spheres of sustainability within the reporting company.
This mode of reporting continues to mature, and Foschini Limited (referred to below as Foschini or ‘the group’) recognises that on-going attention will need to be given to the formalised monitoring and measuring of non-financial indicators.
Our view of sustainability is to ensure continued shareholder value whilst managing the risks arising from economic, environmental and social developments. It is important to us that we do not impair the ability of future generations to meet their own needs. Consideration must be given to the needs of all our stakeholders.
Foschini’s primary stakeholders, being its shareholders, employees, suppliers, customers, government, local communities and society at large, are all mutually dependent partners in the sustainability process.