Royal Bafokeng Platinum leads the way in Integrated Reporting

Johannesburg, 6 August

  • Share
EY - Download the PDF

EY today announced Royal Bafokeng Platinum Ltd as the winner in its third annual Excellence in Integrated Reporting awards.

The companies (adjudicated by the College of Accounting at the University of Cape Town), included the top 100 JSE listed companies and top 10 state-owned companies*. These companies capture over 94% of the JSE’s market capitalisation providing an extensive overview of reporting standards in South Africa.

The top ten companies ranked in order

  1. Royal Bafokeng Platinum Ltd
  2. Standard Bank Group Ltd
  3. Sasol Ltd
  4. Truworths International Ltd
  5. Gold Fields Ltd
  6. Aspen Pharmacare Holdings Ltd
  7. Kumba Iron Ore Ltd
  8. Liberty Holdings Ltd
  9. Clicks Group Ltd
  10. Exxaro Resources Ltd

Top three state-owned companies ranked Excellent*

Eskom Holdings (SOC) Ltd
Industrial Development Corporation of SA Ltd
Transnet (SOC) Ltd

Commenting on this year’s award, Larissa Clark, Director for Professional Practice Group at EY says, “Our survey, which serves to encourage excellence in integrated reporting, has shown that many South African companies have made significant progress in their integrated reporting journeys. South Africa has been the first country in the world to adopt integrated reporting as their primary report to shareholders in 2010. Our survey shows that South African companies continue to innovate corporate reporting by providing greater transparency about how they make their money and create value over time. Companies that have embraced integrated reporting have seen significant benefits by greater stakeholder engagement, explaining their business model and more clearly articulating their investment case.”

Clark further adds, “We congratulate Royal Bafokeng Platinum as well as all companies and state-owned companies recognised in our survey as leading and setting the benchmark in integrated reporting in South Africa and across the world.”

This year the notable improvements in the survey can be summarised as the following:

  • Number of ‘excellent’, which includes top ten rankings of JSE listed companies increased to 35 (2014) from 28 in (2013)
  • 64 companies ranked as ‘excellent’ or ‘good’
  • Overall 22 companies moved up in rankings, whilst 16 moved down
  • Average page length decreased to 159 pages (2013: 172 pages)
  • 46 companies included summarised financials
  • Average length of financial statements decreased to 45 pages (2013: 52 pages).

Mark Graham, Professor for College at University of Cape Town says, “The marking process is not simply about ‘ticking the box’. More emphasis is placed on the quality of information presented - the relevance, understandability, accessibility and connectedness of that information; whether users of the integrated reports would have a reasonable sense of the issues that are core to the operations of each of the companies and whether companies have dealt with the issues that users would have expected. This implies that more credit is given for information presented in a crisp manner and highlights relevant facts compared to the same information needing to be extracted from less relevant information.”

Graham concludes, “There has certainly been a considerable improvement in the number of integrated reports of the top 100 JSE listed entities being awarded an ‘excellent’ ranking. Although the number of companies that we have ranked ‘good’ has remained static over the three years, we are delighted that the number of companies in our bottom categories ‘average and progress to be made’ continue to decline.”



State-owned companies
*Many of the drivers of reporting for state-owned entities are different from those of listed companies. For example, in regulated industries there is an incentive for state owned entities to be more transparent about cost structured and associated variances, however this type of information is highly unlikely to be presented by a listed company with competitors. It is therefore difficult to draw a meaningful comparison between the top state-owned entities and the top listed companies. Consequently, state-owned entities are ranked separately from JSE listed companies.

The markplan: the markplan is largely based on the Consultation Draft of the International (IR) Framework. This considers the guiding principles and content elements that appeared in the Draft Framework, as well as the Framework’s fundamental concepts, such as the extent to which an explanation of the business model and how value is created, have been incorporated into the integrated report. Emphasis has also been given to the Framework’s recommendation that the information should be presented in a clear, concise, connected and comparable format.

The markplan is updated every year to reflect the changes in the global integrated reporting landscape, so for example the markplan will be updated this year to take the guidance of the International (IR) Framework, issued in December 2013, into account.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization and may refer to one or more of the member firms of EY Global Limited, each of which is a separate legal entity. EY Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

Following on from EY’s successful integration in 2008 of 87 countries into one area from across Europe, Middle East, India and Africa (EMEIA), the firm has launched its Africa Business Center™ (ABC), which aims to enhance the effective and efficient links between its geographic reach and areas of expertise. The firm enjoys representation in 33 countries across Africa.


Twitter: @EY_Africa