The Nkonki SOC Integrated Reporting Awards for 2012, which was recently held in Sandton, Johannesburg, assessed the annual reports of SOCs to determine how they have embraced the principles of integrated reporting in terms of the recommendations of the King III report on corporate governance. Integrated reporting means a holistic and integrated presentation of a company's performance in terms of both its finance and sustainability. This can take the form of a single or dual report and the emphasis is substance over form and the recommended disclosure requirements are mandatory with effect from financial years ending 31 March 2011.
Fikile Mhlontlo, the group chief financial officer of Denel says the award is due recognition of the steps the company has taken in recent years to improve the quality of its financial reporting. "Our position in this survey confirms that Denel is transparent in its reporting and delivering on its vision to be a credible state-owned strategic partner for innovative security and related technology solutions. The survey has set a benchmark for all state-owned companies and Denel will strive to continuously improve the quality of its financial disclosure and integrated reporting."
