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Materiality determination process and material matters

LEGEND FOR MATERIAL MATTERS

Worsening
improving
stable
New
Worsening
improving
stable
New
2. Sustainability approach

The world faces a range of pressing environmental, social and economic development challenges such as poverty, hunger, poor health, inadequate education, gender inequality, lack of access to water, poor sanitation, climate change, loss of biodiversity, and social injustice. As Difference Makers, chartered accountants have a leading role to play in addressing these critical problems

Heightened focus on sustainability by companies generally and SAICA’s dedicated focus on ESG and sustainability

Risks, opportunities and strategic response
Risks
  • Insufficient advocacy for effective sustainability practices
  • Lack of sustainability knowledge and expertise within the profession and potential loss of relevance
  • Insufficient support provided to members to enhance member professional competence on sustainability-related topics
  • Insufficient collaboration efforts with external stakeholders to enhance the sustainability ecosystem
  • Inability to measure progress and the difference made
Related opportunities
  • Embed ESG and sustainability as integral to business strategy
  • Engage key stakeholders to influence and shape future sustainability strategy
  • Collaborate with key stakeholders to shape the sustainability reporting landscape
  • Enhance SAICA’s influence in the standard-setting process
  • Ensure effective engagement with members on sustainability
  • Provide appropriate learning and development opportunities to members, associates, learners, students and trainees
IMPACT
Capitals
Strategic Pillars
STRATEGIC RESPONSE
  • Formalised an environmental management policy and expanded oversight responsibilities of the SETCO in terms of environmental protection
  • The Sustainability Technical Committee made submissions to the International Sustainability Standards Board (ISSB) and Global Reporting Initiative and consulted members on its proposed work plan
  • SAICA conducted research to assess the state of readiness for companies and members to adopt the ISSB IFRS Sustainability Disclosure Standards
  • Hosted the South Africa launch of the ISSB’s IFR
  • SAICA engaged with several stakeholders including regulatory bodies on the future of sustainability reporting
  • The Chairperson of the SAICA Board ESG Exchange’s advisory committee and the Executive Director of Standards continued membership and participation in the ESG Exchange’s technical committee. This will promote a greater sharing of content and advice to the benefit of SAICA members
  • SAICA calls for members to submit their contribution to SDGs on an annual basis and publishes a report to advocate for more member action around SDGs. Click to access the 6th SDG report.
  • SAICA ran its Trainee Trailblazer Awards, which have seen trainees being encouraged and awarded for the work they do relating to SDGs
Outlook for the short, medium and long term

In alignment with the SAICA strategy 2024−2028, a dedicated focus on ESG and sustainability is being formalised, encompassing defined short- and long-term targets with corresponding performance measures incorporated into balanced scorecards

This strategic emphasis falls under the revised pillar of Economic and Social Relevance, aiming to contribute actively to sustainability initiatives aligned with the national agenda. A key objective is to provide a platform for SAICA members to actively contribute to Sustainable Development Goals (SDGs) and ESG endeavours

Furthermore, SAICA is actively involved in influencing the adoption and development of sustainability frameworks. The Institute aims to increase member participation and visibility in SDGs, emphasising its commitment to these global goals

Building capacity among members and associates in the realm of sustainability is a strategic priority, and SAICA is developing an integrated sustainability plan to comprehensively address these objectives. Through these initiatives, SAICA is positioning itself as a driving force in advancing sustainability practices and contributing to broader societal goals

DIGITISATION STRATEGY

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