Land Bank’s annual integrated report for the year ended 31 March 2017 (FY2017) covers the primary activities and performance of the Land Bank Group which includes our banking and insurance operations, but excludes detailed information on minority investments.
The scope of the report covers both financial reporting and non-financial performance information. It contains the Group’s outlook, targets and objectives for the short term (FY2018) as well as for the mediumto long-term, as aligned to the National Development Plan (NDP) and Sustainable Development Goals with clear targets to 2030. Our progress towards integrated thinking is reflected in our performance indicators that cover financial and nonfinancial performance as well as our strategy, material matters and risks.
Land Bank follows the guidance of the King Report on Governance for South Africa 2009 (King III) for its governance and reporting. We are currently transitioning to the principles of the King IV Report on Corporate Governance for South Africa 2016 (King IV), however, this report is aligned to King III.
This report is compiled and aligned with the requirements of the International Integrated Reporting Framework (IIRF) and is in accordance with the ‘core’ level of the Global Reporting Initiative (GRI) G4. The financial information contained in this report has been prepared in accordance with International Financial Reporting Standards (IFRS). We align our reporting to the requirements of the Land and Agricultural Development Bank Act 15 of 2002, Companies Act 71 of 2008 and the Public Finance Management Act 1 of 1999 (as amended) (PFMA), as well as the Long Term Insurance Act 52 of 1998 and Short Term Insurance Act 53.
LBLIC and LBIC are registered Insurance companies, whose main objective is to provide insurance Solutions is the agricultural sector. Both companies are subsidiaries of Land Bank.
An authorised financial services provider. FSP no. 45148.
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