Omnia is committed to transparent reporting in line with its duty to all stakeholders. In execution of its governance role and responsibilities, Omnia adopts a stakeholder-inclusive approach that balances the needs, interests and expectations of material stakeholders over time. As such, the group engages regularly with stakeholders to understand their perceptions of Omnia and pinpoint future trends, possible risks, determine material issues and areas for strategic development
The Group firmly believes that the sustainability of the business ultimately depends on the quality of relationships with the various stakeholders who are interested in and affected by the Group’s operations and who may have a material infl uence on the Group’s ability to create value. Management of stakeholder risk is an integral part of organisation-wide risk management.
Engaging stakeholders forms a critical part of the design and implementation of Omnia’s strategy. As Omnia operates internationally, the Group is subject to various economic, social, regulatory, community and environmental infl uences. In prioritising the material stakeholders, Omnia applies the following criteria:
- The degree to which Omnia depends on the relevant stakeholder’s support in achieving its strategic goals
- The extent to which the relevant stakeholder can impact on Omnia’s performance
- The relative importance of the relevant stakeholder for the Group as a whole
- The risk exposure for Omnia by not engaging with the relevant stakeholder
Omnia engaged during FY2018 with stakeholders on a continuous basis, for example by telephone conversations, emails, site visits, meetings and road shows. Stakeholders openly discuss relevant emerging issues and also entailed engagement with some of the dissenting shareholders regarding the remuneration policy as well as the major institutional shareholders. The Group finds the stakeholder engagement and management process open, transparent and effective.
During FY2019 the Group will continue to embark on a focused process to identify and confi rm various priority stakeholder groups for attention and reinforce relationships with employees and unions, local communities, government, shareholders and investors, suppliers and customers.
The table below provides an overview of Omnia’s material stakeholders, why they are important, their respective interests in the business and how Omnia engages with each group.
For more information go to our latest Annual Report - stakeholder engagement (PDF - 44KB).