About this report
| This year, MTN Group Limited (“MTN”, “the Group”) has made changes
to the way it reports, working towards producing a more integrated
publication as recommended in the revised King Code on Governance
Principles for South Africa (King III). King III and the Framework for
Integrated Reporting discussion paper recommend that companies
should not only report on their financial performance, but also on
their sustainability by disclosing social, environmental and economic
impacts and influences, both positive and negative. MTN has
embarked on a journey towards providing a more comprehensive
picture of the Group in one integrated document. It has identified an
integrated risk matrix of the Group which incorporates operational
mitigation as well as the Group’s economic, social and environmental
initiatives aimed at providing long-term sustainability of the Group.
This matrix forms a thread throughout the performance narrative
including the chairman and Group president and CEO statements
where it is considered in a strategic context and in the operational
and financial review where details of specific initiatives are included.
However, for more detailed information on the Group’s sustainability
initiatives, risk management and corporate governance, stakeholders
are directed to the separate sustainable development report, available
at www.mtn.com. MTN welcomes feedback from stakeholders at
investor_relations@mtn.co.za. |
Scope and boundary of this report
MTN Group Limited’s integrated report is released at least 15 business days prior to its AGM in June. The report covers the period from 1 January 2010 to 31 December 2010. It provides a general narrative on the performance of the Group’s business across 21 markets in the Middle East and Africa, but focuses its detailed commentary on the operational performance of its main businesses in Nigeria, Ghana, Syria, South Africa and Iran. In the first three of these, MTN Group owns a majority stake. In South Africa, MTN’s operation is wholly owned by the Group and in Iran MTN has a 49% share of MTN Irancell. MTN reports more comprehensively on these five operations as their performance has the potential to have a material impact on the overall sustainability of the Group. Included in the report are the Group’s consolidated annual financial statements. |
Reporting principles
MTN is a company incorporated in South Africa under the provisions of the Companies Act and complies with the principles of King II, the Companies Act and the
JSE Limited Listings Requirements and other legislation requirements. The Group subscribes to high ethical standards and principles of corporate governance and
is in the process of ensuring full compliance with King III, published in 2010, and with the provisions of the new Companies Act, expected to be promulgated in the
current year. For more details, and an overview of the Group governance structure, please see the corporate governance section on page 24.
In addition to the above the Group follows International Financial Reporting Standards (IFRS) to compile its annual financial statements. For reporting on
sustainability issues it also complies with Global Reporting Initiative (GRI) standards including the Telecommunications Sector supplement pilot. We have also
consulted the ISO 26000: 2010 Guidance on Social Responsibility, and integrated results of initial engagement with stakeholders based on the AccountAbility
AAA1000 Stakeholder Engagement Standard.
Assurance: On the basis of the recommendations from the joint auditors (PricewaterhouseCoopers Inc and SizweNtsaluba vsp) the audit committee provides
assurance on the annual financial statements, . MTN is working towards its first sustainability report assurance for presentation in 2012.
The board of directors acknowledges its responsibility to ensure the integrity of the integrated report. The board has accordingly applied its mind to the integrated
report and in its opinion, the report starts a process to better address all material issues, endeavouring to present fairly the integrated performance of the Group
and its impacts. |
