Our integrated report is prepared in accordance with the International <IR> Framework of the International Integrated Reporting Council (IIRC) and enables our providers of financial capital and all stakeholders to make an informed assessment of our ability to create sustainable value.


Our integrated report covers the performance of the Group for the financial year ended 31 August 2020 as well as the material matters related to our strategy, business model, governance, material matters and creating shared value, shareholders’ interests, and our future outlook. It also incorporates the financial reporting boundary of the Group and its subsidiaries. Details of our investments in subsidiaries and strategic investments appear in our annual financial statements.

The aim of this report is to tell the story of African Equity Empowerment Investments Ltd (AEEI) clearly and concisely – who we are, what we do and how we create value over the short-, medium- and long-term. This report documents our journey including our opportunities and risks as well as our performance against our strategic objectives in a way that gives stakeholders a holistic view of the Group and our future prospects.

It also covers our response to the global COVID-19 pandemic, the resultant lockdown and the effects on the Company.


This report extends beyond financial reporting and includes non-financial performance, opportunities, risks and outcomes attributable to or associated with our key stakeholders.


Our report covers the strategic progress made during the 2020 financial year and provides insight into the Group’s strategy and financial and non-financial targets for the short-, medium- and long-term. With the impact of the COVID-19 pandemic, our key targets are under review in all of the business operations.


This report aims to disclose information about matters that substantively affect our ability to create value over the short-, medium- and long-term. Material matters and developments are comprehensively dealt with throughout the report. Our material matters influence our strategy and inform the content of this report. Through a formal process, the Board committees and executive management identified material matters and in terms of relevance, these were approved by the Board. The material matters are assessed continually to ensure that our strategy remains relevant in an evolving operating environment. We have used our top risks and opportunities arising from our operating context and stakeholder relationships as key in determining which material matters to report on.

The COVID-19 pandemic and subsequent lockdown that commenced at the end of March 2020 in South Africa, significantly impacted our material matters. Our response to these events has become a primary focus of the Company.

Further information can be found in the section Responding to the Impact of COVID-19.


At AEEI, we believe that an effective risk governance model contains checks and balances to support appropriate consideration of risk and opportunity management throughout the Group.


AEEI’s outlook information is considered to be all the information that answers the questions in terms of: What challenges, opportunities and uncertainties are we likely to encounter in pursuing our strategy, and what are the potential implications for our business model and future performance?

Our outlook information can be found throughout this report and in the following sections:

Our material matters

Our value creating business model

Our chief executive officer’s report

Our performance against our strategy

Our chief financial officer’s report



African Equity Empowerment Investments Ltd’s (“AEEI”, “the Group”, “Board”) Board is ultimately responsible for ensuring that the integrity of the integrated report is not compromised, which in the Board’s opinion addresses all issues that are material to the Group’s ability to create value, and which fairly represents the performance of the Group. The integrated report and the annual financial statements for the Group for the year ended 31 August 2020 were approved by the Board of directors on 23 November 2020.

Board of Directors:


AEEI has a combined assurance model, which includes internal and external assessments of key strategic risks, internal controls and other material areas to support the integrity of the management, monitoring and reporting of data. Crowe JHB and THAWT Inc., which is a member of Crowe Global, audited our 2020 consolidated annual financial statements and provided an unmodified opinion thereon.

The Board paid attention to the combined assurance, which ensured that our combined assurance model adequately addressed the Group’s risk and material matters. The audit and risk committee provides internal assurance to the Board on a quarterly basis on the execution of the combined assurance plan. The Group’s financial, operating, compliance and risk management controls are assessed by the Group’s internal audit function, which is overseen by the audit and risk committee.

We continually look at optimising our combined assurance model to avoid duplication of efforts, rationalise collaboration and manage assurance costs. This enables an effective control environment and ensures the integrity of the information used for reporting and decision-making.