RAND WATER ANNUAL REPORT 2023

KING IV PRINCIPLE

APPLY AND EXPLAIN

16. In the execution of its governance role and responsibilities, the governing body should adopt a stakeholder inclusive approach that balances the needs, interests, and expectations of material stakeholders in the best interests of the organisation over time.

In all its operations, the Board is cognisant of the fact that the organisation cannot act in isolation of others and the environment within which it operates. Accordingly, and for purposes of being sustainable, the Board has initiated a Stakeholder Engagement Strategy that aims to assist the organisation in further developing its relations with various stakeholders. Particularly, the organisation operates within an ecosystem that includes the Department of Water and Sanitation; Water Boards; Municipalities, and various individuals with interest in the water sector.

Refer to “Our Stakeholders” section of the IAR (page 28).

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