ECIC IR 2023

Integrated Report 2023

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About this Integrated Report This Annual Integrated Report of the Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC) for the financial year ended 31 March 2023 provides material information about our strategy and business model, operating context, material risks and opportunities, stakeholder interests, performance, prospects, and governance. The scope and boundaries of the report are similar materially to those of the previous financial year. The principles of the International Integrated Reporting () Framework guide our integrated reporting to report on activities as follows:

Responsibility and assurance The Board, as the Accounting Authority, is responsible for the integrity of this report. In the opinion of the Board, the report addresses all strategic and material issues and presents an integrated and accurate view of the Corporation’s performance during the year under review. This assurance is based on effective internal processes and precludes the need for third party assurance over any information in the report. The Board believes that the report provides the South African government, as the single ECIC shareholder and key stakeholders with an accurate summary of its financial and sustainability performance and a balanced appraisal of the material issues that affected its business value during the 2022/23 financial period. The Board approved the report on 27 July 2023 and submitted it to our shareholder representative, the Department of Trade, Industry and Competition ( the dtic ) and related entities, including National Treasury, the Auditor-General of South Africa and Parliament. Material Issues The Corporation’s approach to identifying and managing material issues are guided by Board and governance processes and its risk framework. The Executive team regularly identifies material issues to recognise their impact and significance to the Corporation and its stakeholders. A key objective of integrated reporting is to report on value creation over time. Value creation depends on resources that are influenced by an organisation’s external environment and stakeholder relationships.

• in terms of two fundamental Framework concepts: organisational value creation over time and organisational resources and relationships • against the six Framework capitals: financial, intellectual, human, social and relationship, manufactured, and natural. The contents of the report relate to our purpose, core business and usefulness to stakeholders in our business sector and is aligned with best practices in integrated reporting. The following Acts and guidelines are important to the nature of our business and the sector in which we operate: • Short-Term Insurance Act, 53 of 1998 (as amended). • Insurance Act, 18 of 2017. • Export Credit and Foreign Investment Insurance Act, 78 of 1957 (as amended). • Public Finance Management Act, 1 of 1999. • Companies Act, 71 of 2008. • King IV Report on Corporate Governance for South Africa (2016). • Broad-Based Black Economic Empowerment (B-BBEE) Act, 53 of 2003 (as amended by 46 of 2013); and • National Development Plan 2030.

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