ECIC IR 2023

Integrated Report 2023

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Stakeholders Building relationships with key stakeholders and leveraging strategic partnerships impact directly on the Corporation’s ability to generate revenue. Embedding relationships and increasing local and international public and private sector strategic partnerships increases our business reach and new market access. We regard stakeholders as individuals or groups who, reasonably, can be affected significantly by our business activities, outputs or outcomes or whose actions can significantly affect our ability to create value over time. Our approach to stakeholder interaction is that of cementing inclusive, mutually beneficial, long-term relationships founded on complete and responsive communication to the legitimate and reasonable needs, interests, and expectations of our stakeholders in the best interest of the organisation over time. In following this stakeholder-centric approach, we give parity to all sources of value creation, including the social and relationship capital embodied by our stakeholders. STAKEHOLDER MANAGEMENT FRAMEWORK The ECIC Board has adopted the principles of openness, integrity and accountability as espoused in King IV™ in its inclusive approach, and transparent and meaningful reporting to stakeholders. Annually, the Board approves a Stakeholder Management Framework with management implementing the following plans each financial year: • Stakeholder Engagement Plan. • Customer Engagement Plan. • Employee Engagement Plan; and • Marketing and Communications Plan. The Stakeholder Management Framework seeks to achieve the following: • More equitable and sustainable social development by giving those who have a right to be heard the opportunity to be considered in decision-making processes.

• Determine material issues for sustainability management and reporting. • Enable better management of risk and reputation. • Allow for a pool of resources (knowledge, people, money, and technology) to solve problems and reach objectives that cannot be reached by single organisations. • Enable understanding of complex operating environments, including market developments and cultural dynamics. • Enable learning from stakeholders, resulting in product and process improvements, and innovations. • Inform, educate, and influence stakeholders in a way that can improve their decisions and actions, which will in turn have an impact on ECIC and on society; and • Contribute to the development of trust-based and transparent stakeholder relationships. To achieve the above goals the Stakeholder Management Framework focuses on the following areas as recommended by King IV: • Arrangements for governing and managing stakeholder relationships. • Methodologies for identifying individual stakeholders and stakeholder groupings. • Determination of material stakeholders based on the extent to which they affect, or are affected by, the activities, outputs, and outcomes of the organisation. • Management of stakeholder risk as an integral part of organisation-wide risk management. • Formal mechanisms for engagement and communication with stakeholders, including the use of dispute resolution mechanisms and associated processes. • Measurement of the quality and effectiveness of material stakeholder relationships, and appropriate responses to the outcomes; and • Areas of focus. Stakeholder management is delegated to the CEO in terms of the ECIC Delegation Matrix. The outcomes of the engagements from the abovementioned management plans informs the annual review of the Stakeholder Management Framework and associated plans.

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