The Association of British Insurers’ Guidelines recommend that certain social, environmental and ethical matters be addressed in the annual report and accounts. They are amplified in the CAR.
The board addresses accounting for these matters by reviewing them and reports thereupon by assigning these issues to CARAC for development and policy recommendation alongside the examination of business and strategic risk through the audit committee’s internal control process.
SABMiller addresses social, environmental and ethical matters in the training of its directors in terms of impacts of key risks such as reputation, and in the development of CARAC and the CAR.
The remuneration committee is aware of emerging views that the effect of social, environmental and ethical performance should be included in the design and implementation of its performance-related remuneration schemes.
SABMiller’s reports include information about the effect of social, environmental and ethical matters on the company’s short and long-term value. SABMiller’s cash value added statement (refer to pages 29 and 31 in the CAR) has found an innovative way to demonstrate in economic terms how shareholders and other stakeholders have benefited from the company’s activities.
The accompanying CAR describes the company’s policies and procedures for managing risks to SABMiller’s short and long-term value arising from social, environmental and ethical matters and the extent of its compliance with these. Verification is achieved through our internal audit procedures, the annual management ‘letter of internal representation’ from individual operations and external assurance as presented in the CAR.
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