Stakeholder Engagement |
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Engaging with stakeholders forms an important part of our sustainability strategy. Interaction with various groups
and individuals affected by our business helps the IDC to identify issues of relevance for input into our sustainability strategy. |
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Communicating with our stakeholders |
| The IDC issues annual reports, sustainable development reports and other publications to all stakeholder groups and actively seeks their feedback. Our approach to engaging with our stakeholders is outlined below: |
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Clients and potential clients |
| We maintain an open line when it comes to communicating with clients, whether telephonically or via email. The IDC also produces an electronic newsletter, access, which is distributed to clients and major stakeholders such as government. The IDC also liaises with and gives presentations to chambers of business and other business forums for sectors in which it operates. |
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Local communities |
| Our regional offices provide information to local communities. During the past financial year six new agencies were established throughout the country in Umjindi (Mpumalanga); Moretele (North West); Okhahlamba (KZN); Waterberg (Limpopo); Ukhahlamba (Eastern Cape); and Taung (Northern Cape). |
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Government |
| As a state-owned entity, the IDC periodically reports to the Portfolio Committee on Trade and Industry. Members of parliament are regularly invited to visit IDC-funded projects and receive our electronic newsletter, access. The IDC engages extensively with the Department of Trade and Industry (the dti) on industrial policy and strategy issues, including strategic interventions in high-impact or priority sectors of the economy. |
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Employees |
| A range of communication opportunities provide interaction between and report back from management to staff. These include CEO roadshows, quarterly divisional road shows, monthly breakfasts with divisional executives and weekly and monthly department meetings. The newsletter, intouch, is also distributed to staff. |
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Other development finance institutions |
| The IDC is a member of the Association of African Development Finance Institutions (AADFI), of which IDC CEO, Geoffrey Qhena, is the Chairman. Regular meetings with AADFI present opportunities to share information and communicate with other development finance institutions. |
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Investors/fund managers and bankers |
| The IDC meets with investors, fund managers and bankers when discussing the cofunding of deals.
While the IDC does not currently have a formal sustainability strategy in place, it is our intention to finalise and implement one in the near future. We recognise the importance of meaningful stakeholder engagement in implementing such a strategy. We therefore undertook a multi-stakeholder reputation study in October 2007 to assist us in implementing a stakeholder and reputation management programme and to provide: |
- an accurate understanding of the perceptions of a selected group of stakeholders;
- an understanding of the factors that drive the IDC’s reputation and support among a selected group of stakeholders; and
- recommendations for actions to be taken in order to improve the IDC’s reputation with the selected stakeholder set.
The IDC multi-stakeholder reputation study measured the perceptions of key individuals from stakeholder groups in which the IDC has a specific interest, and which it rates as critical to the future success of its business. |
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Survey methodology |
| The study was conducted using face-to-face interviews with respondents based in the Gauteng area, and telephonic interaction with respondents from other provinces. The survey was based on a qualitative questionnaire that was developed in consultation with the Head of Corporate Affairs at the IDC, and designed to source qualitative insights into stakeholder perceptions.
The study highlighted a number of areas where the IDC can improve its communication and interaction with stakeholders, particularly with regard to its actions and initiatives. |
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Outlook for the year ahead |
| The next multi-stakeholder engagement (2009/2010) will include sustainability issues. |
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The IDC stakeholder map |
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