We decided, well, we shall start the Stakeholder Relationship Quality Awards. Well, it wont be a Stakeholder Engagement Awards. No. It would be a Stakeholder Relationship Quality Awards. It would measure relationship quality. It’s an idea we wanted to do a long time ago. It’s natural that we should be the ones that should start this. We have spent time piloting the framework for stakeholder relationships. We have found the foundation for it as it is shown in this website. It would be better as we grow. This is the first time, a Stakeholder Relationship Quality Awards would be done.
Secondly, our framework that we spent time piloting is based on King IV. King IV, is the current corporate governance of South Africa. This corporate governance is owned by the Institute of Directors of Southern Africa. Stakeholder Relationships, is expressly in Chapter 5.5 of the corporate governance which was issued in 2016. It has a principle. Principle 16. I guess the principals who are in the Chartered Governance Institute of Southern Africa would do something about this principle. Furthermore, it has Recommended Practices. In particular, it says the governing body (Board of Directors) should “measure of the quality of material stakeholder relationships”. So, the Stakeholder Relationship Awards should be the award for the company that had measured the quality of material stakeholder relationships. We don’t claim to represent the whole King IV. But just the measurement of the quality of stakeholder relationships.
In other words, a company that has measured its quality of stakeholder relationships, is a company that has applied the framework we provide. Because, the framework was based on the very same provision. We never claimed to measure the whole King IV. But the measurement of the quality of material stakeholder relationships. So, hence we discovered that we would be the company which is supposed to lead in the pioneering of the industry awards.
So in the coming months, we will be starting to launch the Stakeholder Relationship Quality Awards.