By the nature of its business, Tongaat is heavily invested in its agricultural communities and this has translated into a DNA within the business of strong engagement and some progressive thinking in terms of transforming the business in sync with socio-economic and political trends. However, the report gives a poor account of how Tongaat measures and creates value from this context at the level of its leadership. While there is a superficial storyline, issues that are apparently material are generally not supported by indicators that would assist management, or the analyst, evaluate the company’s progress in achieving its business objectives, nor provide assurance that longer term risks are being mitigated.

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