Spur Corporation defines stakeholders as any individual or group that has an impact on, or is affected by, the group’s operations. The group subscribes to the inclusive approach to stakeholder engagement as recommended by King III. We engage with stakeholders to understand their legitimate needs and interests and address these concerns, where possible.
At an operational level Spur Corporation deals with most of its key stakeholders on a regular basis.
When significant issues or concerns are raised by these stakeholders, it is brought to the attention of the group chief executive officer who will consider referring it to the board.
King III recommends that the chairmen of the board committees should be present at the annual general meeting. In instances where this is not practicable, a member of each committee will be available to respond to questions and the relevant chairmen will be available telephonically. As a principle, the group insists on the use of alternate dispute resolution processes (most commonly, arbitration) in all contracts with stakeholders to the extent possible.
The group creates value through its relationships with stakeholders within the context of the external environment, which includes economic conditions, social concerns and the broader natural environment.
Its current stakeholder engagement processes are focused on certain stakeholders, in particular suppliers, customers, franchisees, shareholders (or their representatives) and employees. Engagement with these stakeholders takes place on a more informal and regular basis to understand their legitimate needs and interests and address these concerns, where possible.
The group is dependent on its employees to implement strategy, support its franchisee network and engage with stakeholders in an ethical and respectful way.