Managing Responsible Business
Managing Responsible Business
As part of being a responsible business, effective governance and risk management is about understanding and managing our impacts in a clear and consistent way. We have processes in place to monitor and manage our impacts and to maximise opportunities when they arise.
Our approach to good corporate governance
As an international investment, savings, insurance and banking Group listed on both the London and Johannesburg Stock Exchanges, we are held to high standards of governance both by listing authorities and also by rating agencies and third parties who work with us to develop policies to ensure that best practice is followed.
Responsible business practices are core components of the Old Mutual risk management strategy which is underpinned by our four values of integrity, respect, accountability and pushing beyond boundaries.
At a local level, we have a network of people who manage and monitor our responsible business approach. Each business also has named a senior level executive with overall responsibility for these issues. This is overseen by the Head of Responsible Business and our Responsible Business Committee which co-ordinates our management approach and information flow for social and environmental risks. The Responsible Business Committee is chaired by the Group Customer Director and Responsible Business Lead.
The Board and the Executive Committee receive regular updates from the Responsible Business Committee on material responsible business issues that affect us and updates on actions that are being taken to address them.
For more information about governance at Old Mutual, please view our Governance section.
Our approach to risk management
Risk management is central to how we manage our capital and is therefore at the heart of how we do business. Understanding the nature of the risks we take, and what the implications of these risks are, is critical to how we build trust amongst our customers and, ultimately, our business success. We incorporate responsible business risks and opportunities into our regular risk analysis, and build stakeholder perspectives into our business strategy.
An evolving and transparent plan: Old Mutual's Positive Futures Plan is a living plan, both ambitious and responsive to change. We know that we have a lot to learn and that by naming and reaching for our goals our ambition will develop further, our products will evolve, and our culture and the skills of our people will adapt. As new evidence emerges we may need to change course, and we will be transparent about our successes and failures.
Our approach to working with others
At Old Mutual, we procure services and products from the many countries in which we operate and others. Our businesses manage their procurement processes and supply chain relationships in line with our Responsible Business Policy and Code of Conduct. We aim to make sure that the relationships we have with all of our suppliers are mutually beneficial, and help to create and distribute wealth in the communities where we operate. We therefore spend time carefully selecting and working with our suppliers to ensure our values and our commitment to being a responsible business are reflected through those we work with. More information can be found in our Responsible Business Policy.
In all our business relationships in South Africa, we are committed to helping in the transformation agenda. As part of this, we use preferential procurement to help drive economic empowerment. We act within the spirit of the Broad-Based Black Economic Empowerment (BBBEE) strategy, as well as in the letter of law. As part of our commitment, each South African businesses has subscribed to the Financial Sector Charter Council Procurement Committee's Procurement and Enterprise Development Guidelines 2005.
This work is underpinned by internal governance bodies, such as Nedbank's Procurement Council, that promote and facilitate BBBEE objectives. We also provide ongoing training of employees to ensure all people responsible for procurement are aware of the relevant requirements.