Frequently asked questions
Select one of the questions below to see our frenquently aksed questions.
Is there an Old Mutual Responsible Business Policy?
We have developed a Group Responsible Business Policy, which outlines the required minimum standards expected of each business division as a member of the Old Mutual Group in terms of their relationship with customers, investment, employees, community and the environment. Within the policy, our Responsible Investment Standard can be found. The policy sits alongside Our Code of Business Conduct and Ethics which is also applicable across the Group and covers employee wellbeing and human rights. Each business unit is required to take the high level policy and implement a local level programme focused on their specific issues and appropriate actions they can take. Oversight for the policy is carried out by the Responsible Business Committee, and compliance to the policy is tracked twice a year.
What percentage of employees is covered by the Responsible Business Policy?
The Responsible Business Policy is adopted by all wholly owned businesses across our Group and therefore all employees in the Group are required to adhere to the Policy.
What is Old Mutual's governance process for Responsible Business?
As part of our commitment to continue to raise our governance standards related to Responsible Business issues, in 2009, we established a Responsible Business Committee. This committee has the aim of ensuring RB activity is a core part of our Business strategy and supplements the customer agenda, enhance the delivery of Responsible Business as a key differentiator and drive Responsible Business within each pillar and business unit. As part of the Committee there are representatives from across each business unit covering each of the fire pillars of responsible business as well as risk and external communications. The Committee is chaired by Gail Klintworth (Group Customer Director and Responsible Business Lead) providing a direct link back to the Old Mutual Executive Committee.
As part of the Responsible Business Committee's responsibilities, both the Board and the Group Executive Committee receive regular updates on specific issues that affect the Group and updates on actions that are being taken to address them. The Group Responsible Business function is managed by the Head of Responsible Business, Helen Wilson, who reports to Gail Klintworth.
How does the Group measure its Responsible Business performance and is it externally verified?
The Old Mutual Group is listed on the FTSE4Good Index and the JSE SRI Index. These are the two main external measures used to track performance and highlight areas for development. At the beginning of 2011, we set ourselves the ambitious target of reducing our carbon emissions by 20% by 2020. In addition, we have a number of targets across all five pillars to support our strategic direction and monitor our progress across all Responsible Business impact areas.View more information on external validation and assessment criteria
Does Old Mutual produce a Responsible Business report?
In 2010 we produced our first Old Mutual Group Responsible Business Report. The report is our annual disclosure which details our approach, the progress we have made so far and our plans for the future.
The Responsible Business pages on our website also hold information about Group activities as well as some business unit information. Nedbank produces an individual report on their Responsible Business activities.
What is Old Mutual's approach to Responsible Investing?
We recognise that the environmental, social and governance (ESG) practices of the companies we invest in can potentially impact the value of those investments over the long-term. As a result, we aim to systematically incorporate our understanding of these issues into our assessment of financial return so that potential risks and opportunities are managed. In 2012, we became a signatory to the UN-supported Principles for Responsible Investment (UN PRI) as an asset owner, and continued our involvement in the implementation of the Code for Responsible Investing in South Africa (CRISA) through our participation in the CRISA committee.
The Old Mutual Responsible Investment Committee (RIC), which reports into the Responsible Business Committee, is responsible for formalising our approach to Responsible Investment. The Committee is chaired by Gail Klintworth, Group Customer Director and Responsible Business Lead, with each member of the Committee responsible for driving the implementation of Responsible Investment in their respective businesses.
In 2012, RIC membership was expanded, reflecting our commitment to Old Mutual integrating Responsible Investment and leveraging best practice across the Group. This led to the development of a Responsible Investment Standard, published in 2013, which supports our Group Responsible Business Policy and is applicable to direct and indirect investment practices across the Group.
Is Old Mutual tracking and reducing its carbon footprint?
We are committed to monitoring and managing our carbon footprint and have a group-wide target to reduce our carbon emissions by 20% by 2020* (from a 2010 baseline). We have processes in place to track buildings' energy use and emissions and make sophisticated videoconferencing facilities available to our employees to reduce business travel. We communicate and work across the Group to raise awareness with employees and to gain their support for the many initiatives that are underway. We have been a signatory to the Carbon Disclosure Project (CDP) since 2006. In 2014, we completed our eighth public submission to the Carbon Disclosure Project (CDP), maintaining our place in the CDP Disclosure leadership index for both the FTSE350 and JSE100 categories.
* emissions/per employee from a 2010 baseline. The target for Old Mutual's property portfolios will be measured in emissions/m2
How does Old Mutual ensure that, wherever it operates, the human rights of employees are respected?
We are committed to observing proper practices in the area of human rights and became a signatory to the UNGC ( United Nations Global Compact) during 2008. The UNGC is a framework of ten universally accepted principles in the areas of human rights, labour, the environment and the prevention of corruption. We support these principles and endeavour to implement them throughout all our business activities.
Our governance standards apply across the Group, no matter what country our employees are in. We meet all legislative requirements placed upon us and work with employees across the Group to set up systems and processes that address any local issues. A formal process has been formulated by which employees can raise any concerns they might have and, should they not want to make use of this process, an anonymous external route is also available to them.
We recognise that we work in some countries that may be considered risk areas, for example Zimbabwe and Colombia. These businesses have been operational for many years and have well-established processes. We have many customers and employees in these countries and continue to support them.
Has Old Mutual built environmental, social and governance (ESG) requirements and measurements into its procurement processes?
The Code of Business Conduct and Ethics and Responsible Business Policy include statements regarding procurement and interaction with suppliers. Although procurement is not a centralised process within the Old Mutual Group, which each business unit has their own specific procurement policies, integrate Responsible Business practices. In addition to this, many business units have built ESG issues into their processes and we are working with those who have not yet done so to develop their existing policies. In South Africa, black economic empowerment and the Financial Sector Charter requirements are built into the procurement process.
How much do you spend on community investment?
We support a wide range of community projects across the world - investing primarily in financial education, skills and enterprise development and local communities. In 2014, we invested £17.1m in the communities in which we operate.View more information on our community investment projects
Who do I approach with a sponsorship request?
Sponsorship from the Old Mutual Group is managed on a business unit basis. Please see our Sponsorships page for more information
Who do I approach with a request for charity support?
Across the Old Mutual Group, charitable giving is managed on a local level. There are five Foundations that were set up on demutualisation and these manage the giving process in South Africa, Malawi, Namibia, Zimbabwe and the UK. Other business units donate from their individual budgets and all give to locally run projects. Please address your opportunities for support to your local business and they will consider the proposal and decide whether it is in line with Foundation or business guidelines. Contact details for Responsible Business Teams in each business unit can be found on our Responsible Business Contact page.
Who do I contact if I have a question related to the social and environmental performance of Old Mutual?
All questions and further information requests should be directed to the Group Responsible Business Team.
Who should I approach with a business idea?
Please address your opportunities for business ideas to your local business, and they will consider your proposal.