Enterprise governance and compliance

INTRODUCTION

As a bank for all South Africans, Nedbank Group is acutely aware of the importance of appropriate and effective management of the funds in our care, both in terms of the money entrusted to us by our clients and in respect of the many diverse investments we make. To this end we seek not only to comply with the rules and regulations applied to the financial services industry, but also to assist in developing such legislation for the benefit of all stakeholders.

2008 Highlights and hapPenings

• Board and committee evaluations conducted.
• Board training conducted internally including within the various committees and externally through the Gordon Institute of Business Science.
• Money-laundering-control awareness training was updated and rolled out again to reinforce the importance of the role of staff in recognising the proceeds of crime and protecting the bank and its clients.
• Nedbank Group’s ethics rating in terms of the annual staff survey increased from 83,1% in 2007 to 86% in 2008.
• Nedbank Group was involved in The Financial Action Task Force/ Eastern and Southern Africa Antimoney- laundering group review.
• Compliance tool launched.
• Nedbank Group Supplier Code of Conduct introduced.
• Relationship with regulators and stakeholders improved
• Enhanced traction gained through the establishment, formalisation, chairing and coordination of the Group Environmental Forum.
• Climate Change Position Statement, Intensity Reduction Targets and relevant performance scorecard measures to track progress drafted.
• Basel II implemented.

Sustainability goals for 2009

• Inclusion of ethics in the Group Executive scorecards as a modifier and the measurement thereof by the Nedbank Ethics Indicator.
• Facilitation of the transformation of social and environmental consciousness and behaviours.
• Continual enhancements to the implementation of sustainability initiatives across the group.
• Enhancement of our role in addressing climate change and the levels of resilience to climate variability as experienced by our client and supplier base.
• Enhancement of the concept of ‘competitive governance and compliance’ throughout the organisation.

GRI – Financial Services Sector Supplement: FS1, FS4 and FS15