Supplier relations

While the sustainable success of Nedbank Group relies on dependable external product and service providers, we certainly don’t view these companies as just suppliers. Rather, we consider our relationships with the businesses of our suppliers as mutually beneficial partnerships. This ensures that we not only have a steady supply of the type of superior products and services we need to operate successfully, but also enjoy the opportunity to assist our suppliers to grow and develop their organisations for the ultimate benefit of the SA economy, our environment and communities as a whole.

BEE PROCUREMENT

Nedbank Group has a dedicated BEE Procurement Management Unit. The unit sets the framework rules for BEE procurement based on the agreed Nedbank Procurement Policy and engages with all business clusters in achieving group BEE goals and targets. Overall procurement is driven by a representative procurement council, with financial targets at group and cluster levels in terms of a formalised Group Procurement Policy. This policy was amended in 2008 to include a Supplier Code of Conduct.

Information on our processes is available to suppliers on our website to enable effective information flow between the group and its supplier network. Regular supplier forums are also conducted to discuss problems and find solutions.

In 2008 Nedbank achieved an overall BEE spend ratio of 62,0% (2007: 48,1%).

GRI – Financial Services Sector Supplement: FS1, FS2, FS3, FS6 and FS10