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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 hapenings
- 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.
Competitive governance and compliance
Nedbank Group has incorporated competitive governance and compliance practices as core strategic imperatives for the sustainable development of the organisation. Our governance and compliance philosophy recognises the importance of ensuring continual adherence to legislative, regulatory and supervisory requirements as a critical part of effective risk management and sound enterprise governance.Enterprise governance is at the heart of the operations of Nedbank Group and strategically links good governance to effective performance management. The Nedbank Group Enterprise Governance and Compliance framework ensures a consistent focus on day-to-day governance requirements without losing sight of the long-term growth and profitability of the group. Add to this our commitment to proactive compliance with regulatory statutes and standards, and well-governed, regularly monitored internal policies and procedures, and the group boasts a governance and compliance approach that is not only industry-leading, but also highly enabling for the whole of Nedbank Group.
Group Executive: Governance and Compliance, Adv Selby Baqwa, serves as a member of the Nedbank Group Executive Committee and reports directly to the Chief Executive. He also has direct access to the Chairman of the Nedbank Group Board.
He is supported by an extensive network of cluster governance and compliance officers, all of whom work closely with Enterprise Governance and Compliance in implementing projects, fulfilling monitoring and training requirements and creating a governance and compliance culture throughout the group.
| This page was updated on 28 June, 2009 |  Return to top |
