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START HERE Strategic Focus Our Performance Divisional Review Environmental, Social and Governance (ESG) Directors’ Remuneration Report START HERE Strategic focus Our performance Divisional review Environmental, social and governance (ESG) Directors’ remuneration report VOL. 1 THE 2020 INTEGRATED Strategic report ANNUAL REPORT COVERS incorporating THE PERIOD 1 APRIL 2019 TO environmental, social 31 MARCH 2020 AND PROVIDES and governance (ESG) and the AN OVERVIEW OF remuneration report THE INVESTEC GROUP VOL. 2 Risk disclosures VOL. 3 Annual financial MAIN MENU statements Feedback For queries regarding information in this We value feedback and invite questions and comments on document our reporting. To give feedback please contact our Investor Investor Relations Relations division. Telephone: (27) 11 286 7070 (44) 20 7597 5546 E-mail: [email protected] www.investec.com/en_za/welcome-to-investec/about-us/investor- relations.html Investec integrated annual report 2020 1 Strategic focus Our performance Divisional review Environmental, social and governance (ESG) Directors’ remuneration report CONTENTS Cross reference tools Alternative performance measures We supplement our IFRS figures with alternative performance measures used Our reporting suite 4 by management internally and which provide valuable, relevant information. These measures are highlighted with Strategic report the symbol The description of alternative performance measures and their 01 Strategic focus calculation is provided in the alternative Who we are 6 performance measures section. Our strategic direction 7 Strategic objectives 8 AUDITED INFORMATION Our business model 9 Denotes information in the risk and Our journey 10 remuneration reports that forms part of the Our operational structure 11 group’s audited annual financial statements Summary of the demerger of Investec Asset Management 12 Our business at a glance 14 PAGE REFERENCES Refers readers to information elsewhere in this report 02 Our performance CEO and Chairman’s report 17 WEBSITE Stakeholder engagement and value creation 22 Indicates that additional information is available on our website: www.investec.com Our principal risks 30 Financial review 38 GROUP SUSTAINABILITY Refers readers to further information in Divisional review our 2020 group sustainability and ESG 03 supplementary report available on our Divisional key income drivers 69 website: www.investec.com Wealth & Investment 73 Specialist Banking 83 REPORTING STANDARD Denotes our consideration of a reporting standard 04 Environmental, social and governance (ESG) Corporate governance 104 UNAUDITED INFORMATION Shareholder analysis 154 Indicates information which has not been Social and environmental report 159 audited 05 Directors’ remuneration report 179 STRATEGIC REPORT STRATEGIC REPORT STRATEGIC Section 414A of the UK Companies Act 2006 (the UK Companies Act) requires the directors to present a strategic report in the annual Glossary 238 report and accounts. Alternative performance measures 239 Sections one, two, three and four of this Volume 1 of the integrated annual report Definitions 241 (together the strategic report) provide an overview of our strategic position, Corporate information 242 performance during the financial year and outlook for the business. This should be read in conjunction with Volume 2 of the integrated annual report which elaborates on some of the aspects highlighted in the strategic report. Investec integrated annual report 2020 3 Strategic focus Our performance Divisional review Environmental, social and governance (ESG) Directors’ remuneration report OUR REPORTING SUITE As a requirement of our Dual Listed Company (DLC) We produce a full suite structure, we comply with the disclosure obligations contained in the applicable listing rules of the UK Listing Authority (UKLA), the JSE Limited (JSE) and other exchanges of reports to cater for on which our shares are listed, and with any public disclosure obligations as required by the UK regulators and the South the diverse needs of African Prudential Authority. our stakeholders. Annual Integrated Report This report covers the period 1 April 2019 to 31 March 2020 and includes material issues up to the date of board approval on 16 June 2020. This report covers all our operations across the various geographies in which we operate and has been structured to provide stakeholders with relevant financial and non-financial information. All references in this report to Investec, the Investec group, or the group relate to the combined Investec DLC group comprising Investec plc and Investec Limited. Volume 1 – Strategic report incorporating environmental, social and governance (ESG), and the remuneration report Governance report Social and environmental report Remuneration report • Sets out the governance practices of • Sets out our group sustainability and • Sets out our remuneration policies and the group environmental, social, and governance implementation thereof (ESG) practices Volume 2 – Risk disclosures Volume 3 – Annual financial statements Sets out the management of risks relating to the Sets out the full DLC audited annual financial statements, Investec group’s operations including the report of the group audit committee The following reports can be found in separate documents available on our website. Group sustainability and ESG supplementary reports This report provides a holistic view of Investec group’s social and environmental impact within our operations including our contribution to the Sustainable Development Goals (SDGs). We incorporate material information from the main geographies in which we operate. Pillar III disclosure reports These reports provide disclosures that allow market participants to assess the scope of application by banks of the Basel committee’s STRATEGIC framework and the rules in their jurisdiction – their capital condition, risk exposure, risk management process and their capital adequacy. FOCUS Corporate profile This report serves as a reference for the investment community and other interested parties. It provides an introduction to Investec. 4 Investec integrated annual report 2020 Strategic focus Our performance Divisional review Environmental, social and governance (ESG) Directors’ remuneration report WHO WE ARE OUR STRATEGIC DIRECTION One Investec Our purpose We strive to be a Investec Distinction Investec’s purpose is to create and manage wealth for all our distinctive bank CLIENT FOCUSED APPROACH stakeholders. Guided by our vision to create and preserve • Clients are at the core of our business sustained long-term wealth, we seek to build resilient profitable and investment • We strive to build business depth by deepening existing businesses that support our clients to grow their businesses while and creating new client relationships manager, driven by • High-tech, high-touch approach contributing in a positive and responsible way to the health of our • High level of service by being nimble, flexible and economy, our people, our communities and the environment to commitment to our innovative. ensure a prosperous future for all. SPECIALISED STRATEGY core philosophies • Serving select market niches as a focused provider of Our mission tailored structured solutions and values. • Enhancing our existing position in principal businesses and geographies through organic growth and select Our long-term commitment is to One Investec; bolt-on acquisitions. We strive to be a distinctive bank and investment manager, driven a client-focused strategy where, irrespective of specialisation or geography, we commit to offering our SUSTAINABLE BUSINESS by commitment to our core philosophies and values. clients the full breadth and scale of our products and We focus on delivering profitable, impactful and sustainable solutions to our clients in two core services. • Contributing to society, macro-economic stability and areas of activity, Banking and Wealth & Investment. We are focused on delivering profitable, impactful and the environment sustainable solutions to our clients. • Well-established brand The Investec distinction is embodied in our entrepreneurial culture which is balanced by a To deliver on One Investec, we will focus on imperative • Managing and positioning the group for the long term strong risk management discipline, client-centric approach and an ability to be nimble, flexible collaboration between the Banking and Wealth & • Balancing operational risk with financial risk while Investment businesses and continue to invest in and creating value for shareholders and innovative. We do not seek to be all things to all people and aim to build well defined, support these franchises. This will position Investec for value-added businesses focused on serving the needs of select market niches where we can sustainable long-term growth. • Cost and risk conscious. compete effectively. Our long-term strategic focus: STRONG CULTURE • We are committed to delivering exceptional service • Strong entrepreneurial culture that stimulates to our clients, creating long-term value for our extraordinary performance Our values and philosophies shareholders and contributing meaningfully to our • Passionate and talented people who are empowered people, communities and the planet Distinctive performance and committed • All relevant Investec resources and services are on Cast-iron integrity • Depth of leadership – We employ talented people with passion, energy and offer in every single client transaction stamina, who exercise common sense in achieving effective – We demand cast-iron integrity in all internal and external • Strong risk awareness dealings, consistently and uncompromisingly
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