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ANNUAL INTEGRATED REPORT 2019 Standard Bank Group CONTENTS ANNUAL INTEGRATED REPORT 2019 REPORT INTEGRATED ANNUAL Standard Bank Group ANNUAL INTEGRATED REPORT 2019 Standard Bank Group Bank Standard WorldReginfo - eae09c23-c191-467e-b839-ed7c772a024b CONTENTS INTRODUCTION 2 About our integrated report 4 Our reporting suite 6 Who we are Our leaders discuss the dynamics in our markets, LEADERSHIP INSIGHT and how these are influencing our priorities and our progress in becoming a truly human, truly digital 10 Chairman’s statement and fully integrated financial services group. 12 Group chief executive’s review OUR VALUE CREATION STORY The emerging trends and issues that matter most 18 Our operating context to our stakeholders, how these are reflected in 24 Our material issues our strategy, and how we are organised to deliver 26 Our strategy measurable progress against our strategy in the short to medium term, creating sustainable value 28 Our execution model over the long term. 32 Our strategic progress 34 Our value proposition DELIVERING OUR STRATEGY Our progress for the year and prospects for 38 Client focus the year ahead according to our strategic 52 Employee engagement value drivers. 62 Risk and conduct 72 Financial outcome 84 SEE impact HOLDING OURSELVES ACCOUNTABLE How we drive good governance outcomes, 96 Governance overview and assess and reward our leaders, to ensure we continue to create and protect 106 Remuneration overview sustainable value. ADDITIONAL INFORMATION 122 Pro forma financial information 122 Standard Bank Group Limited credit ratings 122 Restatements 123 Glossary ibc Contact and other details AIR For information on forward-looking statements, refer to the inside back cover. WorldReginfo - eae09c23-c191-467e-b839-ed7c772a024b STANDARD BANK GROUP Annual integrated report 2019 1 OUR APPROACH TO INTEGRATED THINKING Our operating context Our material issues We operate in a constantly changing environment where Issues that are important to our stakeholders and a complex and inter-related spectrum of existing and impact on our ability to create value in the short, INFORMING emerging threats and opportunities influence our business medium and long term. OUR THINKING activities and shape our future sustainability. AIR page 24. AIR page 18. Our strategy is unchanged. It is underpinned by our purpose and revolves around the principle of doing valuable things for our clients. Our purpose is Our vision is to Our values are Our culture Our key focus Africa is our be the leading the behaviours is underpinned areas home, we drive financial services that define us. by the principle enable us to DIRECTING OUR her growth. organisation in, of doing the right prioritise the STRATEGY for and across business, the allocation of our Africa, delivering right way. resources and exceptional client focus our efforts. experiences and superior value. AIR page 26. Our execution model ORGANISING Our business model enables us to respond dynamically to our operating environment while executing OUR BUSINESS our strategic priorities. AIR page 28. Our value drivers measure our strategic progress and allow us to focus our efforts on achieving the value we aspire to create for all our stakeholders. MEASURING + + = OUR STRATEGIC PROGRESS Client Employee Risk and Financial SEE* focus engagement conduct outcome impact AIR page 32. * Social, economic and environmental. The successful execution of our strategy will deliver a robust business capable of creating sustainable value for all our OUR VALUE stakeholders over the long term. PROPOSITION AIR page 34. WorldReginfo - eae09c23-c191-467e-b839-ed7c772a024b 2 ABOUTUR O INTEGRATED REPORT We report on the progress we have Reporting boundary assets, allows us to facilitate investment made in the period 1 January 2019 flows and commercial relationships The financial and non-financial data in to 31 December 2019 to achieve the between Africa and China. The financial this report pertains to the Standard Bank objectives related to the group’s strategic impact of this relationship is included Group (the group), as the financial focus areas. We evaluate our financial in our reporting as part of our business reporting entity. It therefore includes all and non-financial performance against activities. entities over which the group has control the outcomes associated with our or significant influence. Our banking and strategic value drivers. This report The reporting boundary includes the wealth management activities are includes material information up to the strategic narrative in this report and consolidated and defined as ‘banking date of board approval on 4 March 2020. pertains mainly to our banking activities activities’ in our annual financial across the continent and internationally, statements. This comprises Personal & The scope of information presented but also includes our subsidiary and Business Banking (PBB), Corporate & is largely medium term from 2020 to associates (including Liberty and our Investment Banking (CIB) and Wealth 2024. It assesses the opportunities, other banking interests) where they are business lines financial results. Our risks and impacts influencing our relevant to the group’s business Wealth business financial results are ability to create sustainable value as we model and strategy, performance and largely included in PBB’s financial results move towards realising our medium-term prospects. Where relevant, the reporting for the current and prior years in this vision while delivering on our multi- boundary also assesses the material risks, report. Our banking activities also include generational purpose. opportunities and outcomes that affect central and other group activities, which our ability to create value, arising from The six capitals defined in the include group hedging activities, capital entities and stakeholders but which are International <IR> Framework instruments, surplus capital and strategic not related to the financial reporting entity are incorporated in our strategic acquisitions. Where specified, banking by virtue of control or significant influence, value drivers, which guide us in activities data also distinguishes between but rather by the nature and proximity of creating value for our stakeholders, as our South Africa and Africa Regions the risks, opportunities and outcomes. indicated in the diagram alongside. operations. Financial information has been prepared We have chosen to use terms that stay Liberty Holdings Limited (Liberty), our on an International Financial Reporting true to the way we describe the group life insurance and investment Standards (IFRS) basis, unless otherwise strategy, and the way we measure our management subsidiary (54% interest), specified. Any restatements progress towards it through our strategic and our associates ICBC Argentina (20% of comparable information are noted. value drivers and as such the capitals are interest) and ICBC Standard Bank Plc not explicitly referenced. (ICBCS) (40% interest), are not included The group’s annual financial statements in the data that relate specifically to our cover the group’s banking activities, as banking activities. They are separately well as all of its subsidiary and associate shown as Liberty and other banking interests. ICBC Argentina is classified as interests in our financial results. held for sale in terms of IFRS from September 2019 and is therefore not Our strategic relationships with our equity accounted at the year end. 20.1% shareholder, the Industrial and Commercial Bank of China Limited AFS online. (ICBC), the world’s largest bank by WorldReginfo - eae09c23-c191-467e-b839-ed7c772a024b STANDARD BANK GROUP Annual integrated report 2019 3 Combined assurance consolidated annual financial statements, of the opinion that the report addresses on which an unmodified audit opinion material information on the group’s The group applies a combined assurance has been expressed by the group’s ability to create value over the short, model to assess and assure aspects external auditors, KPMG Inc. and medium and long term. of its operations, including the internal PricewaterhouseCoopers Inc., and controls associated with elements from the group’s reporting to society The board applied its collective mind of external reporting. suite, on which assurance on selected to this report on 4 March 2020 and approved the content provided. It Combined assurance incorporates and information has been provided by delegated the final review and approval of optimises all assurance services and risk PricewaterhouseCoopers Inc. the report for publication to the group functions, to enable an effective control chief executive officer. environment and support the integrity Statement of the board of of information used in decision-making Standard Bank Group Following the global impact of COVID-19, and reporting. the board approved selected updates to Limited the prospects disclosed in this report on Interviews with senior leadership, Group executive committee members 3 April 2020, for publication. together with internal sources of are responsible for preparing the information and relevant external integrated report. research reports, have been used to prepare this report. An internal combined The group audit committee reviewed and assurance review of the internal controls recommended this report to the board of Thulani Gcabashe applied to the information gathering directors for approval. Chairman process was performed, together with reviews by management and our The board acknowledges its responsibility compliance and internal audit functions, to ensure the
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