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DLC-Annual-Report-2013.Pdf one Investec overview, governance, sustainability and remuneration report governance,report sustainability and remuneration Investec overview, 2013 Investec overview, governance, sustainability and remuneration report 2013 Specialist Banking Asset Management Wealth & Investment volume one Corporate information Investec plc and Investec Limited Secretary and registered office Transfer secretaries in Investec plc South Africa David Miller Computershare Investor Services (Pty) Ltd 2 Gresham Street 70 Marshall Street London EC2V 7QP Johannesburg 2001 United Kingdom PO Box 61051 Telephone (44) 20 7597 4000 Marshalltown 2107 Facsimile (44) 20 7597 4491 Telephone (27 11) 370 5000 Investec Limited Directorate Benita Coetsee Executive directors 100 Grayston Drive Stephen Koseff (chief executive officer) Sandown Sandton 2196 Bernard Kantor (managing director) PO Box 785700 Sandton 2196 Glynn R Burger (group risk and finance director) Telephone (27 11) 286 7000 Hendrik J du Toit (chief executive officer, Facsimile (27 11) 291 1806 Investec Asset Management) Internet address Non-executive directors www.investec.com Sir David J Prosser (joint chairman) Fani Titi (joint chairman) Registration number Samuel E Abrahams Investec plc George FO Alford (senior independent NED) Registration number 3633621 Cheryl A Carolus Perry KO Crosthwaite Investec Limited Olivia C Dickson Registration number 1925/002833/06 Bradley Fried David Friedland* Auditors Haruko Fukuda OBE Ian R Kantor Ernst & Young LLP M Peter Malungani Ernst & Young Inc. Peter RS Thomas Transfer secretaries in the UK * Appointed on 1 March 2013. Computershare Investor Services PLC The Pavilions Bridgwater Road For contact details for Investec Bristol BS99 6ZZ offices internationally refer United Kingdom to pages 122 and 123 in Telephone (44) 870 707 1077 volume three. For queries regarding information in this document Investor Relations Telephone (27 11) 286 7070 (44) 20 7597 5546 e-mail: [email protected] Internet address: www.investec.com/en_za/#home/investor_relations.html For the year ended 31 March 2013, Investec About this report plc and Investec Bank plc were regulated by the UK Financial Services Authority (FSA).However, on 1 April 2013 the FSA was abolished and The 2013 integrated annual report covers the period 1 April 2012 to the majority of its functions transferred to two new regulators: the Financial Conduct Authority 31 March 2013 and provides an overview of the Investec group. (FCA) and the Prudential Regulation Authority (PRA). On the same date, the Bank of England (BoE) took over the FSA's responsibilities for This report covers all our operations across the various geographies financial market infrastructures and a Financial in which we operate and has been structured to provide Policy Committee (FPC) was established on a stakeholders with relevant financial and non-financial information. statutory basis in the UK. Going forward, IBP will be authorised by the PRA and regulated by the FCA and the PRA. Kensington, Investec Wealth We value feedback and invite questions and comments on our & Investment and Investec Asset Management reporting. To give feedback or request hard copies of our reports, will be authorised and regulated by the FCA. Accordingly, all references to the UK regulator in please contact our Investor Relations division. this annual report are to the FCA and PRA. volume volume volume one two three Investec overview, Investec risk and Investec financials governance, sustainability Basel Pillar III and shareholder and remuneration report disclosures report information report Get the most out of our report Cross-referencing tools: Audited information Reporting standard Definitions Denotes information in the risk and Denotes our consideration of a Refers readers to the definitions remuneration reports that form part of reporting standard on the inside back cover the group’s audited annual financial statements Page references Sustainability Website Refers readers to information elsewhere Refers readers to further information in Indicates that additional information in this report our sustainability report available on our is available on our website: website: www.investec.com www.investec.com Investec integrated annual report 2013 1 Contents Overview of the year Highlights 4 About the Investec group 10 1 Our strategic focus 12 Our operational footprint 14 Our operational structure 18 Operating financial review 19 Financial review 21 Divisional review Group divisional structure 55 Asset Management 56 2 Wealth & Investment 64 Specialist Banking 70 Corporate governance report Corporate governance 81 Directorate Investec plc and Investec Limited 99 3 Communication and stakeholder engagement 101 Sustainability report 102 Remuneration report 113 4 Definitions ibc 2 Investec integrated annual report 2013 Overview of the year Highlights The successful strategic alignment of the group towards low capital Our financial intensive businesses over the performance past few years has resulted in a scaleable platform from which the Operating profit* before group’s Asset Management and taxation increased 20.8% (32.5% currency neutral) Wealth Management businesses can continue to grow 2012 2013 £358.6mn £433.2mn The South African business reported an • The Asset Management increase in operating profit of 13.4% in and Wealth & Investment Rand terms benefiting from growth in businesses reported solid revenue and fixed cost containment. results benefiting from higher Attributable earnings*^ levels of average funds under The UK business reported results slightly management and net inflows increased 23.0% ahead of the prior year. in excess of £4.9 billion (34.8% currency neutral) The Australian business returned to • The Specialist Banking profitability as a result of a significant business incurred lower decline in impairments. impairments than the prior 2012 2013 Overall group results have been negatively year, while operating profit impacted by the depreciation of the average before impairments declined £257.6mn £316.7mn Rand: Pounds Sterling exchange rate of marginally approximately 13% over the year. • Recurring revenues as a proportion of total operating Overview of the year income rose to 68.6% (2012: 67.7%) • Capital light businesses Adjusted earnings per share account for 49% of group (EPS)*^ increased 16.4% income (27.7% currency neutral) • Impairments on loans and advances decreased by 22.8% with the credit 2012 2013 loss charge on core loans improving from 1.12% at 31.8p 37.0p 1 31 March 2012 to 0.84% 1 • We maintained a strong capital position with tier 1 ratios of 11.0% for Investec * Before goodwill, acquired intangibles, plc and 10.8% for Investec non-operating items and after Limited Dividends per share non-controlling interests. • Liquidity remains strong with increased 5.9% ^ After deducting preference dividends. cash and near cash balances (increase of 14.3% in Rands) Note: Amounts represented on a currency amounting to £9.8 billion neutral basis assume that the closing and (2012: £10.3 billion). average exchange rates of the group’s 2012 2013 relevant exchange rates relative to Pounds Sterling remain the same as at 17.0p 18.0p 31 March 2013 when compared to 31 March 2012. 4 Investec integrated annual report 2013 Highlights (continued) % contribution of operating profit** to total group Percentage 100 90 80 70 60 Total shareholders’ equity 50 decreased 0.2% 40 (increase of 4.5% currency neutral) 30 20 10 Specialist Banking Wealth & Investment 0 2012 2013 Asset Management £4 013mn £4 005mn 20042005 2006 2007 2008 2009 2010 2011 2012 2013 ** Before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests. Third party assets under management increased Average recurring annuity income since 2008 of 66% 14.4% (20.6% currency neutral) £’million Percentage 2 500 80 2012 2013 70 2 000 £96.8bn £110.7bn 60 50 1 500 40 1 000 Trading income Overview of the year 30 Investment income 20 Other fees and other operating income 500 Annuity fees and commissions Core loans and advances 10 to customers increased 1.0% Net interest income Annuity^ income as a % 0 0 (8.1% currency neutral) of total income 2008 2009 2010 2011 2012 2013 2012 2013 ^ Where annuity income is net interest income and annuity fees. £18.2bn £18.4bn 1 1 Customer deposits decreased 3.2% (increase of 3.7% currency neutral) 2012 2013 £25.3bn £24.5bn Investec integrated annual report 2013 5 Highlights (continued) Continued growth in key earnings drivers… Customer accounts down 3.2% (up 3.7% currency neutral) Funds under management up 14.4% (20.6% currency neutral) Core loans and advances up 1.0% (up 8.1% currency neutral) Third party assets under management Customer accounts (deposits) and loans £’billion £’billion Percentage 120 30 120 25 100 100 20 80 80 15 60 40 10 40 20 5 20 0 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Other Core loans and advances to customers Wealth & Investment Customer accounts Asset Management Loans and advances to customer accounts UK moderate decrease in impairments Lower South Africa marginal increase in impairments in Rands Overview of the year impairments… Australian credit loss ratio substantially down Asset quality trends UK and Europe (excluding Kensington) South Africa Australia Percentage £’billion Percentage R’billion Percentage A$’billion 6.0 6 6.0 150 12.0 3.5 3.0 5.0 5 5.0 10.0 120 2.5 1 4.0 4 4.0 8.0 1 90 2.0 3.0 3 3.0 6.0 1.5 60 2.0 2 2.0 4.0 1.0 30 1.0
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