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2018 Stakeholder Engagement Report

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2018 Stakeholder Engagement Report Creating value by using our financial expertise to do good Stakeholder Engagement Report for the year ended 31 December 2018 INTRODUCTION ‘There is an interdependent relationship between the organisation and its stakeholders, and the organisation’s ability to create value for itself depends on its ability to create value for others.’ (King IV™: 2016) Nedbank Group advocates an inclusive approach to in King IV™ have been implemented and how these stakeholder engagement in line with the King IV™ Report assisted in the realisation of the associated principles, on Corporate Governance (King IV™). In the execution of as well as to show how decisions based on these its duties Nedbank undertakes to ensure that the recommended practices were exercised. The board legitimate and reasonable needs, interests and remains committed to the application of all 17 principles expectations of all material stakeholders are considered. in order to achieve the King IV™ outcomes. Nedbank Nedbank shares the view that the quality of its Group has reviewed its current practices to ensure stakeholder relationships is the ultimate construct that alignment with the King IV™ recommended practices. should determine the overall sustainability of the The ‘apply and explain’ approach in King IV™ encourages enterprise. Accordingly, King IV™ has placed stakeholder organisations to perceive corporate governance not only relationship as the ultimate measure of impact and as a means of achieving compliance ratings, but also as charged company boards with the responsibility to something that will impact all stakeholders positively. measure the quality thereof. The positive impact will happen if corporate governance is approached deliberately taking into consideration the To ensure consistency and protect the Nedbank brand, needs and circumstances of all related stakeholders. stakeholder engagement is informed and governed by a comprehensive stakeholder policy and a supporting The following pages provide an overview of our primary engagement framework. The Group Operational stakeholders, the reasons we engage with them and the Committee monitors compliance with this policy and ways in which we do so. Insights into the main issues structure. Our Stakeholder Engagement Policy is arising from these relationships in 2018 and our available online at nedbank.co.za. responses are also offered. Disclosure on the application of King IV™ Nedbank Group is expected to explain, in the form of a narrative account, which of the recommended practices Our relationships Staff Industry bodies Clients Media Shareholders Government Regulators Suppliers Society Unions Nedbank Stakeholder Management Report 2018 2 STAFF We believe in fair treatment of all our staffmembers, which enhances their engagement levels and has a positive impact on productivity. Nedbank staffmembers play an essential role in In 2015 Nedbank launched its People Strategy (People promoting the bank, regardless of the division in which 2020). The Group Executive Committee (Group Exco) is they work and the tasks they perform. Above all, driving and enabling new leadership mindsets and Nedbank staffmembers are central to our efforts to capabilities required to manage and thrive in an agile, increase awareness of and strengthen our brand, as well digital, fast-paced, client-centred and competitive as to ultimately grow our client base. environment. Furthermore, and in response to the changing context within which we operate, People 2020 We believe in fair treatment of all our staffmembers, was refreshed to ensure that our direction remains which enhances their engagement levels and has a relevant for SA and internationally (including the rest of positive impact on productivity. In this regard our Group Africa). Talent, Leadership and Culture remain core pillars Human Resources (HR) unit works in partnership with all of our strategy, and Employer Brand was added as a Nedbank clusters to create a transformed and equitable fourth pillar in 2018. work environment, thereby enhancing the performance of people to achieve Nedbank’s business objectives. Why engage with staff Why our staff engage with us Types of engagement z To ensure we remain an employer To provide feedback and input that A robust combination of face-to- of choice by providing a safe can help Nedbank Group improve the face, written and broadcast working environment. working environment as well as the communications. These include z To understand and respond to the performance of our business. culture and engagement surveys, needs and concerns of our roadshows, emails, intranet staffmembers. communications, datacasting, z To provide all staffmembers with newsletters and relevant training. strategic direction and pertinent information regarding group activities. 2018 Highlights People 2020 We piloted new agile practices We refreshed our during new Ways of Work performance management We designed and developed a (nWoW), which will be scaled in approach. new strategic workforce planning 2019. More than practice and methodology, as well 1 500 staffmembers are working as tool sets. This is intended to according to this new approach document the skills needed and we aim to increase this at Nedbank and the range of skills We launched a number incrementally to development interventions that we new talent management support an optimal agile scaling use to address these needs. approach, with multiple framework over 2019. strategic objectives. Nedbank Stakeholder Management Report 2018 3 Managing our employee relations Code of Conduct e-zine Disciplinary and grievance procedures The appropriate management of change in the bank, especially We revised our employee relations policy and disciplinary code due to the increased focus on digitisation and automation, during 2018 in line with industry developments. ensured our continued evolution during 2018. Interventions included the launch of the first Code of Conduct e-zine, which Our disciplinary chairpersons have been upskilled through a has enabled us to create a dynamic new platform for range of training programmes, resulting in a steady staffmembers to learn, share and discuss our dynamic culture. improvement in the quality of disciplinary findings and The e-zine offers new ideas and topics around workplace outcomes. culture, from how to be more respectful in an open-plan office to ideas on how to conduct mindful office meetings. We continue to build capability among HR business partners Staffmembers are also encouraged to send in their ideas and and line managers to manage and resolve complaints before thoughts to ensure we create an inclusive and relevant e-zine in they are escalated. every quarter. Disciplinary action Staff benefits In 2018 the bank addressed 4 764 incidents of misconduct Revised staff banking benefits came into effect on 1 January through informal disciplinary discussions and formal 2018. Nedbank has updated the schedule to ensure the terms disciplinary inquiries. Our policies promote corrective discipline and conditions associated with accessing these benefits are as a way of remedying non-conforming behaviour. The goal is more explicit. We have also developed a staff benefits brochure to reduce the number of incidents that escalate to formal to make it easier for staffmembers to review the full range of disciplinary inquiries and/or CCMA disputes. banking benefits available and how these translate into real Incapacity or underperformance cost savings for them and their families – every single month. As part of our commitment to creating a high-performance The benefits include preferential lending rates for culture, we revised our performance management processes in staffmembers. In the case of home loans this extends also to 2018. These processes will be further embedded during 2019. joint bonds. There were 793 incidents of incapacity or underperformance addressed during 2018, a drop from 1372 in 2017. Of these, 30 resulted in formal performance corrective plans, which are tracked regularly to ensure sustained improvement in performance. Nedbank Stakeholder Management Report 2018 4 UNIONS Nedbank recognises the right of staffmembers to freedom of association and the importance of unions representing the interests of their members. Unions At Nedbank we have ensured a stable relationship with agreement was entered with SASBO to formalise and regulate the unions. These include SASBO (the finance union), the the relationship between the parties. Swaziland Union of Financial Institutions and Allied Workers, the National Union of Commerce, the Catering At Nedbank we comply with the requirements stipulated in the and Allied Workers of Lesotho and the Namibia Financial Labour Relations Act (LRA) and are guided by rules that are Institution Union. specified in the different group policies to help guide our business conduct with all our stakeholders, including the unions. Nedbank recognises the right of staffmembers to freedom of association and the importance of unions We measure our relations with the unions by, among other representing the interests of their members, including the things, the number of grievances and disputes involving staff, right to organise, represent, consult and/or negotiate on as well as any negative impact on work due to union work behalf of union members or specific constituents within a stoppages. Our Disciplinary Policy and Procedure and Code of defined bargaining unit, in accordance with the law and Business Ethics Policy set out the rules for ethical and fair any collective
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