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Absa Group Limited 2019 Integrated Report Our reporting suite Table of contents Introduction 2019 Integrated Report About our integrated report 1 Performance snapshot 3 Our integrated report is our primary report for investors. It is supplemented with various online disclosures which meet the diverse Group Chairman’s message 4 information needs of the Group’s stakeholders. Group profile Absa Group today 6 Our value-creating business model 10 Financial and risk disclosures An active force for good 12 Ethics and governance z 2019 Annual Consolidated and Separate Financial Statements Ethics and conduct 14 z 2019 Summarised Annual Consolidated Financial Statements Good governance for value creation 16 z 2019 Pillar 3 Risk Management Report Our Board 22 Board committees 23 z 2019 Pillar 3 Risk Management Report – Additional Tables Executive leadership 24 z 2019 Financial Results Booklet and Results Presentation Driving value creation Outgoing Group Chief Executive’s message 25 Incoming Group Chief Executive’s message 27 Environmental, social and governance disclosures Stakeholder perspectives 28 Market drivers, risks and opportunities (material matters) 30 z 2019 Environmental, Social and Governance Report Competition and technological change 31 z 2019 Remuneration Report Regulatory change, risk management and governance 32 Macroeconomic, socio and political flux 34 z 2019 Broad-Based Black Economic Empowerment Report Climate change 36 Transformation within a sustainable development context 37 Delivering the strategy and the value drivers Shareholder information Our growth strategy 38 Performance against our strategy 39 z 2020 Notice of Annual General Meeting Managing trade-offs 45 z Form of Proxy Strategic execution through our customer-facing businesses 47 Delivering the Separation 49 Strategic risk management 50 Reporting standards and frameworks z The Basel Committee on Banking Supervision Stakeholder value creation Pillar 3 disclosure requirements (Pillar 3 standard). Group Financial Directors’ report 54 Our external reports contain a range of information which is governed Stakeholder value creation 59 by a diverse set of regulations, frameworks and codes. z Regulation 43 of the Banks Act No. 94 of 1990), where not superseded by the Pillar 3 disclosure Stakeholder scorecard 60 z Value creation for Investors 62 International Integrated Reporting Council’s <IR> Framework requirements. Value creation for Customers 63 z International Financial Reporting Standards (IFRS) z The Amended Financial Sector Code (South Africa) Value creation for Employees 64 z TM King IV Report on Corporate Governance for South Africa, 2016 (King IV) z GRI G4 Standards, Financial Sector Supplement Value creation for Society 66 z South African Companies Act No. 71 of 2008 and the Greenhouse Gas Protocol Value preservation for Planet 68 Value creation in a regulated environment 70 z JSE Listings Requirements (South Africa) z South African Banks Act, No. 94 of 1990 Remuneration outcomes 71 Board committee summary 81 All of the reports listed are available on www.absa.africa. Comments or queries regarding these documents can be sent to [email protected] Contact details 84 Absa Group Limited 2019 Integrated Report Absa Group Limited Absa Towers West 15 Troye Street Johannesburg 2001 South Africa T +27 (0)11 350 4000 Swift address: ABSAZAJJ www.absa.africa To our valued stakeholders Absa is responding to the evolving COVID-19 crisis On 11 March 2020, the World Health Organization declared COVID-19 (novel coronavirus) a banking platforms, products and other key infrastructural services are being assisted in every pandemic. This serious public health and economic crisis requires decisive and coordinated way possible to ensure that our operations continue while managing the ongoing safety of our action from all spheres of society. employees. Wherever practical, work is being done from home, with significant upgrading to our remote access capabilities to enable employees to deliver the required services. The level of uncertainty relating to this crisis is extremely high and unprecedented, and its impact on markets and the global economy is already profound. Since our guidance at the time Our customers and clients are at the heart of everything we do, and we announced a of results, events have unfolded rapidly, and capital preservation and liquidity are our priority. We comprehensive payment relief programme, the principles of which, apply to all countries and are reviewing our assumptions and plans in order to anticipate and mitigate the risks ahead. will be implemented in line with the respective laws, conditions and regulations following careful consideration by country management teams. Absa responded immediately to protect the health of our employees, customers, clients and other stakeholders. Our response included measures to educate and inform our employees We are offering our expertise to policy makers and industry bodies who are developing about the COVID-19 virus, and how to prevent and contain it from spreading, including coordinated responses to mitigate the systemic shocks that are threatening the economic heightened cleaning protocols in line with expert guidelines from national health agencies and infrastructure and social stability of the countries in which we operate. the World Health Organisation. We implemented numerous policies relating to travel and work Our 2019 Integrated Report reflects, in the main, our performance in 2019, but we are very practices in order to mitigate risk of exposure for our employees and the broader stakeholder aware that 2020 will be a far more challenging year than could have been thought possible. community with whom they interact. We have, given the knowledge that we have at this stage, indicated at appropriate points in We also strengthened our business continuity plans to sustain our operations across the this report, that COVID-19 will be a significant consideration in our approach, planning, stress Group, with resilience planning also taking place regarding our liquidity and capital base, the testing, and the like. We have not, however, reflected a revised outlook throughout the report needs of our customers, and our regulatory engagements. as the effects will be dynamic and hence without certainty at the date of approving this report. In parallel, we are working with public health authorities and agencies in all our presence We will continue to keep you informed of material developments in our business as they arise. countries to support their coordinated efforts, and we have mobilised our citizenship programme to contribute to humanitarian and community support initiatives wherever we can. Since the lockdown measures initiated by the South African Government, we have introduced Kind regards far stricter controls. We continue to monitor the actions of the governments in our other presence countries and are responding accordingly. Banking is an essential service, and Wendy Lucas-Bull Daniel Mminele we continue to provide service to our customers. Those who are in the front line directly Group Chairman Group Chief Executive supporting our customers or in the back-office supporting our payments infrastructure, 30 March 2020 Absa Group Limited Reg No 1986/003934/06 1 Introduction 6 Group profile 25 Driving value creation 54 Stakeholder value creation 14 Ethics and governance 38 Delivering the strategy and the value drivers 71 Remuneration outcomes About our Integrated Report Absa Group Limited (Absa or the Group) strives to Financial reporting Integrated reporting incorporate the principles of integrated thinking into The consolidated financial performance of the Group and its subsidiaries concepts as outlined in note 50.2 of the annual financial statements. our business and ultimately our reporting. We aim to Value creation Normalised financial results help the reader understand how we define, measure As a financial services provider, we play and report on value creation. On 1 June 2017, Barclays PLC (Barclays) executed the sell-down of its an important role in the economic life of controlling interest in the Group. As part of its divestment, Barclays contributed individuals, businesses and nations, helping R12.6bn, mainly in recognition of the investments required to separate the to create, grow and protect wealth through Scope and boundary businesses. Given this process, we report both IFRS-compliant financial results partnerships in economic development. and present a normalised view. The latter adjusts for the consequences of Reporting period and forward-looking statements Through these activities we must consider the separation from Barclays (the Separation) and better reflects the Group’s our stakeholders as we pursue our ambition underlying financial performance. We will present normalised results for the Our integrated report covers the period from 1 January 2019 to to have a positive impact on society and periods in which the financial impact of the Separation are considered material. 31 December 2019. Notable or material events after this date and up deliver shareholder value. until the approval of this report are included. Statements relating to future Risk reporting operations and the performance of the Group are not guarantees of future We measure the impact and outcomes of operating, financial or other results and involve uncertainty as they rely on The Pillar 3 risk management report and additional tables provide a our business activities based on the Six future circumstances, some of which
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