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2019 Stanbic Holdings Plc Annual Integrated Report

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2019 Stanbic Holdings Plc Annual Integrated Report ANNUAL INTEGRATED REPORT 2019 REPORT INTEGRATED ANNUAL STANBIC HOLDINGS PLC ANNUAL INTEGRATED REPORT 2019 STANBIC HOLDINGS PLC STANBIC 1 ABOUT OUR INTEGRATED REPORT Our 2019 Annual Integrated Report Our scope and content Our materiality review is a demonstration of our Unless otherwise stated, all information We consider a material theme to be any commitment to, and strategies for, included in this report refers to the year matter that has the capacity to affect our creating value for, our clients, ended 31 December 2019. It covers the shared value creation from the standpoint operations of Stanbic Holdings Plc and of the “Group” and its main stakeholders. people, shareholders and the ways we are creating value for our Determining material themes is crucial to community. This report aims to stakeholders – in the context of our guide decision-making, since it provides a inform stakeholders about our operating environment. broader vision of the risks and financial and non-financial opportunities inherent to the business and performance in 2019. This includes All financial information presented, connects the strategies to the multiple including the comparative periods, is in outside interests. As part of our a look at how we create value over accordance with the International engagement with stakeholders, we have time and how our new strategy is Financial Reporting Standards (IFRS) identified the environmental, social and structured to address the applicable to our operations and governance issues presenting significant challenges, risks and opportunities businesses. The non-financial sections risk and opportunity to our business, and Stanbic faces in a fast-changing of this report are guided by the our ability to create value. International Integrated Reporting world. We are committed to the Council’s (IIRC) International principles of integrated reporting Integrated Reporting <IR> Framework . as they align with long-term value creation and the role we play as a We have determined the content of this bank in society, in moving Kenya report after extensive engagement with our clients, people, shareholders and forward. community. Responding to our stakeholders EMPLOYEES REGULATORS AND SHAREHOLDERS COMMUNITIES CLIENTS AND THEIR GOVERNMENTS AND INVESTMENT AND CIVIL REPRESENTATIVES ANALYSTS SOCIETY Retail Long-term employees National Treasury Investors Beneficiaries Corporate Short-term employees Central Bank of Kenya Shareholders Corporate Social High networth Banking, insurance and Bank of South Sudan Analysts Investment individuals Finance union Capital Market Authority Suppliers/Partners Securities Exchange Media Bankers Associations Advocacy Groups Public Our stakeholders are those individuals or organisations that have an interest in and whose actions impact on our ability to execute our strategy. Our intention is to build and promote stakeholder engagement activities and relationships that are meaningful, and support us in fulfilling our purpose, enhancing our reputation and meeting regulatory requirements. Material issues The world around us is constantly changing. This section highlights several trends that have a major impact on both our operating environment and that of our competitors. This includes the economy and current interest rate environment, increasing regulatory scrutiny and costs, accounting standards, digitisation and changing client behaviour, and what our stakeholders expect of us. CONTENTS 1 About our Integrated Report 4 How to read our report OUR BUSINESS 8 Who we are 9 Our business structure 10 Our business units 11 2019 performance highlights OUR STRATEGIC PROGRESS Our business model enables us to respond to a 14 Our approach to value creation dynamic environment of competing stakeholder 16 Our strategy expectations, complex competitive forces, emerging trends and regulatory pressures. 18 How our material issues affect our stakeholders 20 Our shared value model 24 Value added statement 26 Measuring our strategic progress OUR PERFORMANCE Our progress for the year and prospects for 38 Chairman’s Statement the year ahead according to our strategic 40 Financial Review value drivers. 46 Client Centricity 49 Technology and Digitisation 50 Integrated financial services organisation 52 An engaged team SEE REPORT In line with our purpose, we believe that financial 56 Social, economic and environmental (SEE) impact services done well – with conscience and conscientiousness – can improve lives by 58 Progress made addressing the pertinent issues that face the Stanbic foundation 64 regions we operate in. 65 Corporate social responsibility activities HOLDING OURSELVES ACCOUNTABLE How we drive good governance outcomes, 68 Risk management and assess and reward our leaders, to ensure we continue to create and protect Board of directors 76 sustainable value. 78 Corporate Governance 81 Report by the Board Audit Committee 82 Report by the Board Nominations Committee 83 Remuneration overview 84 Governance policies STANBIC HOLDINGS PLC Annual Integrated report 2019 3 ANNUAL FINANCIAL STATEMENTS 88 Corporate information 89 Report of the Directors 91 Statement of the directors' responsibilities 92 Directors' remuneration report 94 Independent auditor’s report 99 Group and Company statement of profit or loss 100 Group and Company statement of other comprehensive income 101 Group and Company statement of financial position 102 Group Statement of changes in equity 103 Company statement of changes in equity 104 Group and company statement of cashflows 105 Notes ADDITIONAL INFORMATION 232 CMA Corporate Governance Scorecard 250 Group Shareholding 251 Notice of Annual General Meeting 255 Proxy form 4 INTRODUCTION HOW TO READ OUR REPORT We produce a report that caters for the diverse needs of our stakeholders OUR BUSINESS This section provides information on who we are, our Frameworks* applied mission and vision statement. It also details the • King Code IV performance highlights for 2019. • <IR> Framework of the International Integrated Reporting Council OUR STRATEGIC This section provides information on our value creation Frameworks* applied PROGRESS model, our strategy, details on how we use our resources • King Code IV and distribute value to our stakeholders and our leadership • <IR> Framework of the team. It also provides a holistic assessment of the Group's International Integrated Reporting ability to create value. It considers the issues that are Council material to our commercial viability and social relevance which are required to achieve our strategy in the meduim term to long term. OUR This section contains message from the Chairman. It also Frameworks* applied details the execution of the various facets of our strategy • IFRS PERFORMANCE including client focus, digitisation,becoming an integrated • Companies Act financial services organization and social, economic and • Banking Act environmental impact, and how these contribute to the • CBK Prudential Guidelines group’s sustainability and its ability to achieve its purpose. • King Code IV • Equator Principles • CMA Guidelines • Insurance Act • IRA Gudelines HOLDING This section provides detailed review of the group’s risk Frameworks* applied management statement and corporate governance and • Basel II & III OURSELVES remuneration practices, including the group’s • Companies Act ACCOUNTABLE remuneration policy. • Banking Act • CBK Prudential Guidelines • King Code ANNUAL This section sets out the group’s full audited annual Frameworks* applied FINANCIAL financial statements. • IFRS STATEMENTS • Companies Act • CBK Risk Management Guidelines • Banking Act • CBK Prudential Guidelines • The Group accounting policies Assurance • Unmodified audit opinion expressed by PricewaterhouseCoopers ADDITIONAL This section includes other documents such as the AGM Frameworks* applied INFORMATION Notice and the Proxy Form as well as an appendix on our • Companies Act progress in the implementation of the CMA guidelines on • CMA Guidelines Corporate Governance *Definitions: IFRS – International Financial Reporting Standards Companies Act – Kenya Companies (Amendment) Act of 2017 The invitation to the annual general CBK Risk Management Guidelines - CBK Risk Management Guidelines of 2013 meeting and the notice of the Banking Act – Banking (Amendment) Act of 2016 resolutions to be tabled at the meeting CBK Prudential Guidelines – Central Bank of Kenya Prudential Guidelines of 2013 are on page 251 CMA Guidelines - Capital Markets Authority Guidelines IRA Guidelines - Insurance Regulatory Authority Guidelines King Code – King Report on Corporate Governance, also known as King IV The group – Stanbic Holdings “Shifting landscapes?” “Steady partner.” The only certainty in life is change. But if you’ve found a partner as firm as you, you’ll be ready for anything. Let us be your partner for growth in East Africa. Kenya: Telephone: +254 20 3268212; +254 711 068212; +254 732 113212 ([email protected]). South Sudan: Telephone: +211 910 210 300 ([email protected]). Tanzania: Telephone: +255 743 159 451 ([email protected]). Uganda: Telephone: +256 312 222430; +256 312 224911; +256 312 224908; +256 312 224900 ([email protected]). Corporate and Investment Banking Authorised financial services and registered credit provider (NCRCP15). The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). Moving Forward is a trademark of The Standard Bank of South Africa Limited. SBSA GMS-8809 04/19 OUR BUSINESS Who we are 8 Our business structure
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