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This
report is one part of the broader corporate citizenship transformation
programme being implemented in Old Mutual South Africa.
Transformation is an integral part of Old Mutual’s business
strategy and our commitment to good corporate citizenship is given
effect through implementation of a comprehensive programme led by
the managing director and managed by the Corporate Affairs general
manager. A management committee, chaired by the managing director,
has met quarterly and will, as of 2003, be replaced by a newly established
committee of the board.
Our programme has three main dimensions: business, workplace and social.
Each is underpinned by stakeholder engagement, issue management, triple-bottom
line reporting and internal and external communication.
Our assessment is that since the inception of the programme in 2000,
we’ve made solid and, in some cases, excellent progress. In
other areas, however, there is much that still needs to be done.
During 2002 Old Mutual participated in a project run by Trialogue
to measure and report on the state of corporate citizenship management
within South African companies. The model used is termed the Corporate
Citizenship Management Rating (CCMR), and is designed as a management tool as well as a means
of benchmarking performance.
According to the report, produced in conjunction with the African
Institute of Corporate Citizenship (AICC), Old Mutual performed well
against the CCMR, achieving an overall average score of 0.65 out of
a maximum of 1. Old Mutual performed best on the practices dimension
(0.71), which, according to Trialogue, “shows that it is doing
a great deal for progressing corporate citizenship”.
Old Mutual also scored well on embedment and formalisation of practices
(0.67 and 0.66 respectively). The lowest scoring dimension was integration
(0.56) in terms of the integrated management of all elements of corporate
citizenship. This implies the potential for better synergies.
| Corporate
citizenship elements that were noted as being relatively strong
were: |
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Leadership
in corporate citizenship (0.90) |
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Human
resources and skills development (0.88) |
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HIV/AIDS
(0.86) |
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Employment
equity (0.85) |
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Industrial
relations (0.82) |
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Corporate
social investment (0.80) |
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AA 1000 framework for non-financial measurement and reporting developed
by the Institute of Social and Ethical Accountability |
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Prof Jakes Gerwel, Chairperson of the newly established board committee
focusing on corporate citizenship and transformation.
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MEASUREMENT
AND REPORTING
A key part of the corporate citizenship transformation programme is
a commitment to ascertaining and balancing the needs of all Old Mutual’s
stakeholders, and to measuring and reporting on corporate citizenship
progress.
This report reflects the company’s second cycle of measurement
and reporting. It covers the activities of Old Mutual South Africa,
a core component of Old Mutual plc’s global financial services
activities. The reporting period is 12 months to 31 December 2002.
As was the case with our first report, Old Mutual has chosen to follow
the AA 1000 Framework, developed by the Institute of Social and Ethical
AccountAbility (http://www.accountability.org.uk).
We believe this framework provides an appropriate overview of the
entire process of non-financial measurement and reporting. It can
also be implemented incrementally and, for this reason, external verification
will be considered in future years.
We have also drawn on the guidelines of the Global Reporting Initiative
(GRI), which organise sustainability reporting in terms of economic,
social and environmental performance (the triple-bottom line) —
the most widely accepted approach to defining sustainability. (http://www.globalreporting.org)
In terms of sustainability specifically, this report exceeds the requirements
of the second King Report. It also meets the reporting proposals outlined
in the Black Economic Empowerment Commission Report, published in
2001.
As with the first cycle of reporting, a comprehensive planning process
was followed, co-ordinated by a steering committee and a cross-functional
task team made up of relevant business divisions. The Transformation
Management Committee, chaired by the managing director, formally considered
and agreed on the issues and indicators dealt with in this report.
To a large extent, stakeholder engagement is embedded in the Old Mutual
process. It is, however, increasingly also taking place within the
framework of indicators covered in this report. |
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