Our purpose is to drive Africa’s growth. We are committed to being more than a provider of financial products and services – we are a catalyst for economic change in our countries of operation and we make life better for our fellow Africans by doing the right business the right way. On this page you will find an overview of Standard Bank and why we believe in ‘reporting to society’.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa is our home, we drive her growth. We aim to make life better for our fellow Africans by doing the right business, the right way, contributing to the financial wellbeing of our clients, and supporting sustainable and job-creating growth of the economies in which we operate.
On this page:An account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Our reporting to society platform aims to communicate with a broad group of stakeholders about how we approach Environmental, Social and Governance (ESG) processes, and how we impact on the societies, economies and environments in which we operate.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
SEE requires us to take a long-term view, and to assess the positive and negative impacts of every business decision not just for the group, but for the communities in which we operate.
On this page:An account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
We have a series of internal policies, procedures and controls in place to ensure that accurate data is provided. Our group social and ethics committee provided oversight of this report. PricewaterhouseCoopers provided limited external assurance on selected performance data in this report, indicated by a (tick), in accordance with the International Standard on Assurance Engagements (ISAE 3000). The scope of the assurance engagement and the statement of assurance are provided in this section.
Download PDFAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
We’ve identified seven areas in which we believe we can best achieve our purpose, to drive Africa’s growth, while making a substantial positive impact on society, the economy and the environment.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Financial inclusion supports economic and human development and reduces inequality. Achieving financial inclusion requires that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way. This includes payments, savings, credit and insurance.
Summary Digital solutions to improve access and affordability Consumer education Providing solutions to encourage people to save and plan for their future financial security Enabling home ownership Insurance Remittance servicesAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Standard Bank adopted health an additional SEE impact area in 2019, in line with SDG 3, to ensure healthy lives and promote well-being for all at all ages, and in recognition that attainment of several other SDGs, including ending poverty and reducing inequalities, depends on improving the health of Africa’s people.
Summary Affordable health and life insurance solutions Provision of medical equipment and infrastructure Corporate social investmentAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Job creation and enterprise growth drives economic development and alleviates poverty. Standard Bank works with our clients to understand their challenges and priorities, provide them with appropriate financial solutions to support their growth and expansion into new markets, and deliver digital solutions to meet their unique needs. We also provide targeted support to our SME clients, to help them develop their businesses, grow their skills, manage cash flow and access new business opportunities.
Summary Partnering with Africa’s fintech entrepreneurs Standard Bank incubators and enterprise development services Innovative credit solutions Technological solutions for small-scale farmers to improve productivity and access to finance Partnership with UN Women to improve women farmers’ productivity through climate smart agriculture Services tailored for small enterprisesAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Improvements to energy, water, transport and telecommunications infrastructure facilitate economic growth and create opportunities for job creation and human development. Crucial public infrastructure, like schools and housing, helps people improve their standards of living and future prospects. Standard Bank works with governments, development finance institutions and other commercial banks to structure and provide appropriate financial solutions to address Africa’s infrastructure gaps.
Summary Energy infrastructure Transport infrastructure Telecommunications infrastructure Sustainable housing School infrastructureAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa’s growth depends on her people having access to quality education, and the promotion of skills training and lifelong learning opportunities in the context of the fourth industrial revolution. Standard Bank supports this in various ways. We work with partners in the education and corporate sectors to address the challenge of affordable and accessible student finance.
Summary Corporate social investment Access to student finance Employee developmentAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
African economic growth depends on the ability of African governments and businesses to access international investment and value chains. Standard Bank helps facilitate investment and trade flows between African countries, and between African countries and global markets, drawing on our presence in major international markets, our ability to access international pools of capital, our strong client relationships with global multi-nationals, and our strategic partnership with ICBC.
Summary Facilitating investment in Africa Helping African governments and businesses access capital Connecting China and Africa Taking the friction out of trade financeAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa is extremely vulnerable to climate change, with major implications for agricultural production, food security, access to water, health and livelihoods. Many parts of the continent are already experiencing increased water stress as a result of prolonged drought, while yields from rain-fed agriculture are declining in many areas.
Summary Managing climate-related risk Sustainable finance Working with businesses and households to implement smallscale green energy solutions Sustainable bond framework Sustainable trade finance UN Principles for Responsible BankingAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Standard Bank recognises that our core business activities must contribute to the prosperity and wellbeing of the societies and environment in which we operate. This understanding defines our purpose: Africa is our home. We drive her growth, and is supported by sound environmental, social and governance (ESG) management.
This report provides an overview of the groups ESG policies, processes and governance structures in place to support our commitment to doing the right business the right way.
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Our report highlights how we ensure that a strong ethical culture and appropriate conduct is embedded across the group - reflected in the way in which we treat our clients, suppliers and partners, how we support and develop our people, and how we impact on the societies in which we operate.
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
“Around the world, investors, regulators and standard setting bodies are demanding greater transparency about how businesses are managing non-financial risks, particularly those created by climate change. Social expectations about the role and responsibilities of business in general also continue to change. Our business depends on us being a trusted partner to a broad range of stakeholders, including our clients, our regulators, our business partners and the communities in which we operate.”
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
The Standard Bank Group board is responsible for ensuring the Standard Bank Group conducts itself as a responsible, ethical corporate citizen
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank’s material issues are those that matter most to our key stakeholders and providers of capital, and impact on our ability to create value in the short, medium and long term. Our material issues are informed by the expectations of our stakeholders, and the economic, social and environmental context in which we operate.
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Stakeholder engagement is part of our everyday business. We depend on constructive relationships with our diverse stakeholders to achieve our purpose of driving Africa’s growth, understand stakeholder expectations, and help us identify the material issues impacting our business.
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Achieving our group purpose and strategy depends on our reputation as a trusted partner across Africa. The group's code of ethics, organisational culture and values determine how we do business and with whom we do business.
How we do business Ethics and values Managing our risks Whistleblowing UN Principles for Responsible Banking Respecting human rights Our approach to tax matters Our approach to procurement Personal Conduct and managing conflicts of interest Market conduct and treating our customers fairly Market abuse controlThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank’s ESG risk assessment process is based on international best practice. The group adopted an environmental and social risk governance standard and policy in 2018, which set out the principles under which we identify, measure, manage and report on environmental and social (E&S) risk.
Managing our environmental and social risks Managing E&S risk in lending Managing climate risk Reducing our direct environmental footprintThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
There is an increase in opportunities to deliver sustainable and impactful investment expertise to our clients and stakeholders across a broad range of growth themes.
Sustainable finance Sustainable Bond Framework Sustainable trade finance Investment in renewable energy Working with businesses and households to implement smallscale green energy solutionsThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
How our people think and feel about their work correlates directly with how satisfied our clients are, and how successful we are in delivering our strategy and performance aspirations. We strive to create a work environment in which our people feel deeply connected to our purpose, their colleagues and our clients.
Our people Leadership development Employee development Talent attraction and retention Diversity and inclusion Employee wellbeingThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank aims to create shared value through our corporate social investment (CSI) initiatives, addressing social needs in a sustainable manner. Our CSI programme aims to deliver benefits for the communities in which we operate, while enhancing our visibility and reputation, improving our employee experience, and demonstrating our local relevance
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
We understand that the responsible management of environment, health, safety and social responsibility issues is important to our growth, profitability and long-term success. This section provides a selection of our ESG performance data from 2017 – 2019 and a view of our governance policies.
On this page:
This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Our 2019 B-BBEE certificate.
Download PDFThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
Standard Bank South Africa’s (SBSA) Transformation report provides an overview of the activities that we perform to support economic inclusion and transformation in South Africa. The report is structured according to the elements of the Financial Sector Code (FSC) and covers the initiatives, projects, and strategies we’ve put in place to drive transformation within the bank and the economy.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
The transformation of South Africa’s economy is a multifaceted and long-term undertaking. We are committed to playing our role in supporting this transformation.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
“We reflect our commitment to improving societies in our SEE value driver, which drives our strategy and is one of the measures against which we assess our performance.”
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
In 2019 we maintained our Level 1 rating and also improved our score from 111.45 in 2018 to 117.33 in 2019.
The report is structured according to the elements of the Financial Sector Code and covers the initiatives, projects, and strategies that are in place to drive transformation. Our B-BBEE scorecard highlights our performance in 2019.
Standard Bank’s BEE Scorecard 2019 Ownership Management control Skills development Preferential procurement Socioeconomic development and consumer education Empowerment financing and enterprise and supplier development Access to financial servicesThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
More information about the ways in which Standard Bank is impacting on the economies and societies in which we operate.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
The transformation of South Africa’s economy is a multifaceted and long-term undertaking. We are committed to playing our role in supporting this transformation. We recognise that broad-based black economic empowerment (BBBEE) is a moral, legal and commercial imperative, crucial to securing a more sustainable growth path for South Africa.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
Achieving our group purpose and strategy depends on our reputation as a trusted partner across Africa. The group’s code of ethics, organisational culture and values determine how we do business and with whom we do business.
Our board and executive management are responsible for ensuring an appropriate focus on ethics, conduct and positive client outcomes. The social and ethics board committee is responsible for ensuring that the group adheres to our values, code of ethics, and human rights statement, and our commitments under the UN Principles for Responsible Banking.
Our executives, senior management and compliance teams work together to reinforce a compliance culture across the group. Our combined assurance model includes group internal audit, group compliance monitoring and integrated operational risk, who together ensure a coordinated approach to providing assurance on whether top risks are effectively managed in the group.
All Standard Bank Group employees must complete mandatory compliance training, which is available online and can be accessed via a computer or mobile device. Training uses case studies and course assessments and provides immediate feedback. We also hold regular compliance interactions with a wider audience across the group, including topics such as anti-bribery and corruption, antimoney laundering and combating the financing of terrorism, conflicts of interest and risk-based approaches to compliance documented in compliance policies.
Read more about our approach to risk management in our risk and capital management report.>
All employees are responsible for ensuring that their behaviour, and that of the group, reflects the group’s values, code of ethics, and commitment to respecting human rights. If any stakeholder believes that the group has contravened these commitments, they are encouraged to report this under the provisions of the group’s whistleblowing policy.
Stakeholders are encouraged to report any suspected, attempted or actual unlawful, irregular or unethical behaviour, including any instance or suspected instance of injustice, danger to the health and safety of any individual, environmental damage, unfair discrimination, abuse of company or client resources and assets, or deliberate covering-up of any of these behaviours.
The group provides various channels for employees and other stakeholders to seek advice or report concerns about unethical or unlawful behaviour. Through regular communications, we actively encourage employees to use these channels if they have any concerns. Whistleblowers may choose to report anonymously.
GIFR analyses all reports and determines appropriate action. Reports warranting a forensic investigation are investigated by GIFR or Fraud Risk in country.
In 2019, 406 cases were reported to the hotline, and 191 investigations were undertaken. The most common reports related to misconduct, unethical behaviour and fraud. Whistleblowing cases investigated in 2019 resulted in 11 dismissals and the issuing of 30 warnings.
Standard Bank is a founding signatory of the UN Principles for Responsible Banking. More than 100 banks from five continents launched the Principles at the annual UN General Assembly in New York in September 2019. The Principles set the global benchmark for what it means to be a responsible bank.
They make it clear that banks’ indicators of impact and success should be much broader than their financial results.
Standard Bank was part of the core team responsible for developing the Principles and was closely involved in the consultations and negotiations that took place in the 18 months leading up to the launch. The core team represented 28 banks, from all over the world, spanning developed and developing economies. Working closely with the UNEP FI secretariat, we consulted with a wide variety of banks across the globe, and engaged with a great many other stakeholders, including civil society organisations, banking associations, regulators and technical experts.
Our sustainable finance business unit is responsible for partnering with our clients to develop and implement sustainable finance solutions.
Our client risk committees assess issues related to ethics and conduct in relation to new and existing client relationships.
Our sustainable finance business unit is responsible for partnering with our clients to develop and implement sustainable finance solutions.
Our client risk committees assess issues related to ethics and conduct in relation to new and existing client relationships.
In keeping with our purpose, and our obligations as a responsible financial services group in, for, and across Africa, Standard Bank Group is committed to respecting the human rights of people involved in and impacted by our business. We aim to achieve a consistent approach to respecting human rights across Standard Bank.
Human rights are the basic and universal rights that underpin each person’s inherent freedom, dignity, and equality as outlined in the UN’s Universal Declaration of Human Rights and the International Labour Organisation Declaration on Fundamental Principles and Rights at Work. We have used these universal benchmarks as our starting point for defining human rights.
Our commitment to respecting human rights is embedded in our values and code of ethics and is fundamental to ensuring our legitimacy and reputation as a corporate citizen. While nation states have a primary responsibility to protect and promote human rights, we recognise that corporations are also obligated to respect human rights.
We take any adverse human rights impacts seriously. We seek to avoid human rights infringements and being complicit in the human rights infringements of other parties. Our commitment to respecting human rights is included in many of our policies and standards.
In this way, we seek to integrate respect for human rights into our day-to-day operations and in the way we do business.
We acknowledge that this is a journey, one that may differ across our regions and countries based on the institutional and regulatory setting of each country where we operate. Where local legislation may conflict with Standard Bank’s Statement on Human Rights, we will comply with the law while seeking, within our spheres of influence, to raise awareness of human rights and provide an example of good practice through our own conduct, while being mindful of the local context.
Standard Bank is committed to transparent compliance and adheres to global reporting and other legislative requirements on tax matters.
Our approach to managing tax risk is governed by the group board, with responsibility delegated to the group audit committee through the tax risk control framework. This framework includes the tax strategy and tax governance standard, supported by policies dealing with specific aspects of tax risk such as transfer pricing, indirect taxes, withholding taxes and remuneration-related taxes.
Standard Bank Group contributes toward the development and growth of the economies in which we operate. We are a major investor, taxpayer and purchaser of goods and services. We contribute directly to government revenues by way of corporate income taxes, as well as indirect taxes such as VAT. We also collect other taxes such as withholding taxes and employees’ taxes on behalf of revenue authorities. Standard Bank assists tax authorities with tax administration, collection processes and by obtaining independent verification of third-party data.
Our group procurement policy requires all procurement transactions to be objective, transparent and fair, in line with sound corporate governance principles, and the highest procurement and ethical standards must be applied to all such transactions.