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Skip Navigation Linksunderstanding-our-governance-approach Understanding our governance approach

Understanding our governance approach

Sanlam has a comprehensive and entrenched governance system and approach that enables sustainable value creation for stakeholders.

At the core is the trust that our material stakeholders place in Sanlam to uphold the highest level of integrity and ethical conduct, guided by:

  • Sanlam’s Code of Ethical Conduct, which embodies our core values
  • The Sanlam Way, which defines our values and behaviours
  • The Sanlam Business Philosophy, which sets out the most appropriate approach for implementing our strategy

Read more about our governance approach in the Governance Report.

Governance focus areas during 2017

  • Appointment of Johan van Zyl as Chairman after Desmond Smith’s retirement
  • Appointment of Paul Hanratty to the Board and as Chairman of the Audit, Actuarial and Finance committee
  • Ongoing compliance with and enhancement of the Sanlam Group Corporate Governance Policy Framework
  • Presentation of Sanlam’s Remuneration Report to our shareholders, thereby enabling them to cast a non-binding advisory vote on the Remuneration Policy. The disclosure in the 2017 Remuneration Report was updated in line with developing best practice.
  • Annual evaluation of the independent status of Sanlam’s directors in accordance with King IV™
  • Election of members of the Sanlam Audit, Actuarial and Finance committee by shareholders at the annual general meeting (AGM) held in June 2017. This process will be repeated in 2018 as members are elected annually at the AGM.
  • Annual review and approval of Sanlam’s risk appetite statement
  • Regular refinement of combined assurance models for each significant business within the Group
  • Ongoing adherence to the Group IT Governance Framework and Charter as well as the IT Policy Framework

From King III to King IVTM

How governance creates value

We recognise that governance, in particular ethics and integrity, contributes significantly to value creation over time. Governance ensures that we conduct our business with prudence, transparency, accountability, fairness and social responsibility, thereby ensuring our sustainability while safeguarding the interests of all our stakeholders.

We acknowledge the relationship between good governance, risk management practices, the achievement of our strategic objectives and the performance of the Sanlam share price. Effective leadership and decision-making is crucial to safeguarding Sanlam’s resilience in an increasingly competitive and regulated industry.

Governance processes shape our reputation as a corporate citizen, and we constantly review our business structures and processes to reflect national and international corporate governance standards, developments and best practices in all the territories where we operate. This ensures that we remain relevant and that we are in a position to contribute to the resilience of individuals, organisations and society.

The Board is also responsible for approving and monitoring Sanlam’s total rewards approach, strategy and policy. Rewards create value by ensuring a fair and contracted exchange between Sanlam and our employees in all territories. This provides employees with financial security and the potential to be rewarded for exceptional performance. Sanlam in turn benefits from the effective implementation of its strategy and the skills to grow our business’ performance over time. By including non-financial measures in performance contracts, rewards also ensure appropriate focus on the resilience factors that drive shared value creation among our material stakeholders.

Johan van Zyl was appointed as Chairman in 2017. Given his status as non-independent in terms of King IV™, the Sanlam Board appointed a lead independent director and established an Independent non-executive committee to uphold and safeguard adherence to good governance at all times.

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