Corporate Governance and Sustainability
FirstRand views sustainable development and sustainable profitability as complementary objectives. Excellent corporate governance, effective management of risks and opportunities, robust debate of the business case and a culture of "traditional values, innovative ideas" are the gatekeepers for ensuring that the relationship between sustainable profitability and the well being of FirstRand's stakeholders remains positive over time.
Integrated Control Framework
At FirstRand corporate sustainability is about business as usual and begins with sustainable profitability and the responsible provision of financial services to all sectors of the local economy and selected international markets.
The development and implementation of Group strategy is supported by an integrated internal control framework which aligns business strategy with financial value drivers, key non financial performance areas and risk metrics.
During the year under review progress was made in further integrating environmental, social and governance (ESG) risks within the Group's internal control framework. The outcome of this approach is an even more integrated approach to managing and reporting on the financial and non financial performance of the Group.
FirstRand's Board of directors and its committees provide the highest level of oversight for ensuring that business strategy and risk tolerances are set in line with the realisation of sustainable profitability and the sustainable development of the Group's operating environment. This allows the Group to view every transaction with every stakeholder as a sustainability opportunity.