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Sustainability content 69 Social commitment 71 Embarking on a journey 73 The progress 74 Economic matters 78 Social matters 86 Environmental matters The sustainability report is published as part of the 2003 annual report which contains a comprehensive overview of the group’s profile, strategy, corporate governance and risk management, financial results and remuneration philosophy, and black economic empowerment credentials amongst others.
Social commitment Given the nature of our business, we willingly accept our responsibility to contribute to the societies that give us our licence to trade. Introduction For more than a century, South African companies and multinational companies based in South Africa have prided themselves on thinking beyond the bottom line. As a result, corporate philanthropy is an entrenched part of the culture of many businesses. However, in today’s business climate, where companies compete globally for customers as well as talent, where reputation is as important as financial outcome, and where social and environmental risks have become increasingly key business dynamics, companies can no longer afford to outsource their conscience to a corporate foundation or community development department. Business is recognising that an integrated social responsibility strategy ensures that all line departments are responsible for managing social issues and impacts on the company. Developments in corporate governance, triple bottom-line reporting, sociallyresponsible investment, shareholder activism, promotion of multi-sector partnerships, stakeholder and environmental management issues and a growing legal and regulatory framework have increased the understanding of corporate citizenship. A number of international surveys show that opinion among business leaders is moving towards business sustainability models that place strong emphasis on the social and environmental responsibility of a company, not just in principle but in practice. Increasingly, corporate citizenship is being seen as a core part of the overall business and a direct responsibility of the board, which needs to be managed accordingly. While ABIL has long been an active corporate citizen, its policies and practices are now being formalised and integrated into the group’s way of doing business. The group believes that by combining its business as a credit bank and its role as a corporate citizen, it can contribute to the transformation process in the country. Sustainability reporting is in its infancy and although the maiden report last year was well received, the group will continue African Bank Investments Limited to improve on its reporting standards, striving to present to a broad range of stakeholders tangible evidence of its progress towards its targets. In compiling this report, ABIL has been guided by the recommendations of the Global Reporting Initiative, the second King report on corporate governance and the results of an independent assessment of the first sustainability report. Combined, these have given a better framework on which to build, although the journey is just beginning. There have been many highlights during the year which have reinforced the resolve to make an impact. On a macro level, African Bank was intensely involved in developing the financial services empowerment charter recently presented to government. ABIL fully supports the goals of the charter and are committed to achieving the targets it sets out. In some cases, the group is ahead of the time scale, in others it has work to do. The group has made good progress towards its employment equity targets. Its empowerment procurement policies have been formalised, and 50% 69 African Bank Investments Limited
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African Bank Investments Limited AN
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2,5 2,0 1,5 1,0 0,5 0 JSE statistic
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Five-year history Four-year compoun
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Features 35 30 25 20 15 10 5 0 Head
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Focus and strategy The focus of the
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Profile African Bank Investments Li
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1994 Formation of investment trust
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Performance against key objectives
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Short to medium-term objectives OBJ
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African Bank Investments Limited We
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Letter to stakeholders ABIL believe
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Incwadi eya kwabanezabelo iqhutshiw
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Page 35 and 36: Currency adjusted group balance she
Page 37 and 38: Management discussion Overview Key
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Page 41 and 42: Capital adequacy model Non-performi
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Page 45 and 46: Sales analysis - number and average
Page 47 and 48: excluding the Saambou PLB acquisiti
Page 49 and 50: The improved credit conditions are
Page 51 and 52: ook and the written-off book. To th
Page 53 and 54: Statement of average balances Weigh
Page 55 and 56: Divisional reports Operationally, A
Page 57 and 58: collection strike rates, which has
Page 59 and 60: ABIL also expanded its portfolio to
Page 61 and 62: Collections business unit. Its most
Page 63 and 64: Issue arising Corrective action req
Page 65 and 66: Skills and experience of the board
Page 67 and 68: Corporate governance continued regu
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Page 71 and 72: that the risk policies and strategi
Page 73: Table 1: Remuneration and fees Serv
Page 76 and 77: Risk review ABIL views risk as an i
Page 79 and 80: Risk review continued Undesirable r
Page 81 and 82: Top ten risks Mitigating factors Ri
Page 83 and 84: Credit risk African Bank Retail Cre
Page 85: on a regular basis to ensure proper
Page 89 and 90: Embarking on a journey The process
Page 91 and 92: The progress The corporate social c
Page 93 and 94: Shareholders’ information Number
Page 95 and 96: agreements, to ensure that the mate
Page 97 and 98: The interest rate charged is determ
Page 99 and 100: Continued effort and focus will go
Page 101 and 102: services of the best employees. The
Page 103 and 104: The African Bank Foundation accepts
Page 105 and 106: Index to global reporting initiativ
Page 107 and 108: Directors’ responsibility The dir
Page 109 and 110: Directors’ report 30 September 20
Page 111 and 112: INTEREST OF THE DIRECTORS IN THE SH
Page 113 and 114: n4 The strike prices of the share o
Page 115 and 116: Income statement for the year ended
Page 117 and 118: Cash flow statement for the year en
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Page 121 and 122: 1.9 Revenue recognition Interest in
Page 123 and 124: Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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One to Four to Beyond Non-interest
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One to Four to Beyond Up to one thr
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125 Group 2003 2002 R000 R000 37. O
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Appendix B Investments in associate
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Appendix D Segmental advances and p
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Appendix F Group structure and prof
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3.4.4 ensure that a comprehensive s
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7.4.3 All directors are required to
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6.3 any general payment shall be ma
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13.6 Any repurchases shall comply w
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DIRECTORS’ CURRICULUM VITAES Anto
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6. Isinqumo esejwayelekile esinguno
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12.9.1 kuyokwenziwa ngokulandela uM
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16. Ukuvota nezithunywa Bonke abani
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Form of proxy AFRICAN BANK INVESTME
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Ifomu yokuqoka isithunywa esizokume
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Members of the ABIL board ASHLEY SE
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RAMANI NAIDOO (41) BA LLB Non-execu
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Corporate information COMPANY REGIS
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GRAPHICOR 30006
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