Sustainable development governance
The Nedbank Board assumes ultimate responsibility for how the Nedbank Group fulfils its purpose. This includes navigating sustainability and ESG issues. The board recognises the integrated nature of these issues and therefore the importance of taking a systems view that considers short-, medium- and longer-term implications. This ensures that our impact, both positive and negative, is managed optimally. The mandates of the various governance bodies that support the board in addressing sustainability matters reflect this interconnection.
Authorised by the board in terms of section 72(1)(b) of the Companies Act, 71 of 2008, the Group Transformation, Social and Ethics Committee (GTSEC), Directors’ Affairs Committee (DAC), Group Climate Resilience Committee (GCRC), Purpose Steering Committee (PSC) and Climate Risk Committee meet quarterly, and additional ad hoc meetings are scheduled as and when required. The Purpose Working Group and Climate Task Team meet at least twice a month. Reporting to the various governance committees occurs in line with the approved frequencies.
As illustrated in our ESG structures the board is supported by a range of board subcommittees, senior management Group Executive Committee (Group Exco) subcommittees and several cross-functional strategic and operational teams and risk frameworks in executing and evolving Nedbank’s commitments to addressing climate change and biodiversity. These bodies also support the board in its oversight of the group’s sustainable-development efforts, including sustainable-development finance (SDF), access to financing, and ensuring the well-being of our employees and clients. These committees draw on expertise across the enterprise to enable Nedbank to respond to related risks and opportunities in a balanced and structured way. The mandates and objectives of these committees are discussed fully in the 2023 Nedbank Group Governance Report.
Authorised by the board in terms of section 72(1)(b) of the Companies Act, 71 of 2008, the Group Transformation, Social and Ethics Committee (GTSEC), Directors’ Affairs Committee (DAC), Group Sustainability and Climate Resilience Committee (GSCRC), Purpose Steering Committee (PSC) and Climate Risk Committee meet quarterly, and additional ad hoc meetings are scheduled as and when required. The Purpose Working Group and Climate Task Team meet at least twice a month. Reporting to the various governance committees occurs in line with the approved frequencies.
Authorised by the board in terms of section 72(1)(b) of the Companies Act, 71 of 2008, the Group Transformation, Social and Ethics Committee (GTSEC), Directors’ Affairs Committee (DAC), Group Sustainability and Climate Resilience Committee (GSCRC), Purpose Steering Committee (PSC) and Climate Risk Committee meet quarterly, and additional ad hoc meetings are scheduled as and when required. The Purpose Working Group and Climate Task Team meet at least twice a month. Reporting to the various governance committees occurs in line with the approved frequencies.
