annual reports 2016-04-25 00:00:00 Annual-integrated report 2015 Apr 25 2016

121 Pages·2016·4.4 MB·English

Annual
integrated report
2015
Standard Bank Group
Contents Our reports 2
About our
integrated report 4
– Integrated thinking
Chairman’s statement 6
OUR BUSINESS How we create value 12
Our strategy 14
– Our operating context 16
– Challenges in executing our strategy 18
Our material issues 20
– Acting on our material issues 22
– Responding to our stakeholders 24
Measuring our strategic progress 26
– Headline earnings 26
– Return on equity 28
OUR PERFORMANCE Group chief executives’ report 32
Personal & Business Banking 36
Corporate & Investment Banking 44
These reports contain selected information Standard Bank Wealth 50
from our comprehensive risk and capital Information technology report 54
management report and annual financial
Human capital report 58
statements available online. See page 3
for more information. Risk report 64
Financial review 68
TRANSPARENCY AND Corporate governance overview 94
ACCOUNTABILITY Remuneration overview 103
ADDITIONAL Financial and other definitions 124
INFORMATION
Acronyms and abbreviations 126
Pro forma financial information 128
Standard Bank Group Limited credit ratings 128
This section contains information
extracted from the full Contact details ibc
governance and remuneration
report, available online.
See page 2 for more
information.
ADDITIONAL INFORMATION ONLINE
Directorate of key group subsidiaries Share statistics
International representation Instrument codes
Shareholder analysis
R22 002 million AFRICA IS
Headline earnings 27%
2014: R17 323 million OUR HOME
R22 056 million – we drive her growth
Pro forma continuing 13%
operations headline earnings
About Standard Bank Group (the group)
2014: R19 570 million
Our vision is to be the leading financial services organisation in, for
1 359 cents and across Africa, delivering exceptional client experiences and
superior value. This sets the primary goals and standard of excellence
Headline earnings per share 27%
we intend to achieve in the medium term.
2014: 1 070 cents
With a heritage of over 150 years, we have an on-the-ground presence
674 cents in 20 countries in sub-Saharan Africa, fit-for-purpose representation
outside Africa, and a strategic partnership with the Industrial and
Dividend per ordinary share 13% Commercial Bank of China (ICBC).
2014: 598 cents
Our work to refocus the group on Africa is largely complete, with our
9 395 cents capital resources aligned to pursue our growth objectives on the
continent. In line with the realities of risk, regulation, technology and
Net asset value per share 9% competition that characterise our operating context, we continue to
2014: 8 625 cents invest significantly in our diversified operations, our people and
culture, our systems and infrastructure, and our brand.
15.3%
In doing so, we understand that our commercial success and social
Group return on equity (ROE) relevance over the long term depends on placing our clients at the
2014: 12.9% centre of everything we do, and ensuring that the outcomes of our
activities are a catalyst for growth on this continent we call home.
20.9%
ROE – rest of Africa legal entities
2014: 21.5%
R73 233 million 54 361
13.3% Wealth distributed1 Permanent employees
2014: R65 906 million 2014: 49 259
Tier I capital adequacy ratio
2014: 12.9%
93.42 points
56.7% R172,8 million
South African
Cost-to-income ratio banking operations BEE Corporate social
(banking activities) transformation score out of 1072 investment spend
2014: 55.0% 2014: 94.25 2014: R114,6 million
1 O ur value added statement can be found in the report to society.
0.87% 2 Refer to page 24 for an explanation of the change in the BEE transformation score.
Credit loss ratio
The group’s financial results and related commentary are presented on a normalised basis,
(banking activities) unless indicated as being on an International Financial Reporting Standards (IFRS) basis.
2014: 1.00% Refer to page 86 for an explanation of the normalised adjustments and page 82 for details
of the dividend.
1
Our reports
We produce a full suite of reporting publications to cater for the diverse needs of our broad
Annualintegrated report2015 ARENPNOURATL (INthTisE rGepRoArTt)ED •F r Ianmteerwnaotrikosn aalp <pIlRie>d Framework sinttaekgerhaotledde rr ebpaosret., Saunpdp alerem teaniltoarreyd r teop omretse at nodu rs oreuardceesrs o' fs ipnefocrifmica itniofonr smuaptpioonrt r oeuqru airnenmueanl ts.
of the International Integrated
As our primary report, our Reporting Council
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(Banks Act) • IFRS the group’s suite of reporting
wrewpwor.stitnagndardbank.com/ Assurance standardbank.com Standard Bank Group Also trading as Stanbic Bank Provides a detailed discussion of •• C JSoEm Lpiastniinegss A Rcetquirements publications.
the management of strategic
While the annual integrated report risks related to the group’s • King Code
is not audited, it contains certain
information extracted from the banking and insurance • Banks Act
AIR group’s report to society, and operations, and sets out the Assurance Indicates that additional
the audited consolidated annual full audited annual financial information is available online at
financial statements, on which statements for the group, Selected information in the risk www.standardbank.com/reporting.
an unmodified audit opinion has including the report of the and capital management report
forms part of the audited annual
been expressed. group audit committee.
financial statements. KPMG Inc.
www.standardbank.com/ and PricewaterhouseCoopers Inc.
reporting have audited selected information
in the risk and capital management Denotes text in the risk and capital
report and have audited the management report that forms part
RCM annual financial statements for the of the group’s audited financial
AFS year ended 31 December 2015, on
statements.
Governance and remuneration report 2015 SGrteaonmdvaredu Brannnkea Grrnoaucptei oa2nn d0r e 1po5rt PGRrEOovMVidEUesRN sNEhaARrNeAhTCoIlEdOe ANrsN wRDiEth P tOheR T •••F r KCJaSmionEmge L wpCiasootnrdikineesgs sa A pRcpetlqieudirements wunhmicohd tihfieeyd hoapvien ieoxnp.ressed an
notice of the annual general We welcome the views of our
Standard Bank Group manede tthineg g trooguepth’se fru wll igtho vperronxayn fcoer ms •A s Bsaunrkasn cAect THE STANDARD BANK OF SOUTH AFRICA LIMITED sPtlaekaeshe oelmdearisl yoonu or ufer erdepboacrtks .t o
and remuneration information. ANNUAL REPORT InvestorRelations@standardbank.
wrewpwor.stitnagndardbank.com/ Caefixnnetdarrtn aracceinitmae lidu ns nftfoarerotrmeammtai ottehinone ntr sae i.upndo tirhttee hd ga aosnv beneruneanal n ce 2015THE STANDARD BANK OF SOUTH AFRICAAnnual report THE2 ASTA0nNDn1ARu5D BaANl rK OeF pSOoUTHr AtFRICA Tsreuhpbeos Sridttsaia,n rwdyh.a Tircdhh eB i ngacrnolkuu dopef’ ssS otohtuhetiehrr aA sufurdibcitsaei dd(iS aaBrniSensAu )aa lli ssfo int hpaenr ocgdirauolcu sept a’tsth eleamirrg eoenwsttsn , asnonmuea l Fcreooqr. zutahe.es Yt l oaputrei ncsatte nfid na calsonopc iuieassl e ion tffh ooirsum ar adretdiporeonsr, tss t.o
standardbank.com of which are available at www.standardbank.com/reporting. refer to our investor relations page at
GR www.standardbank.com/reporting
or scan the QR code to be taken
there directly.
As a separate listed entity,
LIBERTY HOLDINGS LIMITED (Liberty)
prepares its own integrated report which is available at www.libertyholdings.co.za.
STDBank_Report to Society_ 2015_V3_11 APRIL16_10239_1_LEBO STDBank_Report to Society_ 2015_V3_11 APRIL16_10239_1_LEBO REPORT TO SOCIETY Assurance
Standard Bank’s Report to Society: 2015Moving Forward Together RSetpaMonorvidntg atFoorrwd Sar doB Tocageintehetkry’s 2015 Pissursosuvteaidsin emasb aaitlneit ryai naalan tldyos ttiohs eiot sfg trhoeu p’s KotovP esMro Gcsei eIlnetycc..t ehda vinef porromvaidtieodn ains stuhrea rnecpeo rt FINANCIAL RESULTS PRESENTATIONS AND BOOKLETS
standardbank.com Standard Bank Group swtwakwe.hsotaldnedras.rdbank.com/ Pforro tvhidee pse mrioadn aagnedm tehnet p’se arfnoarlmysaisn coef tohf et hgero gurpo’usp i’nst ebruimsin aensds ufinniatls f, iwnahnicchia al rree sults
Also trading as Stanbic Bank sustainability available at www.standardbank.com/reporting.
RTS
2 Standard Bank Group Annual integrated report 2015 3
About our integrated report
The success of our clients, and the trust and support of all our stakeholders, underpin
our commercial sustainability. This interdependence requires that we remain relevant to
their changing needs and expectations, and are able to demonstrate our ability to connect
profitability to socially beneficial outcomes. So while our annual integrated report is aimed
principally at providers of financial capital, it is also considered to be of interest to our
other stakeholders.
Scope and boundary shareholders with the notice of the of group functions and the business
annual general meeting and proxy units approved the relevant content in
Our 2015 annual integrated report
forms. A directorate of key subsidiaries the annual integrated report. The group
covers the period 1 January 2015 to
and international representation, as audit committee then reviewed and
31 December 2015. All material matters
well as information on credit ratings, recommended the annual integrated
up to group board of directors (board)
an analysis of shareholders and share report to the board for approval.
approval on 2 March 2016 are also
statistics can also be found online.
included. The annual integrated report
discusses our operations in South
Materiality determination Statement of the board of
Africa, the rest of Africa and outside
directors of Standard Bank
Africa – the terms we use to describe Our annual integrated report aims to
Group Limited
the geographic regions in which we present a balanced and succinct
operate. Unless indicated otherwise, analysis of our strategy, performance, The board acknowledges its
all data pertains to the group, which governance and prospects. In responsibility to ensure the
includes our banking operations, determining the content to be included integrity of the annual integrated
subsidiaries and Liberty. in this report, we considered the issues report. In the board’s opinion, the
that are material to maintaining the
report addresses all material
Any restatements of comparable commercial viability and social
issues and matters, and fairly
information have been noted as such. relevance required to achieve our
presents the group’s integrated
Group financial information is prepared vision in the medium term.
performance.
on a normalised basis, unless specified
as being on an IFRS basis. Non- We view the process of determining
OOnn bbeehhaallff ooff tthhee bbooaarrdd:
financial information deemed material material issues as a business tool that
is also included. Information relating facilitates integrated thinking. The
only to SBSA, the group’s largest materiality determination process
subsidiary, has been clearly marked. undertaken in 2015 complemented our
TThhullanii GGcabbashhe
day-to-day stakeholder engagements,
Change in reporting going beyond these engagements and Chairman
placing particular emphasis on aspects
structure
that are likely to influence the social,
In line with best practice, and to economic and physical environments
facilitate the <IR> Framework’s in which we operate. As a result, our Sim Tshabalala
principle of conciseness, while material issues have been revised and Group chief executive
still meeting our other reporting are outlined on page 20.
obligations, our suite of reports has
been reorganised as set out on page 2. Based on our leadership engagement,
The most fundamental change is that governance processes and our formal
the annual integrated report now and informal stakeholder engagement Ben Kruger
includes abridged governance and initiatives, particularly with investors, Group chief executive
remuneration disclosures. The full we are confident that all material
governance and remuneration report matters have been identified and 2 March 2016
can be found online and provides disclosed in this report. Management
4 Standard Bank Group Annual integrated report 2015
We recognise that we compete and operate on the
basis of trust, and that it is our stakeholders who are
Integrated
the ultimate arbiters of our legitimacy, and therefore
thinking
our sustainability.
Our strategy, set out on page 14, As in previous years, we have not achieve our vision in the medium term,
provides the construct that bridges our formally adopted the six capitals and the interdependencies between
commercial and social relevance, our categorisation of the International them, within the context of our
opportunities and our obligations. It <IR> Framework. However, throughout multi-generational purpose to drive
reconciles our pursuit of profit in our report we explain our dependence Africa’s growth. The capitals are
competitive markets, with our role as and impact on the forms of capital that introduced and explained below.
a catalyst of economic agency and are fundamental to our ability to
socially beneficial outcomes for all
our stakeholders.
We believe that our strategy represents
FINANCIAL CAPITAL HUMAN CAPITAL
a consistent and considered level of
integrated thinking, which we continue
The money we obtain from providers Our people and how we select, manage
to deepen as we implement our
of capital that we use to support our and develop them. This enables them
strategy within our organisation.
business activities and invest in our to use their skills, capabilities,
This process has required that each
strategy. Financial capital, which knowledge and experience to improve
of our business units and enabling
includes reserves generated through and develop products and services that
functions align their strategies and
share capital, other equity-related meet the needs of our clients across
plans to the group’s purpose, vision,
funding and retained profits generated the diverse regions in which we
principles and values, with our clients
from our operations, is used to fund our operate.
as our central organising principle. This business activities.
reorientation is driving greater
SOCIAL AND
integration between our business units NATURAL CAPITAL RELATIONSHIP CAPITAL
and key functions such as risk,
compliance, internal audit and group The natural resources on which we The cooperative relationships with
policy, advocacy and sustainability, depend to create value and returns for our customers, clients, capital providers,
which are fundamental to the trust our our stakeholders. As a financial services regulators and other stakeholders that
stakeholders have in us and to group we must deploy our financial we create, develop and maintain to
defending our legitimacy. capital in a way that promotes the remain commercially and socially
preservation, or at least minimises the relevant, and operate as a responsible
Ultimately, we recognise that destruction, of natural capital. corporate citizen.
embedding integrated thinking at every
level of our organisation forms part of MANUFACTURED CAPITAL INTELLECTUAL CAPITAL
our longer-term work to create a
culture in which risk, compliance, The tangible and intangible The knowledge of our people and our
ethics and social responsibility are infrastructure that we use to conduct intellectual property, brand and
harmonised with the effective and our business activities, including our reputation, which is closely related to
innovative fulfilment of our clients’ information technology (IT) assets, financial, human and manufactured
needs. This work has begun in earnest and the national infrastructure of the capital given the nature of our
and is discussed in our report this year. countries in which we operate. businesses.
5
Chairman’s statement
Thulani Gcabashe, Chairman
At the heart of our group’s
strategy is a commitment to the
shared future we intend to create
for our clients, people, shareholders
and all our other stakeholders
across Africa. While our ability to be
commercially successful depends
on the prospects of this continent we
call home, we, in turn, play a significant
role as a catalyst for her growth.
6 Standard Bank Group Annual integrated report 2015
674 cents 9 395 cents
Dividend per ordinary 13% Net asset value 9%
share per share
2014: 598 cents 2014: 8 625 cents
Overview attention on the need for a far more Managing the opportunities
decisive expression of our collective and risks of our Africa
Our South African franchise showed
responsibility to effect change
remarkable resilience in 2015. Although strategy
which serves the interests of all
our operations in the rest of Africa
South Africans. In this regard, there My appointment as chairman comes at
delivered slower growth than in the last
is welcome evidence of a growing a time when Africa is grappling with the
few years, the franchise is in good
commitment to cooperation between question of how to realise its enormous
shape. The group withstood significant
government and business in potential in a manner that will create
challenges in all of its markets, the most
strengthening the economic basis sustainable long-term prosperity.
notable of these being the downturn in
for inclusive growth in South Africa.
commodities, the impact of the rapid This will not be a simple process as it At the heart of our group’s strategy is a
decline in oil prices on oil producing will require a deeper reflection on our commitment to the shared future we
economies which interrupted their past which, in time, will help to rebuild intend to create for our clients, people,
growth momentum, and the wide- trust and create a common purpose shareholders and all our stakeholders
ranging impact of severe drought in that binds us together as a nation, and across Africa. While our ability to be
some markets. Socioeconomic galvanises our efforts to meet both our commercially successful depends on
instability in a number of our markets immediate and longer-term challenges. the prospects of this continent we call
continued to be of concern. home, we, in turn, play a significant role
Against this backdrop, the group as a catalyst for her growth.
In South Africa, which remains the delivered a sound financial
largest contributor to group revenue performance in 2015, which During our annual strategic review, the
and earnings, an unstable socio- demonstrated the benefits of the board approved a process to actively
political climate compounded the group’s diverse portfolio of operations. cascade our Africa-focused strategy
macroeconomic pressures. This led Our continuing operations in South throughout all of the group’s business
to declining business and consumer Africa and the rest of Africa posted units and enabling functions. This will
confidence, and has raised the threat solid performances. However, overall align all elements of the group with our
of a downgrade in the country’s performance was negatively impacted vision to be the leading financial
sovereign credit rating to sub- by losses in ICBC Standard Bank, in services organisation in, for and across
investment grade. The instability which the group retains a 40% interest. Africa, delivering exceptional client
continues to reflect a persistent Our capital position remains strong, experiences and superior value.
misalignment in leadership, not only in with a total capital adequacy ratio of
the political sphere but also across 15.7%. The board declared a total Underpinning our vision is our powerful
other sectors of our society including dividend of 674 cents per share, an network of on-the-ground financial
business. However, it also focused our increase of 13% on the prior year. services operations in 20 countries
7
Chairman’s statement continued
across Africa. We have strong locally in 2014 and chaired by an independent Ultimately, the programme is intended
empowered leadership teams non-executive director, is responsible to transform our organisation into a
in-country and our investment in new IT for ensuring the implementation of an digital enterprise able to remain
systems is enabling us to continuously enhanced IT governance framework competitive in the changing world of
improve our client service and remain throughout the group. The framework financial services. However, the
competitive. is being aligned with the IT Governance quantum of our investment also means
Institute which is recognised globally. that it represents a significant risk.
It is well documented that the External independent subject matter The board is satisfied that the progress
economic growth of most African experts who are standing invitees of the achieved thus far and the risk
economies has exceeded that of many committee provide an opinion annually mitigation that is in place bode well
other economies globally over the past on the adequacy and effectiveness of for the programme’s completion
decade. Furthermore, their financial the IT governance framework. They during 2017.
services industries are growing at a
submitted their first report during 2015
faster pace than that of South Africa. The regulatory framework governing
in which they recognised the progress
Although this growth momentum has financial services providers globally and
made in this regard. Furthermore, an IT
slowed in the past year, the continent is in our domestic markets are constantly
executive committee was constituted
still forecast to achieve GDP growth of evolving, and the supervisory capacity
during the year to assist the group
approximately 4%, with many of our of regulators is increasing significantly.
chief information officer (CIO) in the
major markets in the rest of Africa We work closely with our regulators and
execution of her duties. The group CIO
exceeding that rate. The integration of enjoy constructive relationships with
and IT executives are suitably qualified,
our banking and non-banking financial regulatory authorities in South Africa
have access to the board and executive
services across our business units is a and in the other countries in which we
key element of our strategy to better management, and serve as a bridge operate. We contribute actively to the
serve our clients and capture future between the IT function and the group. development of national policy,
growth opportunities in the rest of legislation and regulation through
The IT transformation programme is a
Africa. This will remain work in progress formal submissions and regular
key enabler of our strategy, as it
in 2016. engagement with policymakers,
underpins our capacity to continuously
law-makers and regulatory authorities.
It is necessary for the board to ensure improve client service, manage risk
that the group’s evolving governance more effectively and to operate more We aim to promote regulatory
structures and processes support its cost-efficiently. It also supports the frameworks that are unambiguous,
development into a fully fledged African development of competitive digital cohesive and practical, and that
financial services group. In 2014, we products and services that allow us to minimise unintended consequences.
started a process of enhancing the fulfil our purpose and achieve our vision. The intention of regulators to improve
composition of the board to achieve the
diversity of knowledge and expertise
required to manage the complexities of
change and reflect our Africa strategy.
This has led to the appointment of
non-executive directors from Nigeria The intention of regulators to improve trust in the financial
and Kenya to represent the key services industry and protect consumers is consistent with
economic regions of East and our strategy, and our understanding that the group’s ability
West Africa. to execute our strategy is premised on the trust our clients
and other stakeholders have in us.
Similarly, the board needs to be able to
provide effective oversight of the key
elements of our strategic direction.
The board IT committee, established
8 Standard Bank Group Annual integrated report 2015
trust in the financial services industry of our diversity as a sub-Saharan and Standard Bank is among the
and protect consumers is consistent African financial services group, we businesses that were fortunate to be
with our strategy, and our appointed Dr Martin Oduor-Otieno as a able to draw from his astute knowledge
understanding that the group’s ability non-executive director with effect from and high professional standards.
to execute our strategy is premised 1 January 2016. Dr Oduor-Otieno has
on the trust our clients and other extensive experience in diverse Appreciation
stakeholders have in us. financial and leadership roles, and was
This is a momentous time to be called
formerly chief executive officer of
on to provide stewardship to this
Our external engagement with Kenya Commercial Bank Group. He
organisation with a noble and inspiring
regulators is matched by an internal holds a BCom (Accounting) degree and
purpose. We are committed to Africa,
focus on instilling a culture of an executive MBA and is an alumnus of
and are well positioned to play our role
compliance within the group. The the Harvard Business School Advanced
in driving her growth and realising
reality is that the reputational impact of Management Programme. In 2009, he
her potential.
real or perceived compliance lapses or was awarded an Honorary Doctorate of
ethical misconduct, far beyond the Business Leadership by KCA University. I have served on the board since 2003.
financial implications of fines, has the Having participated in its evolution over
I welcome Dr Oduor-Otieno to the
potential to attract increased this time, I believe that the board has
board and look forward to his
regulatory scrutiny and intervention, or sufficient depth of expertise and
contribution.
to lock us out of the privilege of serving diversity to be an effective custodian of
our clients, attracting the best the group’s sustainable performance
Simon Ridley, the group financial
employees and accessing the capital and long-term value creation. We will
director, will retire on 30 April 2016
we need to achieve our strategy. Any continue to adapt to remain relevant
having reached the group’s executive
breach of compliance is inconsistent to the societies and economies we
retirement age in 2015. Dr Arno Daehnke
with our vision and our purpose, and serve and I am confident that we
has been announced as the group
where lapses of compliance do occur possess the resilience required to
financial director designate and will
in our organisation we respond embrace constant change.
succeed Simon in the role of group
immediately and appropriately, as financial director and as a board
in the case of the self-reporting of member of Standard Bank Group I wish to thank my colleagues on the
a suspicious transaction in Stanbic with effect from 1 May 2016. board for their wise counsel and
Bank Tanzania in 2013, which is guidance during a challenging year.
discussed in further detail in the On behalf of my colleagues on the
Ben Kruger and Sim Tshabalala have
chief executives’ report. board, I thank Simon for his significant
navigated the group through complex
contribution to the group and board
We understand that the development of since he joined the group in 1999 terrain with their unique blend of
a culture of compliance is a natural and wish him well in his retirement. energetic, open and collaborative
consequence of the broader cultural leadership. The executive leadership
shift we are making to support our We remember teams have been unwavering in their
commitment to the execution of our
strategic ambitions. Our business units
Martin Shaw, who served on the boards strategy, and have built resilience
and enabling functions have dynamic
of both the Standard Bank Group and against cyclical economic and
and engaged leadership teams which
The Standard Bank of South Africa competitive forces, while the people
live the group’s values, are focused on
between 2004 and 2009, passed away of Standard Bank have worked with
‘doing the right business the right way’
on 16 February 2016. The board and determination and a sense of purpose
and hold themselves accountable for
executive team extend their sincere in building a leading African financial
decisions that reflect our business
condolences to his family. Martin’s services group.
principles.
inspirational leadership and dedication
will always be remembered with a sense On behalf of the Standard Bank Group,
Directorate
of pride and deep appreciation. Much I extend our thanks to our clients,
In line with our intention to make has been said about his great shareholders and other stakeholders
appointments that are representative contribution to the world of business, for their continued support.
9