Embed Size (px)
Citation preview
1OLD MUTUAL Responsible Business 2021
DO GREAT THINGS EVERY DAY
MAADILI* CHARTEROld Mutual Limited Code of Ethics
*Maadili is the Swahili word for Ethics
2 OLD MUTUAL Responsible Business 2021
A MESSAGE FROM OLD MUTUAL
As the Old Mutual Group, we believe that an ethical culture is an important part of doing business responsibly. Creating this culture is a collective effort between the Board, management, employees, and contractors, and goes beyond how we manage and use the resources that we have.
IN 2018 WE ADOPTED THE MAADILI CHARTER, A CODE OF ETHICS THAT GUIDES OUR BEHAVIOUR. MAADILI IS A SWAHILI WORD FOR ETHICS AND IS DELIBERATELY USED TO UPHOLD OUR IDENTITY AS A PAN-AFRICAN COMPANY.
As the OML Executive and Board of Directors, we pledge our commitment to the ethos expressed in this Charter. We believe wholeheartedly that what it advocates and seeks to achieve is of great importance. We are required
to make decisions every day as we do business and interact with our customers, shareholders, investors and other stakeholders, and the Maadili Charter is the compass against which we must measure our conduct and a tool to be used when exercising judgement.
This Charter is just one instrument that we will use to build an ethical culture inside our organisation, and it must serve us and drive us towards a common good.
As the OML Exco and Board, we call upon every Mutualite to pledge your commitment, not only to this Charter, but to an ethical culture. Let us build an organisation that will endure for generations to come!
RegardsIain Williamson
DEAR MUTUALITES AND PARTNERS
2 OLD MUTUAL Responsible Business 2021
3OLD MUTUAL Responsible Business 2021
THE MAADILI CHARTER Doing the right thing is at the heart of our approach to business. The Maadili Charter assists in understanding what behaviour is consistent with Old Mutual’s evolved values:
We use our values to guide all of our dealings with each other, our customers, communities and other stakeholders.
It is expected that we conduct ourselves with integrity and within the parameters of the laws applicable to us. In so doing, we shall inspire the confidence of our shareholders and customers.
The Maadili Charter is one of the ways we put our values into practice, and it is built around the understanding that everything we do is measured against the highest possible standards of ethical business conduct.
WE COUNT ON EVERY EMPLOYEE AND BOARD MEMBER TO FOLLOW THE MAADILI CHARTER, MAKING DECISIONS THAT WILL PRESERVE THE TRUST THAT OTHERS HAVE PLACED IN US. THE MAADILI CHARTER REQUIRES EMPLOYEES AND BOARD MEMBERS TO CONDUCT THEMSELVES WITH DIGNITY, HONESTY, INTEGRITY AND RESPECT WHEN INTERACTING WITH OUR STAKEHOLDERS, INCLUDING MUTUALITES, CUSTOMERS, TRADE UNIONS OR THE GENERAL PUBLIC. We expect nothing less from our business partners, including our consultants, distributors and suppliers,
as well as our subsidiaries and joint venture partners throughout the Group and around the world. The Maadili Charter accordingly applies to all parties doing business with us from time to time.
Headings in the Maadili Charter are used for reference purposes only and do not affect the interpretation of any of the provisions to which they relate. Words importing the singular shall include the plural and vice versa. Words importing persons shall include partnerships and bodies corporate.
Underlying policies, practices and standards
Ethical conduct is underpinned by a number of Group policies and operational standards. It is a condition of employment that employees understand and accept their obligations in terms of these documents.
The Maadili Charter shall prevail over any policies, practices or standards which are inconsistent with it, unless such establish stricter norms of behaviour. It is also possible that the Maadili Charter is enhanced by Country standards and should therefore be read in conjunction with Country standards.
Employees must consult their Human Capital Business Partners, alternatively their Compliance Business Partners, regarding the application of the Maadili Charter in the case of doubt.
CUSTOMER
Champion the customer
DIVERSITY
The power of diversity & inclusion
RESPECT
Respect for each other & communities
we serve
INTEGRITY
Always act with integrity
INNOVATION
Agile innovation that makes a difference
ACCOUNTABILITY
Accountability & trust
4 OLD MUTUAL Responsible Business 2021
LIVING THE MAADILI CHARTER
Our Maadili Charter is a great resource but it does not cover every situation employees may face, so it is important to use good judgment in everything we do and to ask for help if we are ever unsure about the right course of action to follow… Ask these questions:
WHEN YOU HAVE TO MAKE A DECISION, YOU SHOULD ASK YOURSELF THE FOLLOWING QUESTIONS:
Does this contravene any law or regulation? NO
NO
NO
YES
YES
YES
STOP
STOP
STOP
Does this go against Old Mutual values, procedures and policies?
If my behavior became public would it be considered inappropriate?
IF IN DOUBT, CONSULT
PROCEED!
NO MATTER WHAT WE DO OR WHERE WE DO IT, WE ARE OLD MUTUAL. THIS PERMEATES EVERY BUSINESSRELATIONSHIP, EVERY TRANSACTION AND EVERY PRODUCT WE INTERACT WITH. FAILURE TO ADHERE TO THE MAADILI CHARTER MAY RESULT IN TERMINATION OF EMPLOYMENT.
DECISION TREE
5OLD MUTUAL Responsible Business 2021
LIVING THE MAADILI CHARTER
OUR SHAREHOLDERS AND INVESTORS
To all of our stakeholders, we are happy to be accountable now
(and in the future) for everything we say and do today
We are fair, honest and reasonable when dealing with shareholders and other investors.
Generally, we take a long-term view of our dealings with shareholders and other investors, understanding the holistic impact of our short-term decisions.
We honestly communicate business policies, results and strategy to our shareholders and other investors.
We will not do anything that will intentionally advantage one class of investor at the expense of another.
Our financial reporting will be true and fair and produced in accordance with relevant corporate legislation and market requirements.
We act responsibly in international trade and investment in accordance with our stated public commitments.
OUR CUSTOMERS
In serving our customers we seek to partner with them and provide an exceptional customer experience
Without question, we must take the necessary steps to know our customers and understand their financial needs.
We deal with customers diligently by providing correct and appropriate information about our products and services.
Customers are treated with care and are not discriminated against for any reason whatsoever especially in relation to access to our products and services.
We avoid conflicts of interests by disclosing them as and when they arise. The relevant policy can be found here.
We listen to our customers and resolve quickly and diligently any requests, complaints and claims or, if applicable, refer their complaints to established resolution channels.
We do not engage in any unlawful activities and we report unlawful activities when we become aware of them.
FELLOW MUTUALITES
Treat others the way we want to be treated. Celebrate our diversity.
Listen and be receptive to different points of view
At Old Mutual our goal is to create an environment which fosters the growth and development of employees in their personal and professional lives. We believe that this is a sign of our growth as a business and is a key success factor.
Unfair discrimination is not tolerated. No decision related to recruitment, promotion, selection for training, or any other aspects of employee management will unfairly discriminate. Examples of such discrimination include but are not limited to differentiation on the basis of gender, race, disability, age, marital status, sexual orientation or religious belief.
Old Mutual will not tolerate any form of harassment (including sexual harassment). This also includes any form of bullying, violence, intimidation and victimisation. The relevant policy can be found here.
We aim to provide a healthy and safe working environment. We all have a duty to take every reasonable precaution to avoid injury to ourselves and fellow Mutualites which includes not being under the influence of drugs or alcohol at work. The possession, sale, consumption, transmission or distribution of illicit drugs is not permitted in the workplace under any circumstances.
Mutualites must use appropriate grievance procedures and make all reasonable efforts to resolve issues internally. Access to the grievance policy, located in the ER Handbook, can be found here.
We respect and promote the right to freedom of association. Collective bargaining is respected, where allowed by law, to facilitate constructive social dialogue.
6 OLD MUTUAL Responsible Business 2021
OUR BUSINESS
Employees must behave with integrity and care with regard to Old Mutual, protecting our values, customers
and reputation
We have zero tolerance for financial crime or unethical conduct.
It is our duty to prevent money laundering in our business. Employees must take time to know our customers and the use made of Old Mutual’s products and services, in accordance with our policies and local legislation. Advise the Anti-Money Laundering Team (or use the whistle- blower details below) to immediately report any unusual or suspicious transaction or any sign of irregular or illicit activity. Attend the training programmes on anti-money laundering and follow internal procedures in relation to anti-money laundering and the prevention of financing terrorist activities.
Old Mutual prides itself on providing employees with necessary tools to perform their functions effectively. The reciprocal duty is to use Old Mutual resources efficiently. Employees should take necessary steps to protect and safeguard resources against loss or damage.
Use of our brand, logo or corporate identity is limited to those circumstances required for the proper performance of one’s job.
Intellectual property belonging to Old Mutual can only be used in the furtherance of Old Mutual’s lawful objectives. This includes our ‘know how’, systems, customer information etc. The intellectual property created through one’s professional activity belongs to Old Mutual and this includes discoveries, projects and concepts.
Employees undertake not to divulge nor to use for their own or any other person’s benefit any of Old Mutual’s confidential information, either during the course of their employment or after termination thereof.
Employees must ensure the adequate accounting, registration and documentation of all transactions, income and expenses, without omitting, hiding or changing any detail so that accounting and operational records faithfully reflect the true situation and can be verified. Cooperation with supervisory, audit, investigative and management departments is necessary to allow the business to protect itself and employees therefore agree to participate in all processes required of them for this purpose
FOR FINANCIAL CRIME, UNETHICAL CONDUCT OR
SEXUAL HARASSMENT.
ZER TOLERANCE
7OLD MUTUAL Responsible Business 2021
A conflict of interest exists when a personal or family relationship or friendship or any other type of outside circumstance might affect one’s professional objectivity and our duty to act in the best interests of Old Mutual and of our customers. If employees find themselves in a situation where a conflict of interest exists, or where they think a conflict of interest might be perceived, this should be communicated to line management and, if there is any doubt about how to resolve it, the Human Capital business partner should be consulted. In these instances, employees should not participate in any matter where a conflict of interest exists until reviewed by the Human Capital business partner. Where a conflict arises after the fact, employees should immediately report this to the Human Capital business partner for review.
WHERE A CONFLICT ARISES AFTER THE FACT EMPLOYEES SHOULD IMMEDIATELY REPORT THIS TO THE HUMAN CAPITAL BUSINESS PARTNER FOR REVIEW.
Employees must not invest in the shares of customers or suppliers they manage, unless those shares are listed on the stock exchange. Employees must not sell shares which they own to customers, suppliers or companies which are associated with them. We do not request or accept loans, donations, funds, investments, financial guarantees, indemnities etc. from colleagues, customers, suppliers or any other Old Mutual stakeholder for our personal use of
for any association we are connected to. Equally, we do not lend money to colleagues, customers, suppliers or any other Old Mutual stakeholder in our personal capacity.
In the scope of our professional activity at Old Mutual, we must not solicit nor accept gifts, payments, commissions or any other personal benefits from our customers, vendors, brokers, trustees, intermediaries or suppliers, nor from anyone who wishes to establish a customer, vendor, broker, trustee, intermediary or supplier, relationship with Old Mutual or anyone acting on their behalf. Notwithstanding the above, employees may accept gifts of a promotional nature, hospitality or small gifts customary in business activities, provided such gifts do not exceed the monetary value of R1000.00 per annum provided that it doesn’t result or may not be perceive to result in a conflict between the interest of the company and or the employee.
All gifts, irrespective of the value, must be declared and approved by Line Management. Local policies provide further guidance on gift disclosures and approvals and may place more restrictive limits where appropriate. Where gifts exceed Group or Local limits but are considered acceptable, formal approval and recording processes must be put in place. See policy wording for guidance here.
Notwithstanding anything to the contrary, no employee may accept gifts that consist of cash or any form of monetary payment. In addition, employees may not accept travel for himself/herself or the employee’s family paid for by third parties or accommodation, conference fees.
8 OLD MUTUAL Responsible Business 2021
All communications on behalf of Old Mutual is done via our Communications Team. If employees are contacted by any media house or journalist to comment on any matter involving Old Mutual, such query must be referred to our Communications Team for a reply.
WE ENSURE THAT ALL ADVERTISING AND OTHER PUBLIC COMMUNICATIONS ARE ACCURATE. CONCEALMENT AND OVER-STATEMENT WILL BE AVOIDED. WE NEVER DELIBERATELY GIVE INADEQUATE OR MISLEADING DESCRIPTIONS OF PRODUCTS OR SERVICES.Employees must carry out professional activity in such a way that Old Mutual fulfils its legal obligations adequately and avoid any practices which involve avoidance of such obligations, for example participating in activities which constitute tax evasion.
Employees must not buy assets or securities in relation to which they have inside information. Inside information is “specific or precise information which has not been made public and which (a) is obtained or learned as an insider; and (b) if it were made public, would be likely to have a material effect on the price or value of any security listed on a regulated market”. Employees must not share inside information with third parties. Employees must not artificially change asset prices or the listed price of traded securities, neither through their activity in the markets or by circulating false or deceptive information, or by participating in any other transactions which might change the market value of companies or assets in an artificial manner. We do not undertake securities market transactions on an uncovered basis or without adequate provision of funds. We do not undertake speculative transactions, or any transactions which by virtue of their risk, volatility or other circumstances require continuous monitoring of the market which might interfere with one’s professional activity with Old Mutual. In the case of doubt, consult the Compliance/the Risk Officer for the area. Follow the Securities Dealing Policy (or such other policy which may be relevant) on conduct in the securities markets at Old Mutual.
Before starting any professional activity other than work for Old Mutual, employees must formally advise their line manager (using the conflict-of-interest declaration process) and ensure that these activities do not adversely affect the performance of their work, limit their availability, flexibility or commitment to Old Mutual. If the activity involves the provision of any professional service or the performance of responsibilities towards persons or entities who are customers or suppliers of goods and services to Old Mutual, it must be expressly authorised. Do not use Old Mutual’s name, or one’s position as an employee of Old Mutual, to unduly influence the completion of private transactions or activities.
WHEN ACTIVE ON SOCIAL MEDIA OR OTHER PLATFORMS, AND WHILST ACTING IN ONES CAPACITY AS AN OLD MUTUAL EMPLOYEE, OUR INTERNAL STANDARDS OF BEHAVIOUR ON SOCIAL MEDIA, AS WELL AS OUR VALUES MUST BE ADHERED TO. RESPECT AND GOOD JUDGMENT SHOULD GUIDE OUR PUBLICATIONS AND NO INFORMATION WHICH IS OLD MUTUAL’S CONFIDENTIAL AND/OR INSIDE INFORMATION SHOULD EVER BE MADE PUBLIC.
When making statements in one’s personal capacity, refrain from referencing employment with Old Mutual as this may improperly construe the statement to be that of Old Mutual.
Old Mutual does not tolerate any form of corruption or bribery in any of the activities which it undertakes. Follow Old Mutual’s policies and procedures in this regard in particular have regard to the Financial Crimes Policy.
Do not offer, promise or make, directly or indirectly, any form of payment, preferential treatment or benefit of any kind with the objective of influencing or trying to influence the decisions of third parties, in order to obtain an unjustified benefit or advantage, with respect to Old Mutual’s activities or with respect to persons working for Old Mutual. This includes payments known as facilitation payments. A facilitation payment is a payment made to an official, a foreign public official or any third party that acts as incentive for the official to complete some action or process expeditiously, or to provide the party making the payment or another party an unfair or unlawful advantage.
Subject to an employee’s right to privacy (which right is limited), conduct in one’s personal capacity which causes harm to the brand and reputation of Old Mutual may result in disciplinary action, even where such conduct occurs outside of working hours.
9OLD MUTUAL Responsible Business 2021
OUR GOVERNMENT AND REGULATORS
We respect the laws and regulations of each country in which we operate
• We contribute to the economic well-being and social development of countries and communities in which we conduct business.
• We comply with competition laws throughout the world. We will not take part in unlawful cartels.
• We will seek to minimise our tax obligations but will not evade tax obligations.
• We record and report all reportable transactions.
OUR ENVIRONMENT
We are concerned with the conservation of the environment in its broadest sense, and recognise that certain resources are finite
and must be used responsibly in a sustainable manner
We aim to limit the use of finite resources in all business ventures. In particular, we recognise the importance of our environmental role in responsibly managing buildings and the land we occupy, including effective recycling initiatives and careful use of energy and water. Employees must follow recommendations to reduce environmental impacts of their behaviour.
PROTECTION OF THE ENVIRONMENT, SUSTAINABILITY AND THE ASPIRATION TO “ECO-EFFICIENCY” ARE PRIORITIES FOR OLD MUTUAL
• Where appropriate, we will support governmental development in those countries in which we operate, but we will not make political donations.
• We meet our compliance obligations as established by our regulators across the Group. We are open and honest and co-operate with our regulators. We engage with them constructively to assist with the development of practical financial services regulation.
WE MEET WITH OUR COMPLIANCE OBLIGATIONS AS ESTABLISHED BY OUR REGULATORS
10 OLD MUTUAL Responsible Business 2021
OUR COMMUNITIES
We are working towards a better future for people. It is our responsibility to contribute, through our activities,
to the progress and sustainable development of the communities in
which we work
We are fair, honest, and reasonable when dealing with our communities.
We are open, accepting, and respectful when dealing with the traditions and cultures of various communities and always act in line with our Maadili Charter.
We consider the concerns of the wider community including both international and local interests and will act in accordance with our legal obligations. Follow Old Mutual’s procedures and systems to comply with all local and international regulations. Do not carry out any transaction which would contravene such regulations or Old Mutual’s policies which apply to them.
We seek to serve the community by providing our products and services efficiently and profitably, and by providing good employment opportunities and conditions
OLD MUTUAL INVESTS IN THE DEVELOPMENT OF COMMUNITIES THROUGH A MULTITUDE OF INITIATIVES ON AN ANNUAL BASIS. EMPLOYEES’ PARTICIPATION IN THESE ACTIVITIES REMAINS SUBJECT TO OUR VALUES. WHEN GRANTING SPONSORSHIPS AND DONATIONS TO CHARITABLE CAUSES, BE GUIDED BY PRINCIPLES OF ANTI-CORRUPTION, POLITICAL NEUTRALITY AND CONFLICTS OF INTEREST.
Old Mutual invests in the development of communities through a multitude of initiatives on an annual basis. Employees’ participation in these activities remains subject to our values. When granting sponsorships and donations to charitable causes, be guided by principles of anti-corruption, political neutrality, and conflicts of interest.
Old Mutual does not make contributions to electoral campaigns nor do we make donations to political parties. If you exercise a personal right to do so, avoid referring to Old Mutual thereby protecting our commitment to political neutrality.
If a customer, supplier or third party requests Old Mutual to contribute to a charitable cause or organisation, escalate this request to the relevant department for review and handover the request appropriately.
11OLD MUTUAL Responsible Business 2021
OUR SUPPLIERS AND VENDORS
Abiding by our core values is a prerequisite for successful, long-term
business relationships
In accepting business or entering contracts, we are committed to meeting legal obligations and acting in the best interests of Old Mutual. Business will not be placed or accepted, or contracts or arrangements entered, for any improper motives.
We maintain the confidentiality of any sensitive information received from all our partners including customers, intermediaries, and suppliers other than where expressly directed by local regulation or courts.
Old Mutual’s suppliers shall be selected through objective and transparent processes, following the corporate standard for procurement of goods and contracting services. When choosing suppliers and monitoring the services they provide, bear in mind that their conduct towards us, their employees and third parties must be consistent with the standards and principles of this Maadili Charter.
Our approach to business is to establish and maintain long-term relationships.
OUR COMPETITORS
We seek competitive advantages through superior performance and
products and never through unethical or illegal business practices
Conduct professional activity with respect for fair competition and avoid behaviour which unlawfully restricts it or which might be considered as unfair competition including negotiating or making agreements with competitors on pricing, product offerings, production levels, allocation of customers or markets or market share, boycotting of certain customers or suppliers, or any other type of behaviour restricting fair competition. We do not denigrate the reputation of our competitors.
We will not attempt to acquire information regarding a competitor’s business by disreputable or dishonest means.
In our contact with competitors, we avoid discussing proprietary or confidential information and expressly do not reveal confidential matters.
We will not engage in restrictive trade practices or abuse any position of market dominance.
12 OLD MUTUAL Responsible Business 2021
[email protected] (emails will remain anonymous because they are relayed through a server that removes an employee’s name as sender as well as all other source information)
www.tip-offs.com
0800 222 117
SPEAK UP
No concern is too minor to report
If employees see or suspect anything illegal or unethical, it may seem easier to look the other way or let someone else take the lead, but misconduct affects all of us. Share concerns promptly and cooperate fully and honestly in any investigation. For employees who manage people, there is an even greater responsibility to lead by example, making sure team members know that this Maadili Charter is a resource for them and that there is no difference between what a manager does versus what is expected from them.
Create the kind of workplace where employees feel comfortable coming forward with questions and concerns and support them when they raise issues. We must never retaliate against employees for sharing concerns in good faith, and we should prevent retaliation by others.
Do not tolerate any behaviour which departs from the Maadili Charter or any type of behaviour in the performance of one’s professional duties which might damage the reputation or good name of Old Mutual.
If employees see or if someone informs them of an action or situation relating to Old Mutual which might be contrary to our values or standards, even if it does not fall under their direct scope of responsibility and irrespective of reporting line and seniority, the matter must be reported.
Employees are encouraged to use the following channels for reporting and are reminded that malicious reports, if found to be the case, will be dealt with in terms of our disciplinary code:
• Discuss the incident with line management or the Human Capital business partner for the area.
• If employees consider, for whatever reason, that it is not appropriate or opportune to use the above channel, or if they are unsure whether it is the most suitable way to resolve the situation, they may report the incident through the whistleblowing channel using these contact details:
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.
Contact your Old Mutual Financial Adviser or your Broker. www.oldmutual.com
OM
BD
S 0
9.20
21 C
4239
REVISION HISTORY
Version Date of Change Changed by Description of Change(s) Made
1.0 2 September 2019 Yvonne Mkefa Replacing the previous Code of Ethics as approved by the OML Board
1.1 September 2020 Yvonne Mkefa Amending policy statement relating to Gifts. Updated the contact details for whistleblowers to use.
1.2 June 2021 Yvonne Mkefa CEO Endorsement and hyperlink to policies added
*The Maadili Charter was subject to consultation in the Central Consultation Forum (CCF)
