Stakeholder engagement report

during the year have focused on the SARB’s primary mandate – monetary policy – while at the same time highlighting other areas such as financial stability, prudential regulation, the National Payment System, and notes and coin, among others. Communicating messages in a consistent and more accessible manner has been a key focus.

Each department of the SARB is responsible for managing the stakeholder relationships related to its function. Employee engagements remain an important element of stakeholder management and are ongoing, including the participation of staff in public engagement initiatives which connects employees to the SARB’s purpose.

A reputational survey is undertaken every two years to assesses the SARB’s reputation based on familiarity, favourability, trust and advocacy. The insights gained from the survey are used to inform stakeholder communication and engagement initiatives. The previous reputational survey indicated that informed stakeholders, employees and the public all held a positive view of the SARB, with informed stakeholders and employees having a relatively good understanding of the role and mandate of the SARB. However, knowledge of the SARB among the public remains low.

The SARB has broadened its efforts to reach the wider public across all provinces, reaching over 8 200 people through its outreach programmes alone. In line with its increased commitment to transparency and accountability, the SARB has also enhanced the quality of engagements with stakeholders across all sectors. These engagements confirm the need for a richer conversation on the role of the SARB and, more importantly, to better understand the concerns of stakeholders.

The historic role of the SARB as a financial technocrat and economic expert is being challenged. Equally complex is a decline in trust of public institutions and a changing media landscape – features likely to remain in the short to medium term.

The 2020 strategic plan highlights the delivery of targeted internal and external stakeholder engagement and communication to support the realisation of the SARB’s intended outcomes. Stakeholder engagement initiatives

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Monetary policy > The decision of the MPC is broadcast live on television and streamed live on the SARB website.

> The Governor, Deputy Governors and senior leaders of the SARB host biannual Monetary Policy Forums in all provinces, reaching a wide range of stakeholders, including the general public.

Repo rate

Analysis of the economy

Inflation and growth forecasts

TOPICS

MEC

HA

NIS

MS

Approximately

1 800 people

attended the Monetary Policy Forums

Financial stability > The Financial Stability Review is released biannually at a stakeholder forum and provides a platform to communicate, discuss and debate matters related to the stability of the financial system.

Potential risks to financial system

stability and related issues

TOPIC

Economic Roundtable > Hosted every quarter, the Economic Roundtable allows for robust discussion and debate on economic trends, policies and pertinent issues that impact the global and domestic economy. The Governor chairs the roundtable, which is attended by economists, industry experts, research analysts and policymakers. The platform gives the SARB a strong indication of how these stakeholders view and feel about its policies.

Global economic trends

The Quarterly Projection Model

Health reform in South Africa

Land reform in South Africa

TOPICS

Other engagements > Meetings were also held with the National Energy Regulator of South Africa, AgriSA, the South African Federation of Trade Unions and the National Credit Regulator.

Tariff increases and electricity supply

Monetary policy

Bank supervision

TOPICS

MEC

HA

NIS

MS

Engagement in 2018/19Informed stakeholders

> Senior SARB officials appear regularly before Parliament on matters related to the SARB. Of particular interest was the SARB’s decision to place VBS Mutual Bank under curatorship.

> The Financial Stability Review is tabled in Parliament biannually and the Minister of Finance formally tables the SARB annual report.

Ninehearings were held with Parliament on

various matters related to the

SARB

VBS Mutual Bank

Cash‑in‑transit heists

Illicit financial flows

TOPICS

ParliamentThe SARB is accountable to the citizens of South Africa through Parliament, its primary stakeholder.

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South African Reserve Bank | Annual Report 2018/19

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Looking ahead the SARB will: > Conduct the next reputational survey in 2019/20.

MEC

HA

NIS

MS > Employees are able to engage with the SARB’s leadership at quarterly

meetings hosted by the Governor and departmental meetings hosted by the Heads of Department.

> The Governor’s blog provides a channel for employees to interact directly with the Governor on the various issues that impact them.

> Regular employee engagement surveys provide insight on the culture at the SARB and issues that impact the EVP.

Fostering employee engagement: page 57.

Career development and

succession planning

Creating a more empowered and

engaging environment

TOPICSEmployees

Engagement with the media continued at a brisk pace with significant media coverage gained from:

> The launch of the Prudential Authority in April 2018.

> Project Khokha in June 2018 (see page 25).

> The issuance of the Nelson Mandela commemorative banknotes and coin in July 2018.

> Advocate Terry Motua’s two reports on VBS Mutual Bank, which were downloaded 14 281 and 6 802 times respectively within a week of their release on 10 October 2018. Traffic on the SARB website during the same week increased from an average of 8 000 hits to 168 132 hits.

Media queries:

The SARB’s core mandate

Shareholding and independence

Prudential regulation

Queries from the public:The value of banknotes

and coin

TOPICS

MEC

HA

NIS

MS

Media

> The SARB’s social media profile continued to grow, increasing on Twitter to 45 400 followers (2017/18: 25 500), LinkedIn to 54 265 followers (2017/18: 31 872) and Facebook to 24 000 followers (2017/18: 12 700).

Similar issues to those reported in the mainstream

media

TOPICS

MEC

HA

NIS

MS

Social media

More than

8 200 people

attended the SARB’s outreach

programmes

> The SARB’s outreach programmes have matured over the past two years and include forums in all nine provinces, as well as initiatives targeting high school learners, teachers, tertiary institutions, labour forums, interest groups, rural and urban communities, and non‑governmental organisations. Other efforts that complement these initiatives include local media briefing sessions, public speeches and the release of SARB publications.

> The national MPC Schools Challenge, in partnership with the Department of Basic Education, grew to 157 schools reaching 608 beneficiaries (teachers and high school learners).

MEC

HA

NIS

MS

Monetary policy

Role and function of the SARB

Banking‑related issues, including VBS Mutual Bank

and bank charges

Illegal debit orders

Currency

TOPICS

Public outreach

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S TA K E H O L D E R E N G A G E M E N T R E P O R T c o n t i n u e d