GROUP SOCIAL AND ETHICS COMMITTEE’S REPORT (continued) Report to PPS Insurance members by the GSEC During 2023, the committee discharged its statutory duties and considered reports from the various contributors regarding the relevant functions and the following items were specifically noted: Social and economic development • The United Nations Global Compact Principles are not legislation, but reflect international best practice. PPS conducts its business in accordance with the principles regarding human rights, labour standards, the environment and anti-corruption. • Compliance with the Employment Equity Act is managed in accordance with a report and a plan submitted to the Department of Labour, which are frequently tracked at executive management and board level. • Various action plans are in place to address the requirements of the sectoral Broad-Based Black Economic Empowerment Act and Financial Services Charter. Good corporate citizenship • PPS promotes equality and prevents unfair discrimination against both employees and members. • Various corporate social investment initiatives are in place to develop the professional community and students studying towards qualifying degrees. • Various sponsorships, donations and charitable initiatives are undertaken and are regularly reviewed. • Advocacy and influencing public policy. Assessment of the ethical risk profile • Corruption and fraud management is a priority for PPS and a Fraud and Corruption Policy, as well as a confidential reporting facility, operated by an independent third party, are in place, and have been appropriately communicated to staff. Consumer relationships • PPS has implemented Treating Customers Fairly (TCF) regulation and has fully integrated it into its operations, achieving a high score using the self-assessment tool provided by the FSCA for this purpose. • Industry-specific consumer protection legislation is in place (FAIS, Insurance Act, etc.) and compliance therewith is actively managed and high levels of compliance have been achieved. Health and public safety, labour and employment • The occupational health and safety of employees and members in buildings occupied by PPS are monitored and a high level of compliance is achieved. • Excellent working conditions are in place for all employees. • Employment relationships are valued at PPS and programmes for continued improvements to maintain best employee practices are in place and effective, as evidenced by the results of regular employee surveys. • Educational development of employees is achieved through various initiatives including internal and external training, induction programmes and bursary schemes. Sustainability • As a mutual company, PPS recognises its unique position in fostering long-term sustainability, prioritising the well-being of its members, employees, and the communities it serves. This report highlights PPS’s progress in integrating sustainability into its core business operations, reflecting its dedication to transparency, accountability, and continuous improvement. • Sustainability Journey: While PPS has always pursued various aspects of sustainability in its business, in 2022, PPS embarked on a comprehensive sustainability journey, driven by its commitment to corporate responsibility and environmental stewardship. This initiative is aligned with PPS’s core values and strategic objectives, reinforcing PPS’s role as a responsible corporate citizen. During 2023, PPS established a Sustainability Framework to formalise PPS’s approach to how it considers Environmental, Social and Governance (ESG) factors across the PPS Group by embedding key principles, adopting core protocols and putting the necessary structures in place, to ensure its future sustainability. Its overriding intention is to meet the sustainability challenges facing society, by purposefully incorporating ESG factors into its business practices, and thereby holistically servicing the needs of its current and future professional membership base and its stakeholders, and will evolve over time. 97 Group Social and Ethics Committee’s report
RkJQdWJsaXNoZXIy MTY2ODY3Ng==