Bank Overview

We combine excellent personal service with innovative financial solutions to assist businesses and individuals to bank the way they want, where they want and when they want.

Capital Overview

We provide capital and create tailored solutions to support your business growth, whether you need an equity partner, property investor or a sophisticated corporate financier.

Wealth Overview

Since 1890 we have provided tailored global and local investment offerings to private and institutional clients.

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Investor Relations

Shareholder case

Sasfin is a banking and financial services group, offering tailor-made products and services to entrepreneurs, corporates and high net-worth individuals.

With Sasfin’s comprehensive range of products and services as well as an understanding of your business and personal finance needs, you are assured of results beyond expectations.

Our purpose

We contribute to society by going beyond a bank to enable growth in the businesses and global wealth of our clients.

SENS

News

03 Apr 2018

Media release: Sasfin launches B\\YOND - the digital banking future for business

20 Mar 2018

Media Release: Unaudited Interim Results for the six months ended 31 December 2017

27 Nov 2017

WIPHOLD shareholding makes Sasfin one of the most empowered banks in SA

27 Nov 2017

Media statement from Roy Andersen, Chairman of the Sasfin Board

03 Oct 2017

Sasfin Wealth appoints Erol Zeki as CEO

19 Sep 2017

Sasfin to review its future engagement with KPMG

19 Jul 2017

Sasfin Wealth launches Global Equity Fund

08 Jun 2017

Sasfin and WIPHOLD conclude B-BBEE transaction

11 May 2017

Sasfin Capital appoints Paul Pretorius as Senior Corporate Finance Transactor

04 Apr 2017

Sasfin Wealth appoints Errol Shear as Head of Value Equity and Absolute Return

16 Mar 2017

Sasfin set for growth despite an 18.84% drop in headline earnings

01 Feb 2017

Xero and Sasfin Bank join forces to help SMEs

19 Sep 2016

Sasfin delivers 29% increase in headline earnings per share

29 Aug 2016

Sasfin Short-term Insurance launches Cyber Insurance

26 Aug 2016

Rating Statement

12 Jul 2016

Imperial and Sasfin partner in new freight, logistics and finance powerhouse

17 Mar 2016

Sasfin delivers 31% increase in headline earnings per share

09 Sep 2015

Sasfin delivers 16.5% increase in headline earnings per share

Results, reports and presentations

Disclosures
  • Basel - Public Disclosure

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    Pillar 3 Disclosure - SASFIN Qualitative Disclosure - June 2018

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    Pillar 3 Disclosure - SASFIN Bank Limited - June 2018

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    Pillar 3 Disclosure - SASFIN Bank Holdings - June 2018

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    Pillar 3 Disclosure - SASFIN Bank Consolidated - June 2018

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    SHL - Reg 43 31 Dec 2017 re-submission

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    Comprehensive Pillar 3 Disclosure Dec 2017 Bank consolidated

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    Comprehensive Pillar 3 Disclosure Dec 2017 Group

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    Comprehensive Pillar 3 Disclosure Dec 2017 Bank solo

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    Sasfin Holdings Limited - Reg 43 31 June 2017

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    Holdings - Comprehensive Pillar 3 Disclosure June 2017

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    Bank Consolidated - Comprehensive Pillar 3 Disclosure June 2017

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    Bank Solo - Comprehensive Pillar 3 Disclosure June 2017

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    Pillar 3 qualitative disclosures - June 2017

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    Sasfin Holdings Limited Capital Adequacy - Quarterly Report 31 December 2016

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    Sasfin Bank Limited (CONSOL) Pillar 3 - Semi Annual Report - 31 December 2016

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    Sasfin Bank Limited (SOLO) Pillar 3 - Semi Annual Report - 31 December 2016

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    Sasfin Holdings Limited Pillar 3 - Semi-annual Report - 31 December 2016

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    Basel III Pillar 3 Disclosure – 30 September 2016

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    Comprehensive Pillar 3 Disclosure - 31 December 2015

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    Capital Adequacy - Semi-annual Report - 31 December 2015

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    Comprehensive Pillar 3 Disclosure June 2015

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    Comprehensive Pillar 3 Disclosure December 2014

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    Capital Adequacy - Semi-annual Report - 31 December 2014

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    Comprehensive Pillar 3 Disclosure June 2014

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    Capital Adequacy - Semi-annual Report - 31 December 2013 Comprehensive Disclosure

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    Capital Adequacy – Semi-annual Report – 31 December 2013

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    Capital Adequacy - Annual Report - 30 June 2013 Comprehensive Disclosure

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    Capital Adequacy - Annual Report - 30 June 2013

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    Capital Adequacy - Quarterly Report - 31 March 2013

  • South African Securitisation Programme (RF) Ltd

    February 2018

    SASP Program Memorandum Aug 2015

    February 2018

    SASP Annual Financial Statement 2017

    February 2018

    SLRA3 Pricing Supplement

    February 2018

    SLRA4 Pricing Supplement

    February 2018

    SLRB3 Pricing Supplement

    February 2018

    SLRB4 Pricing Supplement

    February 2018

    SLRC3 Pricing Supplement

    February 2018

    SLRC4 Pricing Supplement

Corporate governance

King III: How the 75 Principles of Corporate Governance are being applied within the Sasfin Group

Board charters and committees

  • The Board Charter
    1. The board of Sasfin Holdings Limited subscribes to good corporate governance and strives to be an effective board, which can both lead and control the Group.  As a bank-controlling company, it recognises that it is bound by the Banks Act and as such, will consist of both executive and non-executive directors (including independent directors) to the extent appropriate in terms of that Act.  The concept of a unitary board, consisting of executive directors, with their intimate knowledge of the business, and non-executive directors who can bring a broader view to the Group’s activities, particularly those who have intimate knowledge of banking and financial services industries, remains the favoured board structure.  Management of business risk and the exercise of commercial judgement on behalf of the Group are the essence of this mutual association and exchange of business experience and knowledge.  The board accepts it has a collective responsibility to provide effective corporate governance that involves a set of relationships between the management of the Group, its boards, its shareowners and other relevant stakeholders, in a manner whereby the board will:-
      1. determine the Group’s purpose and values;
      2. determine the strategies to achieve its purpose (that is, its strategic intent and objectives  as a business enterprise) and to implement its values (that is, its organisational behaviour and norms to achieve its purpose) in order to ensure that it survives and thrives;
      3. exercise leadership, enterprise, integrity and judgement in directing the Group so as to achieve continuing prosperity of the Group;
      4. ensure that procedures and practices are in place that protect the Group’s assets and reputation;
      5. monitor and evaluate the implementation of strategies, policies, management performance criteria and business plans;
      6. ensure that the Group complies with all relevant laws, regulations and codes of best business practice;
      7. ensure that technology and systems used are adequate to run the business properly and for it to compete through the efficient use of its assets, processes and human resources.
      8. identify key risk areas and key performance indicators of the Group in order to generate economic profit, so as to enhance shareowner value in the long term (the wider interests of society will also be recognised);
      9. regularly assess performance and effectiveness as a whole, and that of individual directors, including the chief executive officer, and
      10. ensure that the Group has developed a succession plan for its executive directors and senior management.  In addition, ensures regular review of the succession of Non-Executive Directors.
    2. The board will strive to focus on “performance” in directing the commercial and economic fortunes of the Group, and not only concentrate on issues of “conformance”.  The board recognises that enterprise is the disposition to engage in undertakings of risk and will be constituted in a manner that provides a balance between enterprise and control.  All directors recognise that absolute integrity is necessary to meet their onerous obligations and responsibilities.
    3. The board will comprise a balance of executive and non-executive directors, with a majority   of non-executive directors, of whom sufficient will be independent of management for minority interests to be protected and will conform to the “four-eyes” principle as required by the South African Reserve Bank.  The board will also take cognisance of gender and racial mix, where this is practical.
    4. The board will be composed of individuals of integrity, who can bring a blend of knowledge, skills, objectivity, experience and commitment to the board under the firm and objective leadership of a chairperson (preferably an independent non-executive director), and who accepts the responsibilities and duties that the post entails and who provides the direction necessary for an effective board.  Non-executive directors will be appointed for a three-year period, which will not be an automatic re-appointment.
    5. The board will strive to exercise objective judgement on the corporate affairs of the business enterprise, independent from management and will insist on sufficient management information to enable a proper and objective assessment to be made by the directors collectively.  The board will guide and set the pace of the Group’s operations and future developments.  In so doing, the board will regularly review and evaluate the present and future strengths, weaknesses and opportunities of, and threats to, the Group.  Comparisons with competitors, locally and internationally, and best practice will be major ingredients in this process – especially in the era of the global economy and the rapid transmission of information electronically.
    6. The board recognises that transactions between the Group companies and its managers, directors or large/dominant shareowners are rife with potential conflicts of interest.  The personal interests of directors or persons closely associated with the director will not take precedence over those of the Group and its shareowners.  All directors will avoid conflicts of interest, even where these can only be perceived to be as such.  Full and timely disclosure of any conflict, or potential conflict, will be made known to the board.  Where an actual or potential conflict does arise, the provisions of section 75(5) of the Companies Act will apply where a director must disclose the interest, its general nature, and material information, observations or pertinent insights relating to the matter, before the matter is considered at the meeting, and once these disclosures were made, is expected to recuse himself/herself from the meeting.  Any director, who, with a substantial interest in the company, such as a major shareowner, should recognise the potential for a conflict of interest and accept that his/her primary duty and responsibility is to always act in the interests of the Group.
    7. The board, in motivating management and employees effectively and productively, will promote a culture that supports enterprise and innovation with appropriate short- and long-term performance-related rewards that are fair and achievable.  The board will seek to drive the business enterprise proficiently through proper and considered decision-making processes, and recognise entrepreneurial endeavour amongst its management without contravening laws and regulations.  However, prudent risk management will be the essence of all decision making.
    8. The board recognises that companies do not act independently from the societies in which they operate.  Accordingly, corporate actions will be compatible with societal objectives concerning social cohesion, individual welfare and equal opportunities for all.  At times, however, a trade-off will be considered between short-term social costs and decisions that will derive longer term benefits for the Group and thereby those having an interest in it.
    9. The board will determine a policy for the frequency, purpose, conduct and duration of its meetings and those of its formally established committees.  It will also adopt efficient and timely methods for informing and briefing board members before meetings.  The information needs of the board must be well defined and regularly monitored.  Each board member will be allowed to play a full and constructive role in its affairs and has a responsibility to be satisfied that the board has been furnished with all the relevant information before making a decision.  The board will meet at least once a quarter and more frequently if necessary, and will make use of board-appointed committees to assist the managing of the business on a more frequent basis.  Minutes of these meetings will be circulated to all board members.
    10. Board committees:  The board will establish the following committees and ensure that each committee is chaired by a non-executive director and have a membership of a majority of non-executive directors, except for the Credit committee, as large exposures will be agreed by the board.  These committees must conform to statutory requirements, where applicable:-
      • Group Audit and Compliance
      • Group Risk and Capital Management
      • Directors’ Affairs and Nominations
      • HR and Remuneration
      • Asset and Liability
      • Credit and Investment
      • Social and Ethics
      • Information Technology
      • Further management committees, as required, will be approved by the board.
    11. The board will define its own levels of materiality, reserving specific powers to itself and delegating other matters to the committees and management with the necessary written authority.  Any such delegations by the board will have due regard for the directors’ statutory and fiduciary responsibilities to the Group, while taking into account strategic and operational effectiveness and efficiencies.
    12. The strategies, policies, mutually-agreed management performance criteria and business plans of the Group will be clearly defined and reliable measurements will be put into place.  The directors will implement a risk framework which ensures that comprehensive assessments against accurate and relevant financial and non-financial information, as appropriate, and which are obtainable from the Group’s own internal reporting systems as well as from external sources, so that an informed assessment can be made of all issues facing the board and the Group.  Accordingly, the board will ensure that internal control procedures provide reliable and valid information for monitoring and evaluation.  The internal controls will include not only financial matters, but also operational and compliance controls and management of the business risks associated with the Group.
    13. The Sasfin Holdings Limited Board Charter will serve as the Charter for Sasfin Bank Limited.
  • Roles and Responsibilities of the board committees
    1. ASSET AND LIABILITY COMMITTEE ("ALCO")
      1. Role

        The role of the Committee is to assist the board to ensure that:

        1. The Company has implemented an effective policy and plan for asset and liability management (‘hereafter ALM') management that will enhance the Company's ability to achieve its strategic objectives; and
        2. The disclosure regarding risks relating to ALM are comprehensive, timely, and relevant.
      2. Responsibilities:

        The Committee will perform all the functions as is necessary to fulfil its role as stated afore and including the following:

        1. Oversee the development and annual review of a policy and plan for ALM management to recommend for approval to the board;
        2. Monitor implementation of the policy and plan for ALM management taking place by means of ALM management systems and processes;
        3. Make recommendations to the board concerning the levels of tolerance and appetite and monitoring that risks are managed within the levels of tolerance and appetite as approved by the board;
        4. Oversee that the ALM management plan is widely disseminated throughout the company and integrated in the day-to-day activities of the Company;
        5. Ensure that risk management assessments relating to the ALM management process are performed on a continuous basis;
        6. Ensure that frameworks and methodologies are implemented to increase the possibility of anticipating unpredictable risks;
        7. Ensure that management considers and implements appropriate responses;
        8. Ensure that continuous risk monitoring relating to ALM by management takes place;
        9. Liaise closely with the Audit Committee and the Risk and Capital Management Committee for the exchange of information relevant to ALM;
        10. Express the Committee's formal opinion to the board on the effectiveness of the system and process of ALM management;
        11. Review reporting concerning risk management that is to be included in the integrated report for it being timely, comprehensive and relevant;
        12. Development and maintenance of a risk management policy for liquidity, interest rate and market risks;
        13. Monitor ALCO model inputs, outputs and sensitivities;
        14. Identifying new or changed opportunities;
        15. Liquidity and interest rate risk and foreign exchange rate risk as reporting to the board;
        16. Responsible to inform the board of any regulatory developments that could affect asset and liability policies and strategies.
    2. GROUP AUDIT AND COMPLIANCE COMMITTEE ("GACC")
      1. Role

        The Committee will assist the board to comply with Section 64 of the Banks Act, viz:

        1. Development of an internal audit programme;
        2. Safeguarding of the Group's assets;
        3. Maintenance of adequate accounting records;
        4. Development and maintenance of effective internal control systems;
        5. Improving the effective utilization of resources;
        6. Reporting of financial matters;
        7. Maintenance of risk policies and
        8. Ensuring an effective compliance function.

          and also ensures the following:

        9. In its evaluation of the adequacy and efficiency of the internal control systems, accounting practice, information systems and auditing processes applied within that bank or controlling company, as the case may be in the day-to-day management of its business;
        10. To facilitate and promote communications, regarding the matters referred to in 2.1.9 above or any other related matter, between the board of directors and the executive officers of, the auditor appointed under section 61 or 62 for, and the employee charged with the internal auditing of the transaction of, the bank or controlling company, as the case may be; and
        11. To introduce such measures as in the committee's opinion may serve to enhance the creditability and objectivity of financial statements and reports prepared with reference to the affairs of the bank or controlling company, as the case may; and
        12. Perform such further functions as may be prescribed.
      2. Responsibilities

        The Committee shall consider any matters relating to the financial affairs of the Bank and Holding Company boards and as well as to the internal and external audits that it determines to be necessary.
        In addition, the Committee shall also examine any other matters referred to it by the board, including other Committees, or the Chief Executive Officer or Financial Director or Internal Auditor or Compliance Function, provided that it is within the Committee's scope of responsibilities.

        The responsibilities of the Committee shall also be to:

        1. Consider the Internal Audit Charter prior to the board's approval and ensures that it contains the responsibilities, authorities, duties and objectives of the Internal Audit Departments; ensures an annual review;
        2. Allow Internal Audit and External Auditors to have unrestricted access to the Chairman or members of the Committee when necessary;
        3. Review the internal audit functions, scope and internal audit reports to ensure that the critical risk areas are addressed;
        4. Consider major findings of internal investigations and management's response;
        5. Review the board's internal control systems including financial control for effectiveness;
        6. Review accounting policies adopted or any changes made or contemplated;
        7. Monitor management's responsibilities according to this policy;
        8. Consider differences of opinion between management and auditors;
        9. Direct and supervise investigations into any matter within the scope of its responsibilities;
        10. review the interim and annual financial statements focusing particularly on:
          • any changes in accounting policies and practices;
          • compliance with accounting standards and statutory requirements.
        11. Discuss problems and reservations arising from the interim and final audits done by the external auditors if any;
        12. Review the external auditor's management letter and the management's response;
        13. Approve the scope of the external audits and finalise budgeted fee structure prior to interim, annual or other external audits;
        14. Ensures that an annual self-assessment review of the committee is undertaken.
    3. GROUP RISK AND CAPITAL MANAGEMENT COMMITTEE ("GRCMC")
      1. Role

        The role of the committee is to assist the board to ensure that:-

        1. The Company has implemented an effective policy and plan for risk capital management that will enhance the Company's ability to achieve its strategic objectives;
        2. The disclosure regarding risk is comprehensive, timely, relevant;
        3. To establish and implement a process of internal controls and reviews to ensure the integrity of the overall risk and capital management process;
        4. To establish and implement policies and procedures designed to ensure that the bank or controlling company identifies, measures and reports all material risks;
        5. To establish and implement a process that relates to capital to the levels of risk;
        6. To establish and implement a process that states capital adequacy goals with respect to risk, taking account of the bank's strategic focus and business plans.
      2. Responsibilities
        1. The GRCMC will assist the board and Management in its evaluation of the adequacy and efficiency of the risk policies, procedures, practices and controls applied within the Bank in the day-to-day management of the business within the risk appetite that the board may lay down from time to time.
        2. Development and maintenance of a Risk Management policy both internal and external;
        3. Assist the board in the identification of the build-up and concentration of risk, including reputational, technological, and legal & product risk, to which the Bank is exposed.
        4. Assist the board of directors in developing a risk mitigation strategy to ensure that the bank manages the risks in an optimum manner;
        5. Assist the board in ensuring that a formal risk assessment is undertaken at least annually;
        6. Assist the board in identifying and regularly monitoring all key risks and key performance indicators to ensure that its decision-making capability and accuracy of its integrated reporting and financial results are maintained at a high level at all times;
        7. Facilitate and promote communication, through reporting structures regarding the matters referred to in paragraph (a) or any other related matter, between the board of directors and the executive officers of the bank;
        8. Ensure the establishment of an independent risk management function, and in the case where the bank forms part of a group, a group risk management function (including any global activities), the head of which will act as the reference point for all aspects relating to risk management within the bank, including the responsibilities to arrange training to members of the board of directors in the different risk areas that the bank is exposed to.  It will also ensure that risk management assessments are performed on an ongoing basis;
        9. Introduce such measures as in the committee's opinion may serve to enhance the adequacy and efficiency of the risk management policies, procedures, practices and controls applied within the bank;
        10. Co-ordinate the monitoring of risk management on a globalized basis;
        11. Perform such further functions as may be prescribed by the Registrar from time to time in the Regulations relating to Banks
        12. Interact with the Audit & Compliance Committee, ALCO and Management on risk related issues; and
        13. Reporting to the Board of directors on critical risk issues.
    4. GROUP INFORMATION TECHNOLOGY COMMITTEE ("IT")
      1. Role

        The IT Committee will assist the board and Management with relation to:

        1. Assessing system requirements;
        2. Implementing systems;
        3. Disaster recovery planning;
        4. Identify opportunities / threats with regard to systems;
        5. System access controls; and
        6. Approve and monitor projects within board approved Budgets.
      2. Responsibilities

        The IT Committee shall consider any matters relating to the technological risk of Sasfin Bank.
        In addition, the Committee shall also examine any other matters referred to it by the board, Executive Directors or the Chief Information Officer provided that it is within the Committee's scope of responsibilities.
        The responsibilities of the committee shall also be to ensure that Risk Management structures are in place that enables:

        1. Policies and processes are in place for:
          • Maintenance
          • Enhancement
          • New development

            of both Operating and User systems.

          • Architecture
          • Networking
          • Platforms
          • Hardware

            and including both in-house development and off-the-shelf software.

        2. Policies are in place for creation of:
          • Disaster Recovery Planning and execution
          • Business Recovery Plans, Processes and Procedures
        3. Policies for safe keeping and monitoring computer assets and information security.
        4. Prioritising, approval and monitoring of major system development.
        5. Prioritising, approval and monitoring of major hardware implementation.
        6. Establishment of an IT Management Committee to manage ongoing system development and operational activities on a bi-monthly basis.
        7. To review the minutes of the IT Manco meetings.
        8. Monitor high level progress of system performance.
        9. Monitor strategic system development.
        10. Approve and monitor IT budgets for both capital and major systems development
    5. DIRECTORS' AFFAIRS COMMITTEE ("DAC")
      1. Role

        This committee will function on a group basis and is established in terms of the Banks Act.  It will also take cognisance of matters that are required by the King Code regarding a Nominations committee.

      2. Responsibilities

        The Directors' Affairs Committee will assist the board and Management with relation to:

        1. The requirements of the King Reports on Corporate Governance;
        2. The corporate governance issues relating to the Banks Act.
        3. Assist the board of directors in its determination and evaluation of the adequacy, efficiency and appropriateness of the Corporate Governance structure and practices of the Bank
        4. Establish and maintain a board Directorship continuity programme to include, as a minimum:
          • Review of performance and succession planning of executive directors;
          • Continuity of Non-Executive Directors;
          • Regularly review the required mix of skills, experience and other qualities required for the effectiveness of the board;
          • An annual self-assessment, under co-ordination of the Chairman of the board, of the board as a whole and of the contribution of each individual Director.
        5. Assist the board of directors in the nomination of successors to the key positions in the Bank ensuring that a management succession plan is in place;
        6. Assist the board of directors to terminate the employment of those Directors who have been found delinquent in their duties;
        7. Assist the board of directors in ensuring that the Bank is at all times in compliance with all applicable laws, regulations and codes of conduct and practices;
        8. Perform such further functions as may be prescribed by the Registrar from time to time in the Regulations relating to Banks.
    6. GROUP HUMAN RESOURCES AND REMUNERATION COMMITTEE ("REMCO")
      1. Role

        The Remuneration and HR Committee will assist the board in providing management with guidance on the adequacy and efficiency of remuneration and HR policies, procedures and practices which are to be applied within the Group.

        1. These policies should as a minimum cover the following aspects:-
          • Conditions and remuneration for appointment of both executive and non-executive directors;
          • Conditions and remuneration for appointment of senior management;
          • Guidelines for the appointment of other management and personnel;
          • Comprehensive HR policies, which includes those matters of the Financial Services Charter related to Black Economic empowerment;
          • Comprehensive HR procedures;
          • Comprehensive procedures which ensure compliance with laws and regulatory requirements.
        2. Ensure structures are in place which enable agreed policies to be carried out effectively in: -
          • Empowerment;
          • Staff training and development;
          • Promotions;
          • Identification of key people;
          • Succession planning of key posts below executive director level;
          • Performance reviews, salary and commission payments;
          • Disciplinary hearings;
          • Employment termination for positions below executive director levels;
          • Recruitment at the various levels up to EXCO (Excluding executive / non-executive directors);
          • Continued maintenance of staff procedures;
          • Equity employment;
          • Adequate statistical information and reporting;
          • Comprehensive payroll services.
      2. Responsibilities

        The Committee will operate in terms of the authorities and instructions agreed to by the board from time to time as provided in the policies.
        In addition, the Committee may:-

        1. Investigate any activity within its terms of reference and report on it;
        2. Seek any information it requires from any employee and all employees are directed to co-operate with any requests made by the Committee;
        3. Obtain legal or independent professional advice and information if it deems it necessary taking into account the availability of the funds;
        4. Agree share issues up to 25 000 per individual or a maximum of 100 000 for the Group, after which board approval is required;
        5. Approve or decline salary recommendations made by management;
        6. Approve salaries at EXCO level, except for executive Directors of Sasfin Bank and Holdings;
        7. Approve non-executive Directors emoluments except for that of the Chairman of the Bank and Holdings boards;
        8. Submit recommendations to the board for the emoluments, bonuses of "share participation" allocations of the Group CEO, executive directors and the Chairman of the Bank and Holdings boards.
      3. Other general responsibilities of the Group HR and Remuneration Committee

        In relation to policy with regards to the following:-

        1. Negotiation with trade unions should this arise;
        2. Establish training needs and develop staff to their full potential, provided this is needed and for the benefit of the company;
        3. Motivate to the boards any executive bonus scheme;
        4. Facilitate medical aid schemes, pension or provident funds;
        5. Agree long service awards policy;
        6. Agree study loans policy;
        7. Ensure annual performance reviews and facilitate statistical information reporting on results;
        8. Ensure annual salary increases fall into the previously agreed limits and facilitate statistical information in this respect;
        9. Review and agree minor staff benefits and expenditure limits such as travel, accommodation, canteen, entertainment, overtime, etc;
        10. Facilitate and review regular and periodic statistical reporting items such as employment numbers, BEE and EE statistics for report-back to management and where necessary to the boards.
    7. SOCIAL AND ETHICS COMMITTEE ("SEC")
      1. Role

        The Committee has an independent role, operating as an overseer and a maker of recommendations to the board of Sasfin for its consideration and final approval. The Committee does not assume the functions of management, which remain the responsibility of the executive directors, the general managers, officers and other members of senior management.
        The role of the committee is to facilitate transformation in Sasfin by inter alia:

        1. Providing leadership to Sasfin's agenda;
        2. Reviewing and approving the policy, strategy and structure to manage social, ethics and transformation issues in Sasfin;
        3. Identifying and managing internal and external impediments to effective social, ethics and transformation implementation;
        4. Making observations and recommendations to the board of Sasfin on the substance, place and results of social, ethics and transformation initiatives adopted by Sasfin;
        5. Developing benchmarks and guidelines to monitor the implementation of Sasfin's social, ethics and transformation strategy;
        6. Ensuring that the strategy goes beyond black economic empowerment ("BEE") ownership to reflect all the pillars of transformation, in particular but not limited to:-
          • achieving a substantial change in the demographic composition of management structures and skilled occupations of Sasfin;
          • promoting initiatives to assist and accelerate affirmative procurement and the development of black enterprises;
          • empowering rural and local communities by enabling access to economic activities, infrastructure and skills.
        7. Assessing and measuring performance of Sasfin's implementation of its social, ethics and transformation strategy with reference to the:
          • United Nations Global Compact Principles;
          • OECD Guidelines for Multinational Enterprises;
          • Employment Equity Act;
          • Broad Based Black Economic Empowerment Act;
          • Good Corporate Citizenship.
        8. Monitor Sasfin's activities with regard to:
          • social and economic development;
          • the contribution to development of communities in and around the different operations;
          • promotion of equality, prevention of unfair discrimination and reduction of corruption;
          • sponsorship donation and charitable giving;
          • environment, health and public safety including the impact of Sasfin's activities and products;
          • consumer relationships including advertising, public relations and compliance with consumer protection law.
        9. Report to shareholders on social, ethics and transformation issues;
        10. Ensure that management has allocated adequate resources to comply with social, ethics and transformation policies, codes of best practice and regulatory requirements;
        11. As and when required consult and communicate with internal and external stakeholders on social, ethics and transformation issues;
        12. The Committee must receive and approve a plan with specific targets from the different business units of Sasfin.  Management should inform this Committee in advance about organisational objectives and plans so that the members of this Committee can make the necessary contribution;
        13. Sasfin must inform the Committee of Sasfin's Human Resources Policies so that the members can understand these policies;
        14. Sasfin and the Committee must develop a workable plan to develop talented employees of Sasfin, especially Historically Disadvantaged South Africans, to qualify for senior positions in Sasfin;
        15. To design and ensure the successful implementation of a strategy for consultation with the Executive Committee ("EXCO") of the Business Units of the Group that positions Sasfin competitively and sustainably for the long term.  For this purpose it is paramount that the strategy:
          • presents a uniform and co-ordinated approach to the fundamental and substantive transformation of Sasfin's operations and its stakeholders;
          • complies with policies, guidelines, regulatory and statutory requirements and any relevant industry codes as they apply and impact on the business affairs of Sasfin.
      2. Responsibilities

        The Committee must perform all the functions necessary to fulfill its role as stated above and including the following:

        1. Identify Sasfin's compliance requirements in terms of all legislation related to BEE including but not limited to the Broad Based Black Economic Empowerment Act (Act 53 of 2003), Employment Equity Act (Act 55 of 1998), the Skills Development Act (Act 97 of 1998), Banks Act (Act 94 of 1990) and Code of Good Practice on Broad-Based Black Economic Empowerment, OECD Guidelines, United Global Compact Principles;
        2. Give guidance to and make recommendations to the board of Sasfin on the development of the strategy of the Group;
        3. Endorse any strategy developed by EXCO for transformation prior to board approval and implementation of the strategy; and
        4. Monitor EXCO's implementation of the initiatives to achieve issues identified in the strategy.

          The Committee should, inter alia, take into consideration the following in the carrying out of the terms of reference:

        5. Any applicable sector charters, specifically the Financial Sector Charter and such other sector charters that may be applicable;
        6. The identity of Sasfin's clients;
        7. Whether Sasfin tenders for government business;
        8. Whether Sasfin's clients tender for government business;
        9. Sasfin's most recent BEE rating;
        10. The resources required to achieve the objectives;
        11. Sasfin's Employment Equity and Skills Development plans;
        12. Corporate social investment; and
        13. The communities around which Sasfin operates.

B-BBEE Certificate

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Contact us

Marketing

Cathryn Pearman

Head of Marketing
Cathryn.Pearman@sasfin.com
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