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Board diversity policy

April 2018

Purpose

The promotion of Diversity on the Board Policy (‘the Policy’) sets out the approach to diversity on the Boards of Directors of Sanlam Life and Pensions Limited (‘the Board’).

Scope

The Policy applies to the Board. It does not apply to diversity in relation to employees of Sanlam UK.

Strategic context

Transformation which includes diversity and inclusion is a core pillar of the Sanlam Group business strategy. There are a range of Initiatives which promote diversity across the Group, one of which is an emphasis on diversity in the make-up of the Board. Boards which are more diverse are known to generate a greater range of perspectives on matters of strategic importance, insight and challenge needed to support good decision making, as well as to guide improved delivery on diversity and transformation imperatives. Over and above this, a growing body of research indicates that gender diversity specifically is instrumental in achieving optimal business performance.

Policy statement

Sanlam recognises and embraces the benefits of a diverse board, particularly with regards to demographics, skills, experience, race, age, gender, educational and professional diversity and other relevant personal attributes.

We are committed to new appointments based on merit, taking into account specific experience, knowledge, and independence needed to ensure a rounded Board and the diversity benefits each member can bring to the overall Board composition.

Meeting targets of diversity are set and reviewed annually by the Sanlam Group Nominations Committee and the Board. Both non-executive and executive directorships are included in the targets.

Accountability

The nominations committee (“the committee”) reviews and assesses Board composition on behalf of the Board and recommends the appointment of new Directors. The Committee also oversees the conduct of the annual review of Board effectiveness.

  • In reviewing Board composition, the Committee will consider the benefits of all aspects of diversity including, but not limited to gender in order to enable it to discharge its duties and responsibilities effectively.
  • In identifying suitable candidates for appointment to the Board, the Committee will consider candidates on merit against objective criteria and with due regard for the benefits of diversity on the Board
  • As part of the annual performance evaluation of the effectiveness of the Board, Board Committees and individual Directors, the Committee will consider the balance of skills, experience, independence and knowledge of Sanlam on the Board and the diversity representation of the Board and others factors relevant to its effectiveness.

Targets

Annually, the Committee will discuss and agree targets for the achievement of gender diversity on the Board and will recommend them to the Board for adoption. At any given time the Board may seek to improve one or more aspects of its diversity and measure progress accordingly.
At the date of adoption of this Policy, the aim is to ensure that at least 1/6 of the Board is made up of women by the end of 2019.

Monitoring and Reporting

The Committee will monitor progress against targets and will report annually in the corporate governance section of the Sanlam Annual Report, on the process it has used in relation to Board appointments. Such report will include a summary of this Policy, targets and progress made towards achieving those objectives.

Policy Review

This Policy will be reviewed annually, The Committee will discuss any revisions that may be required and recommend any such revisions to the Board for approval.

Investing involves risk and the value of investments and the income from them may fall as well as rise and are not guaranteed. Investors may not get back the original amount invested.