In both the South African and international economic and political landscapes, the role of stakeholder engagement has been elevated in its importance, and is a critical enabler to driving value for the business in a sustainable manner. With this in context, we at MMI understand that being client centric means listening to the needs and wants of various stakeholder groups and responding to them through development of relevant and appropriate solutions and programmes. Stakeholder engagement is not only about compliance in line with King III principles, but it is a way of connecting MMI to its social partners in business, government and civil society. Through collaboration, the partners can work together to address the issues facing our key stakeholders, including the communities and economies in which we do business.
Our focus at MMI has been towards growing the number of platforms and programmes to enable us to engage with our multiple stakeholders meaningfully and frequently, with the aim of building on the quality of the relationships. The impact of these activities is measured annually through our Stakeholder Relationship Index, which assesses the strength of our relationships at company level as well as individual relationship level. Over the years, the Index has yielded feedback, which has enabled us to evaluate our current strategy and adjust our approach in consultation with our clients, stakeholders and segments with the MMI business.
In 2016, we have built on the achievements of the previous year, including active involvement in programmes that are aligned with our purpose of delivering Financial Wellness.
World Economic Forum
In 2015, MMI joined the World Economic Forum as a Regional Associate for Africa. The World Economic Forum is the epitome of public – private partnership with the aim of “improving the state of the works by engaging business, political, academic and other leaders of society to shape global, regional, and industry agendas”. Their mission is aligned with MMI’s values of teamwork and collaboration. In 2016, MMI’s CEO made a commitment to contribute to one of the causes of the World Economic Forum by spearheading the Africa Skills Initiative. Nicolaas Kruger aims to receive pledges from companies in South Africa to train at least 100 000 potential candidates, including youth, to prepare them for the requirements of the financial services industry.
Strategic and Community Conversations
Our stakeholder management team held their 10th strategic and community development conversations in 2016. These are engagement platforms targeted at the emerging and middle income market segments. The quarterly sessions take place in different provinces across South Africa with the aim of interacting with representatives from private sector, government and civil society regarding Financial Wellness and how MMI can develop solutions to effectively address stakeholder needs. In addition to educating participants on Financial Wellness, the community sessions simultaneously engage members on matters such as social issues, skills development and corporate social investment.
The Directors Event
In 2016, we sponsored the second edition of The Directors Event in collaboration with media partner, Times Group. This is a dialogue platform where leaders from government, business and civil society convene to discuss solutions to progress South Africa’s socio-economic landscape. This year, a panel of experts addressed issues that impact the financial wellness of South Africans, namely, South Africa’s global competitiveness, quality of healthcare, access to education and driving entrepreneurship. The insights and solutions will inform our stakeholder engagement plan and the social programmes that MMI will invest in as a responsible corporate citizen.
MMI will continue participating in and driving appropriate and transparent discussions with our stakeholder groups, in a bid to contribute to building a sustainable and reputable Financial Wellness organisation.
Key engagements with stakeholders
Click on the icons below for more information
- Momentum Unisa Household Financial Wellness Index, an annual survey that measures the financial wellness of South Africans and our clients.
- Launch of the MMI Consumer Vulnerability Index by Corporate and Public Sector to provide insights on factors that impact financial wellness from an employer perspective
- Financial Education workshops by our client-facing brands to enhance financial literacy and trust in financial services companies.
- MMI Fair Practices Committee to evaluate alignment of client-related activities with Treating Customers Fairly principles.
- Investment in sponsorship and marketing activities that enable client interaction and communication of our value propositions.
- Ongoing measurement of the brand and customer experience of our clients.
- Understanding financial services solutions by consumers
- Financial pressure and indebtedness impacting persistency and savings
- Value-for-money client solutions
- Saliency and competitiveness of client-facing brands
- Provision of financial services across different income segments
- Regular feedback from the group chief executive officer on MMI’s strategy, operating model and performance.
- Launch of training development programmes, in partnership with academia to grow middle and senior management talent.
- Culture initiative underway to enable business delivery
- Implementation of the new operating model and structure.
- Launch of MMIgnite to drive innovation and enhance creative thinking around client solutions.
- MMI employee value proposition and employer branding identity
- Culture and transformation
- Change management
- External brand visibility
- CSI investment and employee volunteerism
- Annual Investor Conference with analysts, investors and media to position MMI’s strategy and achievements.
- Engagements with international investors both locally and in the United States and the United Kingdom.
- Quarterly, interim and year-end presentations of MMI results using all forms of media (JSE SENS, print, television, radio broadcasts).
- Clear group strategy and operating model
- Segment/business earnings mix
- Distribution strategy
- International diversification strategy
- Dividend policy and capital management
- MMI Foundation, funded through MMI profits – invest in communities in partnership with government and non-government organisations.
- Launched MMI CSI profile to communicate focus areas and achievements to the public.
- Assess funding applications focused on health, sports development, education and people with disabilities.
- Contributing member to the National Education Collaboration Trust, a partnership model aimed at supporting the NDP.
- Community conversations to gain insights on issues surrounding financial wellness
- Trust in financial services organisation
- Enterprise development
- Funding sustainability of CSI beneficiaries
- Financial wellness alignment
- Financial Education
- Engagement with regulators and government in matters such as the National Health Initiative pilot programmes and collaborating on achieving NDP outcomes.
- Engagement with Treasury and Office of the President on political and economic scenario
- Partnerships with government on CSI programmes.
- Representative in various committees and industry associations that engage with legislators (eg Association for Savings and Investments South Africa, South African Insurance Association, Business Unity South Africa).
- Parliamentary committees to enable public policy participation.
- Twin Peaks regulation
- Public-private partnerships
- Retirement Fund Reform
- Protection of Personal Information Act
- Solvency Assessment and Management (SAM)
- Sovereign down-grade risk
- Financial Account Tax Compliance Act
- MMI’s media profile has grown, with the company being profiled on multiple platforms outside of the results reporting cycle.
- Sponsored the Financial Mail Budget supplement, where MMI executives and chief executive officer provided opinion pieces regarding the NDP.
- Collaboration with Sunday Times on the directors’ event, which generated exposure.
- Regular engagements with media around executive changes, Africa strategy, etc.
- Establishment of Aluwani Capital Partners transaction (Black-owned Asset Manager)
- MMI results
- Client-centric strategy
- Africa strategy
- Mergers and acquisitions
- Engagement sessions with organised labour to inform development of financial wellness propositions and influence public policy development.
- Sponsorship of Cosatu investment training programme for its affiliate trustees.
- Sponsorship of various conferences hosted by federations and unions (eg Nehawu, Denosa, Num).
- Regulatory landscape
- Transformation including employment equity
- Job creation and skills development
- Trustee training
- Discussions around commitment to B-BBEE objective and support required to achieve the minimum threshold.
- Enterprise development funding opportunities for companies in our supply chain.
- Regular interaction to discuss service delivery as part of our procurement processes.
- Prompt payment
- B-BBEE certification
- Directing spend to black women-owned business
- Regular email communications
- Thought leadership events
- Product launches and updates
- Momentum Risk Summit
- In-house publications
- General manager, regional manager and marketing adviser interactions with intermediaries and brokers
- Representation on regulatory bodies such as the FPI and ASISA to influence new legislation
- In-house learning programmes
- Retail distribution review
- General regulatory and compliance matters
- Impact of slow economic growth
- Volatile investment markets
- Competitiveness of products
- Fit and proper status of representatives and key individuals
- Speed and quality of service
- Providing viable low-income solutions for clients