1. Purpose of the policy
This policy provides a framework for all MMI Holdings current and future sustainability activities.
2. Policy statement
Sustainability is an approach to business that places value creation in a long term context.Implicit in this statement is the creation of shared value. This implies that economic value is created for the business whilst simultaneously creating value for society, which enables the needs and challenges of society to be addressed. Business success should be linked to socio-economic development and low environmental impact. Sustainability is an approach to business that takes all three elements, economic, social and environmental value, into account.
MMI Holdings is fully committed to good sustainability principles. We strive to be financially sound, socially responsible as well as environmentally friendly, with good corporate governance as the overarching principle.
- MMI - MMI Holdings Limited
- SETC - social, ethics and transformation committee of the board
This policy applies to all divisions, businesses and staff (both permanent and contract), and to management and brand operations, where MMI is the controlling shareholder.
Sustainability is a central function, which coordinates all sustainability activities in the divisions via the designated divisional champions and sustainability steering committee members.
- Sustainability is an integral part of how MMI does business and these principles are a core management principle;
- MMI will comply with all relevant legislation and approved codes of good practice locally, nationally and internationally;
- MMI will communicate and report on progress, both internally and externally, principally, but not exclusively, by means of the annual integrated report;
- MMI will utilise all suitable opportunities to influence our partners, suppliers and contractors to improve their own sustainability performance;
- MMI will constantly seek to improve environmental, governance, societal and economic performance on an ongoing basis;
- MMI will participate in discussions about sustainable development matters; and
- MMI will consider and implement initiatives to manage new and changing sustainability issues such as climate change, supply chain management, bribery and corruption, human rights and crime.
- MMI will operate in a socially and ethically responsible manner;
- MMI will raise awareness amongst its staff of our sustainability objectives;
- MMI will encourage staff participation in sustainable development issues;
- MMI will minimise the consumption of energy and water resources and reduce waste production.
- MMI will endeavour to reduce its carbon emissions in line with national targets
All sustainability issues will be dealt with in the following manner:
6.1 Operational reporting structure:
- The group executive and the board will approve all policies and strategies regarding sustainability;
- The head of sustainability will report into the group corporate governance executive; and
- Should there be an issue that requires board approval, this issue will first go before the group executive risk committee and to the SETC before being tabled at the board.
7. Escalation of non-sustainable matters identified
All non-sustainable practices that are identified will be escalated to the executive risk committee for consideration.
8. Role of assurance providers
Assurance of non-financial information will be undertaken by group internal audit or external audit where practical, and this will be improved incrementally.
9. Ownership and effective date
Ownership for the policy resides with the head of sustainability. The policy will be reviewed every three years or earlier if it becomes necessary. The effective date of the policy will be when it is accepted by the SETC.
10. Other related policies and guidelines
- Terms of reference of the sustainability steering committee;
- MMI risk management framework;
- MMI Holdings procurement charter;
- MMI Holdings employment equity (EE) policy;
- MMI Holdings corporate social investment (CSI) policy;
- Codes for Responsible Investing in South Africa (CRISA);
- United Nations Principles for Responsible Investing (UN PRI);
- United Nations Global Compact Principles; and
- King III Corporate Governance recommendations.