Investors

Trustees

Sizwe Nxasana

Chairman BCom, BCompt (Hons, CA(SA))

HOWARD ARRAND

FNB fund chairman BA (Psychology), CAIB, AEP

PETER COOPER

BCcom (Hons), HDip Tax, CA(SA)

JANET DU PREEZ

Diploma Social Work, MA (Public Policy and Development)

ELIZABETH MAEPA

BCOM, CAIB

SEBENZILE MATSEBULA

BSc (Biostatistics), MSc (Biometrics)

KELEBOGILE MAZWAI

WesBank fund chairman

CHRIS MKHIZE

BA (Hons), Advanced Diploma in Public Administration

MAMOKGETHI SETATI

PhD (Mathematics Education)

CAROLYNNE WATERHOUSE2

RMB fund chairman BSoc Sc, Marketing Management Diploma

Trustees

Nolulamo Nobambiswano
Gwagwa

Chairman BCom, BCompt (Hons, CA(SA))

Zwoitwaho Calvin Nevhutalu

M. Phil (Environmental law and management, environmental law and management)

Oren Fuchs

BA, Economics / Political Science, MSc(DP), Planning, Certificate (Finance), Finance / nvestments / Accounting, Distinction with Honours, Impact Investing, Executive Education, mpact Investing

Sizwe Errol Nxasana

BCom, BCompt (Hons), CA(SA

Elizabeth Maepa

BCom, Business/Commerce, General, Managing Marketing & Related Support Services

Amanda Tandi Nzimande

(APPOINTED NOT ON LOA) BCom, CTA, CA(SA), HDip Co Law

Mary Vilakazi

(APPOINTED NOT ON LOA) BCom (Hons), CA(SA)

Bongiwe Njobe

(APPOINTED NOT ON LOA) MSc and GCE O Level

Trustees

Nolulamo Nobambiswano Gwagwa

BA, MTRP, MSc, PhD

Zwoitwaho Calvin Nevhutalu

M. Phil (Environmental law and management, environmental law and management)

Oren Fuchs

BA, Economics / Political Science, MSc(DP), Planning, Certificate (Finance), Finance / nvestments / Accounting, Distinction with Honours, Impact Investing, Executive Education, mpact Investing

Sizwe Errol Nxasana

BCom, BCompt (Hons), CA(SA

Elizabeth Maepa

BCom, Business/Commerce, General, Managing Marketing & Related Support Services

Amanda Tandi Nzimande

(APPOINTED NOT ON LOA) BCom, CTA, CA(SA), HDip Co Law

Mary Vilakazi

(APPOINTED NOT ON LOA) BCom (Hons), CA(SA)

Bongiwe Njobe

(APPOINTED NOT ON LOA) MSc and GCE O Level

climate-related
disclosures

FirstRand adopted the Task Force on Climate-related Financial Disclosures (TCFD) in 2020. Since then, the group has published annual disclosures in line with TCFD recommendations.

These recommendations cover a complex set of topics, including risk, governance, and strategy, which are disclosed in several relevant reports that form part of the group’s overall integrated reporting.

Therefore, group has built this climate reporting hub which allows the user to access via hyperlinks the specific topics of interest.

The table below provides an overview of each TCFD recommendation and where these disclosures can be accessed within the group’s suite of reports.

Recommendations Disclosure channel Response
Governance

a)

Describe the board’s oversight of climate-related risks and opportunities

b)

Describe management’s role in assessing and managing climate-related risks and opportunities

Basel Pillar 3 disclosure

Organisational structure and governance for climate (pages 123 – 124)

Corporate governance report

Climate oversight (responsibilities of board committees and management structures) (pages 38 – 42)

Remuneration report

Provides detail on climate considerations in the remuneration scorecards of executive directors, prescribed officers, sustainable finance executives and risk teams. (page 78)
Introduction and strategy

a)

Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term

b)

Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning

Climate change strategies report

Covers FirstRand’s overall climate approach, in particular how the group’s core business activities are responding to climate matters. Content includes:

  • The group’s climate change commitments and roadmap
  • How financial resource management enables the group’s climate change response
  • The climate lending strategy, climate balance sheet, sustainable and transition finance update
  • Climate-related products and solutions offered to retail, commercial and corporate customers
  • Incorporation of climate change considerations into invest activities

Basel Pillar 3 disclosure

Covers the climate-related risks the group has identified over the short, medium, and long term (pages 128 – 133)

Industry forums

FirstRand participates in industry forums to ensure that new research is considered and incorporated into the group’s climate risk programme

c)

Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario

Basel Pillar 3 disclosure

Portfolio-level climate-related risk assessment – stress testing (pages 131 – 133)

Risk management

a)

Describe the organisation’s processes for identifying and assessing climate-related risks

b)

Describe the organisation’s processes for managing climate-related risks

c)

Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management

Basel Pillar 3 disclosure

  • Portfolio level
    • Materiality of climate risk and opportunities (page 124)
    • Climate risk appetite statement (page 125)
    • Climate risk identification and management (page 128 – 130)
    • Climate-sensitive sectors and how FirstRand manages exposures in these sectors (limit setting and monitoring) (page 126,133 – 135)
  • Own operations level (page 141 – 143)
    • Climate risk assessment for own emissions
    • Approach to meet 2030 net-zero commitment

Environmental and social risk assessment (ESRA) process

Transaction-level screening

Metric and targets

a)

Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process

b)

Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks

c)

Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets

Basel Pillar 3 disclosure

Climate risk metrics and exposure section

  • Balance sheet exposure to certain sectors-transition risk and physical risk (page 133 – 135)
  • Financed emissions (pages 135 – 140)
    • Methodology
    • Tables (total South African portfolio and sector views)
  • Own emission table (pages 141 – 143)

Climate change strategies report

  • FirstRand’s climate ambitions and commitments (page 11)
  • Climate balance sheet metrics (pages 17 – 19)