At MMI, we understand our client-centric journey requires the engagement of our stakeholders so that we can develop solutions that address the needs of various interest groups. We recognise that stakeholder management is not only good governance in line with King III principles, but essential in enabling us to serve our purpose of financial wellness and creating shared value with our customers and the community. As such, a collaborative approach needs to be adopted, where we work together with our key stakeholders in understanding issues that are material to them and developing plans to prioritise or resolve these issues.

Growing not only the number and types of relationships, but also the quality of the relationships remains a key objective to MMI. To assess the strengths of our relationships, including the effectiveness of the manner in which we engage and manage our stakeholders, we undertake an annual survey to measure this, namely the Stakeholder Relationship Index. The feedback from our stakeholders informs our stakeholder management approach, which is reviewed in consultation with segments, channels and group-wide functions.

In this financial year, our focus has been on activities where MMI, beyond its core business of providing financial solutions,

can play a further active role in the progress of the economies of countries in which we operate. Some of our activities include joining the World Economic Forum as Regional Associate in Africa, whereby the chief executive officer and MMI executives participated in the World Summit in Davos and Africa Summit in Cape Town. Our stakeholder management team launched a series of strategic and community development conversations that took place quarterly, targeting low-income and middle-income groups across different provinces in South Africa. The objectives of the sessions are to educate the participants on financial wellness, while simultaneously engaging community members on matters such as social issues, skills development and corporate social investment. In June, we sponsored the inaugural directors’ event in Sandton – a conference where leaders from government, business and civil society convened to discuss solutions to achieve inclusive growth in South Africa, with the National Development Plan as the basis of the debates.

MMI will continue participating in and driving the appropriate transparent discussions and engagements with our stakeholder groups, in a bid to demonstrate our commitment to being a responsible and trustworthy financial wellness organisation.

We have had multiple engagements with our stakeholder groups as outlined:

  • How we engaged
  • Momentum Unisa Household Financial Wellness Index, an annual survey that measures the financial wellness of South Africans and our clients.
  • 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.
  • Sponsorship and marketing activities to position our value propositions.
  • Annual brand and customer trackers to measure perception of our brand perception and customer experience.
  • Some key issues raised
  • Understanding financial services offerings 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
  • How we engaged
  • 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.
  • Annual Leadership Summit with senior managers and executives to inform strategy and enablers.
  • Implementation of the new operating model and structure.
  • Launch of MMIgnite to drive innovation and enhance creative thinking around client solutions.
  • Some key issues raised
  • MMI employee value proposition
  • Culture and transformation
  • MMI operating model
  • Innovation
  • Brand visibility
  • Corporate social investment and employee volunteerism
  • How we engaged
  • Annual Investor Conference with analysts, investors and media to position MMI’s strategy and achievements.
  • Engagements with international investors both locally and in the US/UK.
  • Quarterly, interim and year-end presentations of MMI results using all forms of media (JSE SENS, print, television, radio broadcasts).
  • Positioning MMI as a Top 40 JSE-listed entity.
  • Some key issues raised
  • Group strategy and operating model
  • Segment/business earnings mix
  • Distribution strategy
  • Africa penetration
  • Dividend policy and capital management
  • How we engaged
  • 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.
  • Launched an employee volunteerism programme.
  • Contributing member to the National Education Collaboration Trust, a partnership model aimed at supporting the NDP.
  • Some key issues raised
  • Enterprise development
  • Funding sustainability
  • Financial wellness alignment
  • Education
  • How we engaged
  • Engagement with regulators and government in matters such as the National Health Initiative pilot programmes and collaborating on achieving NDP outcomes.
  • Collaboration with Department of Health on launching a mobile health clinic.
  • Partnerships with government on corporate social investment 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.
  • Some key issues raised
  • Twin Peaks regulation
  • Public-private partnerships
  • Retirement Fund Reform
  • Protection of Personal Information Act
  • Solvency Assessment and Management
  • Financial Services Laws General Amendment Act
  • Financial Account Tax Compliance Act
  • How we engaged
  • 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 PR.
  • Regular engagements with media around executive changes, Africa strategy, etc.
  • Some key issues raised
  • MMI results
  • Client-centric strategy
  • Top 40 index
  • World Economic Forum
  • Africa strategy
  • Mergers and acquisitions
  • How we engaged
  • Strategy meetings 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, Popcru).
  • Some key issues raised
  • Union recognition by MMI
  • Transformation including employment equity
  • Job creation and skills development
  • Trustee training
  • How we engaged
  • 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.
  • Some key issues raised
  • Prompt payment
  • B-BBEE certification
  • Directing spend to black women-owned business
  • How we engaged
  • Regular email communications
  • Thought leadership events
  • Product launches and updates
  • Momentum Risk Summit
  • In-house publications
  • General manager, regional manager and marketing advisor interactions with intermediaries and brokers
  • Representation on regulatory bodies such as the FPI and ASISA to influence new legislation
  • In-house learning programmes
  • Some key issues raised
  • Retail distribution review (RDR)
  • 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