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.