Governance structure

Santam is making concerted efforts to review its business practices on an ongoing basis to ensure that its approach, methodology and governance related protocols continue to support and complement the group’s vision and strategic objectives. To establish and maintain sound and ethical governance practices across the business, key principles, controls and policy making activities are implemented at all levels of the organisation, guided by Santam-specific best practices and principle-based governance requirements.

These standards and requirements, in addition to the board’s fiduciary duties, require the Board to accept accountability and take responsibility for governance, ethical leadership, and how decision making should be approached, governed and executed. The Insurance Prudential Standards further require the controlling company of an insurance group such as Santam to establish a governance framework that provides for sound and prudent management of the group’s business, including adequate protection of its clients’ interests. To this end, the Santam board reviews and approves the company’s governance policy on a yearly basis as it emphasises Santam’s approach to sound business practices and complements its strategic objectives