We’re a responsible participant in financial markets and our communities
At Prudential, we define corporate responsibility as the way our company behaves and how we manage our impact on society and the environment. We believe it’s important to be a responsible participant in financial markets. As a company, we maintain high standards of corporate governance, ethics and appropriate disclosure with a broader goal of instilling and growing trust in the country’s financial systems. Transformation also plays a major role. Here are some of the ways we meet our responsibilities:
- Investing in our people;
- Investing in our communities;
- Managing our environmental impact;
- Maintaining effective health and safety management systems;
- Choosing BEE-accredited suppliers for preferential procurement;
- Advancing broad-based BEE participation;
- Advancing stable, reliable and transparent financial services in South Africa to promote trust; and
- Supporting corporate social investment projects focused on education.
Corporate social investment
Corporate social investment (CSI) is an important part of our corporate responsibility, and is overseen by our Transformation, Social and Ethics Committee, which is a formal sub-committee of our Board of Directors.
Our key CSI focus is on education initiatives, with a particular emphasis on mathematics. Through these we aim to help develop human talent, realise individual potential and transfer practical skills to those young people most in need, while helping increase the number of previously disadvantaged people actively participating in the SA economy.
We also provide financial support for CSI projects in which Prudential's staff, shareholders and clients are directly involved. We spent approximately R2,5 million on CSI projects in 2015.
Three of our most important education-related initiatives are Living Maths, StudyTrust, and the Tertiary School in Business Administration (TSiBA).
Our biggest sponsorship is Living Maths, an initiative that provides special math tuition to disadvantaged students outside of normal school hours. Based in schools in disadvantaged areas in Cape Town and Johannesburg, this very successful programme currently reaches some 4,500 learners in Grades 1-12. Read a letter from one of our bursary students.
Through StudyTrust, a national bursary agency, we fund university bursaries for five deserving students every year, with the aim of making financial services careers more accessible for previously disadvantaged students. The funding spans 3-4 years of tertiary studies (from start until completion of the degree) in fields such as Actuarial Science, Mathematics and Commerce. StudyTrust received the 2013 FW de Klerk Goodwill Award in recognition of its excellent contribution to education.
Prudential supports TSiBA, the Tertiary School in Business Administration, which is a not-for-profit business school whose aim is to develop leaders and entrepreneurs from disadvantaged communities. As part of their experiential learning programmes, Prudential takes on TSiBA students for 6-8 month internships during their studies, as well as for 18-month practical experience after graduation.