Old Mutual Limited has underscored its commitment to creating shared value during the first ever Africa Shared Value Leadership e-Summit, taking place online, from 2-5 June 2020.
Old Mutual is calling for greater inclusivity and a more equitable Africa through the strategic adoption of a Shared Value business model. This approach advocates for a more interconnected relationship between driving business growth and creating opportunities to address some of society’s most pressing challenges.
The onset of the global Covid-19 pandemic has served as a catalyst for businesses everywhere to align their strategies to a more shared values approach. Old Mutual continues to drive business continuity during this challenging time, whilst working to create shared value amongst its key stakeholders. This through impactful, measured and targeted responses designed to not only solve immediate challenges, but create lasting connections and impressions that will serve the business well into the future.
“Now, more than ever before, big business has a critical role to play in ensuring that its strategies and operations are sensitive to the socio-economic challenges we face as a continent. Businesses with the best chance of sustaining growth and profit in an ever changing landscape are those who are actively involved in creating unique solutions to address the continent’s most pressing issues. This, in addition to working collaboratively with a broad range of stakeholders to achieve real impact,” says Maserame Mouyeme, Director of Corporate Affairs and Responsible Business at Old Mutual.
As a signatory to the United Nations-backed Principles for Responsible Investment (PRI), Old Mutual’ s commitment to creating Shared Value is embodied in its Responsible Business framework. This framework specifically advocates for responsible investing, responsible environmental management and responsible behaviour towards customers, employees and communities.
The Group’s comprehensive programme to generate shared value across the continent includes:
A multi-faceted Covid-19 Response designed to address the impacts of the pandemic through:
- The introduction of premium-free cover worth R4-billion for qualifying healthcare workers in South Africa and Zim$2.2 billion in Zimbabwe
- Over R5 million committed to securing personal protective equipment (PPE) for essential service workers and its own 30,000 strong work force across the 13 countries in which the business operates
- Investments across the continent that focus on education, hygiene awareness and food security in excess of R50 million. This is in partnership with governments, business, labour and civil society.
R133.1 Billion invested across what the Group refers to as its “Responsible Customer Investment Life Cycle” which includes:
- Socially inclusive and resource efficient investments creating community upliftment
- Financial education and inclusion programmes designed to help empower customers and communities to reduce debt and increase savings.
- Investing in next generation education, including work currently underway to establish Africa’s Biggest Digital Classroom, which will bring learners, teachers, experts in the field as well as entrepreneurs together using the latest technology
“It is simply not sustainable for businesses to focus solely on commercial success and profitability anymore. However, clear and purposeful leadership is necessary to drive the shared value agenda in a way that moves it from the page to real and meaningful action. At Old Mutual, we remain committed to leading this charge not only for our business, but for the entire continent,” concludes Mouyeme.