Momentum Metropolitan Holdings

At Momentum Metropolitan, the Board Risk, Capital, and Compliance Committee (BRCC) approves (with input from key stakeholders) the risk appetite for climate change related risks. It provides independent oversight of the design, implementation and adherence to our internal climate change risk management procedures and the effectiveness thereof at a Group level. [...] The BRCC will continue to fulfil this responsibility but recognises the varied touchpoints and intersections with other Board committees on climate care. We are reviewing the governance of climate change across Board committees, to ensure that the Group is well-positioned for sustainability. [...] Momentum Metropolitan's executive committee provides supervision with regards to climate change disclosures as well as the identification and mitigation of climate risks and opportunities. Established in 4Q F2021 and chaired by the Group Head of Sustainability, the Sustainability Forum is a senior management advisory committee on operational sustainability matters, including climate change mitigation and adaptation initiatives within the broader business. [...] The climate risks and opportunities of both the individual businesses, and the Group as a whole, are reported to the Board's Investment Committee, the SETC and the BRCC (see page 9 in the governance section for an overview of our climate governance).

We have a responsible investing committee that serves as an oversight function of responsible investing practices across the investment team. [...] Our investments committee and social, ethics and transformation committee are mandated by the Board to provide oversight of the Group's application of responsible and economically sensible investment practices. At management level, the responsible investment committee monitors the relevance and integrity of our responsible investment practices and policies and ensures alignment with global standards.

The Board designated Social, Ethics and Transformation Committee (SETC) has the delegated accountability for sustainability matters within Momentum Metropolitan, thus, it is responsible for overseeing the response to and performance on identified climate risks and opportunities. During F2021 the SETC approved the sign-up and formal adoption of the Taskforce on Climate-Related Financial Disclosures (TCFD) recommendations, becoming the first listed insurance group in South Africa to appear on the global TCFD supporters list. During F2022 the SETC interrogated and approved MMH's new Sustainability Framework which was launched in June 2022. Rather than having a separate climate strategy, MMH's climate change response forms part of the Sustainability Framework that articulates MMH's commitment to integrate and collaborate on all sustainability matters within the Group. The SETC also approved the 2022 Sustainability Report – MMH's first Sustainability Report that provides insight into the Sustainability Framework, related performance, and future commitments. It also approved for publishing MMH's second TCFD Report which covers Momentum Metropolitan's journey towards climate change resilience. The report also discloses progress and processes in place towards mitigating and adapting to climate-risk across the Group's enabling functions and portfolio of businesses using the framework provided by the TCFD recommendations. [...] The Sustainability Department is coordinating sustainability issues, inclusive of climate-related issues, across the business and incorporate and report on the Responsible Investments engagement activities to the SETC - feedback on issues is reported as per MMH's Risk Management policy.

The group finance director proudly oversees the sustainability department, which is dedicated to addressing climate-related issues. Ultimate accountability lies with the board and its various committees, including the executive committees. The group executive committee, responsible for managing sustainability initiatives, diligently reviews these efforts and brings pertinent issues to the attention of the following board committees: audit, fair practices, risk and compliance, social ethics, and transformation.

At Momentum Metropolitan, the Board Risk, Capital, and Compliance Committee (BRCC) approves (with input from key stakeholders) the risk appetite for climate change related risks. It provides independent oversight of the design, implementation and adherence to our internal climate change risk management procedures and the effectiveness thereof at a Group level. [...] The BRCC will continue to fulfil this responsibility but recognises the varied touchpoints and intersections with other Board committees on climate care. We are reviewing the governance of climate change across Board committees, to ensure that the Group is well-positioned for sustainability. [...] Momentum Metropolitan's executive committee provides supervision with regards to climate change disclosures as well as the identification and mitigation of climate risks and opportunities. Established in 4Q F2021 and chaired by the Group Head of Sustainability, the Sustainability Forum is a senior management advisory committee on operational sustainability matters, including climate change mitigation and adaptation initiatives within the broader business. [...] The climate risks and opportunities of both the individual businesses, and the Group as a whole, are reported to the Board's Investment Committee, the SETC and the BRCC (see page 9 in the governance section for an overview of our climate governance).

We have a responsible investing committee that serves as an oversight function of responsible investing practices across the investment team. [...] Our investments committee and social, ethics and transformation committee are mandated by the Board to provide oversight of the Group's application of responsible and economically sensible investment practices. At management level, the responsible investment committee monitors the relevance and integrity of our responsible investment practices and policies and ensures alignment with global benchmarks. [...] Our proxy voting policy has also been updated with our expected climate considerations. Please also refer to our engagement register on page 15. We are also a signatory of the Climate Action 100+ global initiative and form part of the engagement groups of Sasol and Eskom.

Momentum Metropolitan works with government structures to support social projects. However, we do not make political party donations, directly or indirectly. [...] We engage with industry regulators and industry bodies, for example, ASISA, to ensure industry alignment and improvements of standards. [...] The Responsible Investment Committee monitors the relevance and integrity of our responsible investment practices and policies and ensures alignment with global best practices. It does not enforce but guides and seeks to influence the Group towards responsible investment decisions. The management teams lead all efforts to regularly assess and disclose our performance as a responsible investor against global standards such as the PRI. [...] The responsible investment goals for 2023 have been clarified by the Responsible Investment Committee and approved by the Momentum Investments Exco. These are to demonstrate progress on climate change, contribute to the Just Transition and build positive impactful relationships with market participants. [...] Our methods for integration include: ESG integration: The process of including ESG factors in investment analysis and decision-making to better manage risks [...] Active ownership: We are active owners and incorporate ESG issues into our ownership policies and practices [...] Stewardship activities: Individual and/or collaborative activities, undertaken by our Company to act on behalf of our investors, such as voting at shareholder meetings and engaging with investee boards.

The board-delegated Risk, Capital, and Compliance (RCC) Committee and Social, Ethics and Transformation Committee jointly lead the primary oversight of the Group's management of climate risks and opportunities and the disclosure thereof, with many touchpoints to other board committees. Over the past year the RCC has overseen efforts to embed the Group climate risk framework and led regulatory engagements on climate change risk. The SETC's focus was on oversight of the sustainability strategy development with business units, and measurement over time, and securing the foundation for the Group's decarbonisation plan. [...] In January 2023 Group Sustainability was integrated into the Group Risk Function to intensify the groupwide focus on it. Business unit management teams, through Exco leadership, are encouraged and will over time be measured to ensure decisions on climate actions are cascaded and implemented at all levels of the organisation.

6.2.2.2. Responsible corporate citizenship, including the Company's: a. Oversight and monitoring on an ongoing basis of the consequences of the Company's activities and outputs that affect its status as a responsible corporate citizen. b. Oversight that the Company's core purpose, values, strategy and conduct are congruent with it being a responsible corporate citizen. c. Promotion of equality, prevention of unfair discrimination, and reduction of corruption, and ensure that these efforts include compliance with the Constitution of South Africa. d. Contribution to development of the communities in which its activities are predominantly conducted or within which its products or services are predominantly marketed. e. Recording of sponsorship, donations and charitable giving. f. Consideration and monitoring of Momentum Metropolitan's environmental management issues. g. Consideration of material, national and international regulatory developments in environmental management and climate change. h. Assess and monitor Momentum Metropolitan's climate change response, including approval of the carbon emissions reduction target.

The Board designated Social, Ethics and Transformation Committee (SETC) has the delegated accountability for sustainability matters within Momentum Metropolitan, thus, it is responsible for overseeing the response to and performance on identified climate risks and opportunities. During F2021 the SETC approved the sign-up and formal adoption of the Taskforce on Climate-Related Financial Disclosures (TCFD) recommendations, becoming the first listed insurance group in South Africa to appear on the global TCFD supporters list. During F2022 the SETC interrogated and approved MMH's new Sustainability Framework which was launched in June 2022. Rather than having a separate climate strategy, MMH's climate change response forms part of the Sustainability Framework that articulates MMH's commitment to integrate and collaborate on all sustainability matters within the Group. The SETC also approved the 2022 Sustainability Report – MMH's first Sustainability Report that provides insight into the Sustainability Framework, related performance, and future commitments. It also approved for publishing MMH's second TCFD Report which covers Momentum Metropolitan's journey towards climate change resilience. The report also discloses progress and processes in place towards mitigating and adapting to climate-risk across the Group's enabling functions and portfolio of businesses using the framework provided by the TCFD recommendations. [...] The Board designated Risk, Capital, and Compliance Committee (BRCC) oversees the quality, integrity, and reliability of the Groups' risk, capital, and compliance management, which includes climate change risk and any other risks and opportunities that could result of from it. The BRCC approves (with input from key stakeholders) the risk appetite for climate change related risks. It provides independent oversight of the design, implementation and adherence to internal climate change risk management procedures and the effectiveness thereof at a Group level. The BRCC will continue to fulfil this responsibility, but recognises the varied touchpoints and intersections with other Board committees on climate care. The BRCC is chaired by a non-executive director who is a SETC member.

Momentum Metropolitan works with government structures to support social projects. However, we do not make political party donations, directly or indirectly. [...] We engage with industry regulators and industry bodies, for example, ASISA, to ensure industry alignment and improvements of standards. [...] The Responsible Investment Committee monitors the relevance and integrity of our responsible investment practices and policies and ensures alignment with global best practices. It does not enforce but guides and seeks to influence the Group towards responsible investment decisions. The management teams lead all efforts to regularly assess and disclose our performance as a responsible investor against global standards such as the PRI. [...] The responsible investment goals for 2023 have been clarified by the Responsible Investment Committee and approved by the Momentum Investments Exco. These are to demonstrate progress on climate change, contribute to the Just Transition and build positive impactful relationships with market participants. [...] Our proxy voting and engagement policies guide our stewardship approach to ensure our conduct is in an appropriate manner, consistent with our clients' best interests. Our responsible investment policies and voting records are also available on our website.

Momentum Metropolitan is committed to operating an efficient and profitable business within the parameters of the compliance landscape. The Group Compliance function has been mandated by our Board to design and effectively implement a Compliance Risk Management Policy for the Group. The Board Risk, Capital and Compliance Committee is responsible for the quality, integrity and reliability of the Group's risk management processes, which include implementing compliance and compliance risk management. In addition, the Group Compliance function facilitates management of compliance through analysing regulatory requirements and monitoring their implementation and execution together with compliance functions of the various business units. It is accountable for managing and reporting identified compliance risks. The Group continues to work closely with the regulators on key issues. We adopt a proactive approach to engagement with regulators and seek to manage the developmental requirements with a combination of internal and external resourcing.

The group finance director proudly oversees the sustainability department, which is dedicated to addressing climate-related issues. Ultimate accountability lies with the board and its various committees, including the executive committees. The group executive committee, responsible for managing sustainability initiatives, diligently reviews these efforts and brings pertinent issues to the attention of the following board committees: audit, fair practices, risk and compliance, social ethics, and transformation.

The board-delegated Risk, Capital, and Compliance (RCC) Committee and Social, Ethics and Transformation Committee jointly lead the primary oversight of the Group's management of climate risks and opportunities and the disclosure thereof, with many touchpoints to other board committees. Over the past year the RCC has overseen efforts to embed the Group climate risk framework and led regulatory engagements on climate change risk. The SETC's focus was on oversight of the sustainability strategy development with business units, and measurement over time, and securing the foundation for the Group's decarbonisation plan. [...] In January 2023 Group Sustainability was integrated into the Group Risk Function to intensify the groupwide focus on it. Business unit management teams, through Exco leadership, are encouraged and will over time be measured to ensure decisions on climate actions are cascaded and implemented at all levels of the organisation.

The RI committee serves as an oversight committee to ensure ESG integration across our investment team. [...] At management level, the RI committee, with member representation from across our business, oversees our approach to RI and the application of the Exco-approved RI, climate change investment, proxy voting and engagement policies.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]Momentum Metropolitan is represented by various business unit representatives who engage with Government, Regulators, Industry Bodies and Business Partners on policy issues impacting the business inclusive of climate change.

The various representatives meet on a regular basis with their associations to debate and give recommendations on various topics to ensure sustainability in their business models.

The Sustainability Department is coordinating sustainability issues, inclusive of climate-related issues, across the business and incorporate and report on the Responsible Investments engagement activities to the SETC - feedback on issues is reported as per MMH's Risk Management policy.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes