Old Mutual : CDP 2023 submission

Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

Welcome to your CDP Climate Change Questionnaire 2023

Old Mutual Limited - Final

C0. Introduction

C0.1

(C0.1) Give a general description and introduction to your organization.

Old Mutual Limited (OML) was established in Cape Town in 1845 as South Africa's first mutual life insurance company, offering financial security in uncertain times and has been serving customers and communities for 177 years.

Today, the organization has grown into a premier pan-African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 13 African countries (South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, Nigeria, Ghana, Uganda, Rwanda, South Sudan and Eswatini) and through a 50:50 joint venture in Asia (China).

OML's primary listing is on the Johannesburg Stock Exchange, with a standard listing on the London Stock Exchange and secondary listings on three other stock exchanges in Africa: Namibia, Malawi and Zimbabwe.

OML's purpose is to help customers thrive by enabling them to achieve their lifetime financial goals, while investing their funds in ways that will create a positive future for them, their families, their communities and broader society.

To meet the various needs of customers, OML offer a wide range of products and services through various distribution channels. Products and services are delivered to individuals, small and medium-sized businesses, corporates and institutions through six main operating segments which are structured across 4 lines of business:

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

Savings and protection: Innovative life assurance based on product solutions, addressing both protection and savings needs, as well as short term insurance through Old Mutual Insure.

Investments: Growing customers' savings and wealth, whether through active and direct asset management through the Old Mutual Investment Group or the selection of funds for customers to invest in through multi-managers.

Lending: Old Mutual offers personal loans and debt consolidation loans tailored to the individual needs of customers. All loan products are provided through Old Mutual Finance, a licensed financial services and registered credit provider.

Banking: The Money Account is both a low-cost transactional account and a one of a kind unit trust savings account. This innovative banking product is offered by Old Mutual Transaction Services (Pty) Ltd in association with Bidvest Bank Ltd and Old Mutual Investment Administrators, a licensed financial services provider.

Banking and Lending is offered in Namibia, Kenya and Zimbabwe and contributed less than 5% to OML's revenue during FY2022; hence it will not be reported on in this CDP response.

C0.2

(C0.2) State the start and end date of the year for which you are reporting data and indicate whether you will be providing emissions data for past reporting years.

Reporting year

Start date

January 1, 2022

End date

December 31, 2022

Indicate if you are providing emissions data for past reporting years

No

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

C0.3

(C0.3) Select the countries/areas in which you operate.

Botswana

China

Eswatini

Ghana

Kenya

Malawi

Namibia

Nigeria

Rwanda

South Africa

South Sudan

Uganda

United Republic of Tanzania

Zimbabwe

C0.4

(C0.4) Select the currency used for all financial information disclosed throughout your response.

ZAR

C0.5

(C0.5) Select the option that describes the reporting boundary for which climate-related impacts on your business are being reported. Note that this option should align with your chosen approach for consolidating your GHG inventory.

Operational control

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

C-FS0.7

(C-FS0.7) Which activities does your organization undertake, and which industry sectors does your organization lend to, invest in, and/or insure?

	Does your organization undertake	Insurance types	Industry sectors your organization lends to,
	this activity?	underwritten	invests in, and/or insures
Banking (Bank)	No
Investing (Asset manager)	Yes		Exposed to all broad market sectors
Investing (Asset owner)	Yes		Exposed to all broad market sectors
Insurance underwriting	Yes	General (non-life)	Exposed to all broad market sectors
(Insurance company)		Life and/or Health

C0.8

(C0.8) Does your organization have an ISIN code or another unique identifier (e.g., Ticker, CUSIP, etc.)?

Indicate whether you are able to provide a unique identifier for your organization	Provide your unique identifier
Yes, an ISIN code	ZAE000255360
Yes, a Ticker symbol	OMU

C1. Governance

C1.1

(C1.1) Is there board-level oversight of climate-related issues within your organization?

Yes

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

C1.1a

(C1.1a) Identify the position(s) (do not include any names) of the individual(s) on the board with responsibility for climate-related issues.

Position of	Responsibilities for climate-related issues
individual or
committee
Board-level	The OML Board appointed Responsible Business Committee and Risk Committee are formally accountable for climate-related issues.
committee
	The Responsible Business Committee's mandate includes monitoring and reporting on the Group's activities in sustainable social and
	economic development, including environmental management.
	The Risk Committee provides oversight over all material financial and non-financial risks within the Group on behalf of the Board. This
	extends to oversight over climate related financial and non-financial risks.
	During 2022 the Responsible Business Committee approved the revised Asset Owner Responsible Investment Policy as well as
	updates to the Old Mutual Customer Investment Risk Policy to include climate change considerations as part of the overall investment
	process, with the aim of delivering sustainable long-term returns to customers.
	Further, it approved the Old Mutual Investment Group's commitment to the Net Zero Asset Managers Initiative (NZAMI), having
	approved the commitment to join the Net Zero Asset Owner Alliance (NZAOA) in 2021.
	The Committees also reviewed key climate change risks and opportunities and had overview of the proposed climate change
	scenarios.
C1.1b

(C1.1b) Provide further details on the board's oversight of climate-related issues.

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

Frequency with which	Governance mechanisms	Scope of board-level	Please explain
climate-related issues	into which climate-	oversight
are a scheduled	related issues are
agenda item	integrated
Scheduled - all	Reviewing and guiding	Climate-related risks and	The OML Board, via the Board Responsible Business Committee and the
meetings	annual budgets	opportunities to our own	Board Risk Committee set the OML direction, strategy and position on
	Overseeing and guiding	operations	Climate Change in conjunction with the OML executive team, taking into
	employee incentives	Climate-related risks and	account existing approaches within the investment, general insurance,
	Reviewing and guiding	opportunities to our	environmental and responsible business units.
	strategy	banking activities	These Committees collectively established the OML Climate Change Task
	Overseeing and guiding	Climate-related risks and	Force to facilitate a cross-functional, coordinated and structured response
	the development of a	opportunities to our	to the identification, assessment and mitigation of climate-related risks and
	opportunities in OML, and set the mandate for the task force.
	transition plan	investment activities
	Oversight is provided via quarterly reviews of OML's progress on climate
	Monitoring the	Climate-related risks and
	implementation of a	opportunities to our	change.
	transition plan	insurance underwriting
	Overseeing and guiding	activities
	The impact of our own
	scenario analysis
	Overseeing the setting of	operations on the climate
	The impact of our
	corporate targets
	Monitoring progress	banking activities on the
	climate
	towards corporate targets
	The impact of our
	Overseeing and guiding
	investing activities on the
	public policy engagement
	climate
	Overseeing value chain
	The impact of our
	engagement
	insurance underwriting
		activities on the climate
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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

Reviewing and guiding therisk management process

C1.1d

(C1.1d) Does your organization have at least one board member with competence on climate-related issues?

	Board member(s) have	Criteria used to assess competence of board member(s) on climate-related issues
	competence on climate-
	related issues
Row	Yes	In 2018, at the time of listing on the JSE, the OML Board determined the individual skills required to provide effective
1		oversight over the large and complex financial services business, creating a skills matrix.
		The Corporate Governance & Nominations committee reviews this skills matrix of the Board and its committees on a
		quarterly basis. Skills gaps which are identified inform the training requirements of the Board, as well as skills which will
		be targeted with future Board appointments. The institutional knowledge of directors is also considered as part of this
		process.
		Preference is given to executive and/or industry experience when filling skills gaps on the Board, as the Board believes
		that these skills enable the most effective functioning of the Board, supporting robust oversight by Board members who
		have had the requisite practical experience.
		During 2022 eight Board members were identified with recognised executive industry expertise in sustainability.
		The Board is satisfied that these 8 directors have essential expertise required to effectively govern and guide the Group
		in future proofing the business and complying with Environmental, Social and Governance (ESG) requirements,
		including climate change.
		It was further decided to provide the entire Board and Exco with ongoing training on strategic sustainability, including
		climate change issues.
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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

C1.2

(C1.2) Provide the highest management-level position(s) or committee(s) with responsibility for climate-related issues.

Position or committee

Chief Risks Officer (CRO)

1The Chief Risk Officer sits on the Executive Committee of OML.

Climate-related responsibilities of this position

Assessing climate-related risks and opportunities

Managing climate-related risks and opportunities

Coverage of responsibilities

Risks and opportunities related to our banking

Risks and opportunities related to our investing activities

Risks and opportunities related to our insurance underwriting activities

Risks and opportunities related to our own operations

Reporting line

Risk - CRO reporting line

Frequency of reporting to the board on climate-related issues via this reporting line

Quarterly

Please explain

As part of the executive team the Chief Risk Officer is responsible for overall accountability for managing financial and non-financial risks within the organisation (including climate change as it is classified as an external risk).

The Board Committees and executive team manage the Climate Change Task Force whose responsibilities include: coordinating and

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

overseeing 4 cross-functional work stream activities; ensuring alignment across functional areas and segments (Group Strategy, Segments, Group Risk, Responsible Business), and ensuring regulatory and TCFD disclosure requirements are met (4 TCFD pillars), coordinating reporting for the executive team and Board committees.

The 4 workstreams that develop, guide, and deliver against the Group's climate change strategy are: Workstream 1 - Responsible Investor

Members comprise asset owner and asset manager representatives from across the Group.

The mandate is to drive collaborative efforts towards the decarbonisation of investment holdings and identify new growth opportunities in the green economy.

This workstream has oversight over aligning investment metrics and targets across the Group.

Workstream 2 - Managing operational carbon footprint

Members comprise representatives from corporate property management teams for employee-occupied buildings and from property investment teams for the investment property portfolio.

The mandate is to drive the identification and implementation of actions to reduce the Group's operational carbon emissions, including investment properties.

This workstream has oversight over accurate reporting in terms of the GHG Protocol.

Workstream 3 - Managing climate strategy, risks and opportunities

Members comprise Group Risk, Group Strategy, and Sustainability representatives.

The mandate is to drive the formulation of the overall climate change strategy and facilitate identification of climate change opportunities and risks across the business.

This workstream and its core members drive the overall Climate Change programme as a working group.

Workstream 4 - Integrating climate change action in Old Mutual Segments

Members comprise segment Risk, Strategy and Sustainability representatives. Key representatives from the segments are members of the Climate Task Force.

This workstream facilitates the integration of work done by the segments into the Climate Change Task Force and takes the direction from the Task Force to the segments for alignment of activities.

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Old Mutual Limited CDP Climate Change Questionnaire 2023 Wednesday, July 26, 2023

The segment representatives drive the ongoing risk and opportunity identification and the response to climate change for their respective segments.

Position or committee

Other C-Suite Officer, please specify

Director Group Strategy and Human Capital

The Director Group Strategy and Human Capital is the equivalent of a Group Sustainability Director and sits on the Executive Committee of OML.

Climate-related responsibilities of this position

Integrating climate-related issues into the strategy

Managing climate-related risks and opportunities

Coverage of responsibilities

Risks and opportunities related to our banking

Risks and opportunities related to our investing activities

Risks and opportunities related to our insurance underwriting activities

Risks and opportunities related to our own operations

Reporting line

CEO reporting line

Frequency of reporting to the board on climate-related issues via this reporting line

Quarterly

Please explain

As part of the executive team the Director Group Strategy and Human Capital is responsible for alignment with the Group ESG strategy, incorporating climate change and the operational implementation across the business, ensuring adequate investment, resourcing and support for the climate change commitments.

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