This integrated report describes the operational and financial performance and activities of FirstRand Limited (FirstRand or the group) for the year ended 30 June 2021.
The group continues to present both new and existing content in an accessible and diagrammatical style.
OF PARTICULAR NOTE:
In the CEO's report, there is a detailed unpack of the group's strategy across jurisdictions. There is also an explanation of its platform enablement journey, including an example of a customer ecosystem.
Infographics on pages 08 to 11 demonstrate how the operations of the group positively impact a broad range of stakeholders.
The commentary and financial results in the chairman's, CEO's and CFO's reports, and the operational reviews are based on the normalised results of the group. The normalised results have been derived from the IFRS financial results. A detailed description of the differences between normalised and IFRS results and detailed reconciliation between normalised and IFRS results are provided on pages 178 to 183.
1966/010753/06. Certain entities within the FirstRand group are authorised financial services and credit providers. This report is available on the group's website: www.firstrand.co.za/investors/annual-reporting/
Email questions to investor.relations@firstrand.co.za
About the group
FirstRand's integrated reporting framework
Measuring social impact
Review of operations
Simplified group structure
Five-year review - normalised
Ethical foundation and culture
Board of directors
Large exposures committee
Directors' affairs and governance
Risk, capital management and
Information technology risk and
Social, ethics and transformation
Responsible corporate citizenship
Independent assurance report on selected
non-financial information to the directors
of FirstRand Limited
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FirstRand group summary consolidated financial statements
Directors' responsibility statement and
approval of the summary consolidated
Independent auditors' report on the summary
consolidated financial statements
Company secretary's certification
Summary consolidated financial statements
Selected notes to the summary consolidated
Definitions, abbreviations and
Analysis of ordinary shareholders
Analysis of B preference shareholders
Performance on the JSE
Listed financial instruments of the group
Notice of annual general meeting
02 FIRSTRAND GROUP
integrated reporting suite
ANNUAL INTEGRATED REPORT
Describes the operational and financial performance and activities of the group.
It includes the chairman's, CEO's and CFO's reports, operational reviews, King IV corporate governance disclosures, group summary consolidated statements and notice of the annual general meeting.
ANNUAL FINANCIAL STATEMENTS
ANALYSIS OF FINANCIAL RESULTS AND RESULTS PRESENTATION
Cover the audited summary consolidated financial results of the group based on International Financial Reporting Standards (IFRS) and provide an in-depth analysis of the group's financial results, presented on a normalised basis as the group believes this most accurately reflects its economic performance. The analysis of financial results and results presentation are provided for interim and year-end results.
BASEL PILLAR 3 DISCLOSURE
In accordance with the Basel Committee on Banking Supervision (BCBS) Pillar 3 framework and Regulation 43 of the amended Regulations relating to Banks, the group is required to publish standardised disclosure templates that provide users with key quantitative and qualitative information that is comparable and consistent. Reports are provided on a biannual basis.
MATERIAL RISK FACTORS
In terms of the JSE Listings Requirements, FirstRand is required to disclose risk factors in terms of paragraph 7.F.7 (description of material risks which are specific to the issuer, its industry and/or its securities).
REPORT TO SOCIETY
Provides deeper insight into the social impact of the group's operational and financial performance.
The remuneration report details FirstRand's remuneration philosophy and policy, and how they were implemented in the current year. Disclosures are aligned to the requirements of section 64C of the Banks Act, the FSB's Principles for Sound Compensation Practices and its Implementation Standards , the BCBS's Pillar 3 disclosure requirements standard - updated framework (December 2018) and Directive 1/2019 issued by the Prudential Authority, and the recommended practices of King IV, where appropriate.
The Task Force on Climate-related Financial Disclosures (TCFD) was constituted by the Financial Stability Board (FSB) in response to the Paris Agreement. Through recommendations for clear, comparable and consistent information, it promotes transparent disclosure of climate risks and opportunities. FirstRand is a TCFD signatory, and this report represents the group's first TCFD disclosure. This disclosure will enable stakeholders to understand and track FirstRand's progress against its climate roadmap and approach to climate risks and opportunities, as well as short-, medium- and long-term targets.
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