GROUP SOCIAL AND ETHICS COMMITTEE’S REPORT (continued) • Carbon Emission Calculation: One of PPS’s key focus areas has been to understand and quantify its environmental impact. PPS has conducted a thorough assessment of its carbon emissions across its operations, including Scope 1, Scope 2, and Scope 3 emissions. This calculation serves as a baseline for future improvement and demonstrates PPS’s dedication to reducing its carbon footprint. PPS has implemented initiatives to reduce its carbon footprint. • Benchmarking against Peers: To gauge PPS’s progress and identify areas for improvement, PPS undertook two benchmarking exercises: o In South Africa, PPS benchmarked itself against its peers within the financial services sector. o Globally, through ICMIF (International Cooperative and Mutual Insurance Federation), PPS is able to measure insurance sustainability impact against the insurance United Nations Sustainable Development Goals (SDG). These comparative analyses allows PPS to measure its sustainability initiatives against industry best practices and identify opportunities to enhance its performance. • As PPS navigates the complex and evolving landscape of sustainability, PPS acknowledges the challenges ahead. These challenges will be met with a proactive approach, leveraging opportunities for innovation and collaboration. PPS is committed to learning from its experiences, adapting its strategies, and continuously improving its sustainability performance. PPS recognises the importance of staying resilient in the face of economic uncertainties, regulatory changes, and emerging sustainability issues. • This report reflects PPS’s steadfast commitment to a sustainable and responsible future. As a mutual organisation, PPS embraces the interconnectedness of economic, social, and environmental sustainability, recognising that PPS’s success is inseparable from the well-being of its members, employees and communities. PPS looks forward to continuing this journey with its stakeholders, working collaboratively to build a sustainable legacy for future generations. The committee is satisfied with the reporting and governance framework to ensure compliance with its statutory responsibilities in terms of the Companies Act. No complaints were received by the GSEC during the year ended 31 December 2023 and based on the above monitoring reports, the GSEC concluded that there were no specific issues under its purview which required reporting to the PPS Insurance Board or members of the PPS Group. On behalf of the PPS Group Social and Ethics Committee: Ms D L T Dondur Chairman of GSEC 3 April 2024 98 Group Social and Ethics Committee’s report
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