Momentum Metropolitan is a South African-based financial services group established in 2010 through the merger of Metropolitan and Momentum. It specializes in long and short-term insurance, asset management, savings, investments, healthcare administration, health risk management, employee benefits and rewards programmes. Outside South Africa, it operates in six African countries including Botswana, Ghana, Kenya, Lesotho, Mozambique and Namibia. Momentum Investments has operations in the United Kingdom and Guernsey. The group employs 16,483 employees and has six operating brands. Momentum Metropolitan is listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia.
In terms of senior leadership accountability, the responsibility for sustainability issues within Momentum Metropolitan lies with the board. The financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. It also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
As a member of Climate Action 100+, Momentum Metropolitan discloses that it collectively engages with its clients on the topic of climate change. In addition, it discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are.
Momentum Metropolitan discloses the proportion of women in its total direct operations workforce for each employee category and the proportion of its total direct operations workforce for each employee category by race or ethnicity. Furthermore, the financial institution has a grievance mechanism accessible to all workers, external individuals, stakeholders and communities to raise complaints or concerns regarding human rights or corruption and bribery. It also has a policy prohibiting bribery and corruption and a publicly available policy statement which shows it is committed to respecting the health and safety of workers.
In terms of its approach to senior leadership accountability, Momentum Metropolitan has an opportunity to link the remuneration of its executive and management teams to sustainability performance criteria. There is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment. For instance, it could disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category. While the financial institution tackles its pay gap, there is no evidence of the actions it takes to address it. The financial institution also has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
Momentum Metropolitan could disclose a target to reach net-zero financed emissions by 2050 and that it engages with its clients on climate change on the topic of climate change. It could also disclose alignment with the Paris Agreement as one of its engagement priorities with companies to which it provides financial services. Moreover, it has an opportunity to align its climate solutions with internationally recognised frameworks and disclose time-bound targets explicitly for its climate solutions. Regarding nature and biodiversity, it could disclose how it is committed to minimising its negative impacts or financing regenerative solutions.
Momentum Metropolitan could provide a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. It also has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, it discloses the ages of its board members but has an opportunity to disclose this information for each employee category. To provide transparency on financial inclusivity, it has an opportunity to disclose the amount of finance directed towards low-income developing countries.
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Net income: ZAR 107 billion; Total assets: ZAR 553 billion