Corporate Governance

 

The Senwes Group and the board of directors of Senwes and its related parties conduct business according to the highest standards of corporate governance and in the interest of all stakeholders. The group’s corporate best practices as contained in charters, policies and operating procedures and the application of these are regularly tested against the practical realities and execution.

INFORMATION MANAGEMENT

Combined Policy Manual

Policy Statement and Manual to Information Management and Retention of Documents

in terms of the Bill of Rights in the Constitution of the RSA every person has a right of access to information. The Promotion of Access to Information Act, Act 2 of 2000, (“PAIA”) was enacted to give effect to this right where a person requires information for the exercise or protection of any rights.

On the other hand section 14 of the Constitution provides that every person has a right to privacy that includes a right to protection against the unlawful collection, retention, dissemination and use of personal information. The Protection of Personal Information Act, Act 4 of 2013, (“POPI”) was enacted to give effect to this rights by regulating the processing of personal information in a manner that will protect the right to privacy, subject to limitations aimed at protecting other rights and important interests.

Legislation and business practice prescribes and dictates how effective control over the retention of documents and electronic transactions/information should be exercised, obviously subject to the provisions of the Constitution and the acts mentioned above.

To regulate and manage the requirements in terms of the above, Senwes adopted an official policy and manual which is published hereby. The document is divided into three parts dealing with the following subjects:

  1. PROMOTION OF ACCESS TO INFORMATION

    The purpose of this part of the manual is to facilitate requests for access to information held by Senwes and its subsidiaries. It describes the information held by Senwes and provides for the procedures to be followed by requestors of information, as well as the rights of both Senwes and requestors of information.

  2. PROTECTION OF PERSONAL INFORMATION

    This part contains the Senwes Group policy on POPI. It sets out how the Senwes Group deals with its clients’ personal information as well as the purpose for what information is collected and kept.

  3. RETENTION OF DOCUMENTS

    This section describes what documents and data Senwes keeps and how the storage and access to such documents and data as well as destruction thereof are to be managed.

These policy documents/manuals replace all previous policy documents/manuals published and/or distributed on these topics before August 2014.

Combined Policy Manual  PAIA Manual 

TREATING CUSTOMERS FAIRLY

The Senwes Group, as an authorised financial services provider, has a strong focus on customer satisfaction. Our mission is to be a respected and recognised provider and our Treating Customers Fairly (TCF) policy is an integral part of that objective. The policy that can be access via the link provided below, is structured according to the guidance provided by the Financial Services Board to ensure we consistently deliver fair outcomes to our clients.

Treating Customers Fairly TCF Policy Statement 

FINANCIAL INTELLIGENCE CENTRE

Financial Intelligence Centre Act (FICA) - act 38 of 2001

In terms of FICA, Senwes is obliged to verify the identity of certain categories of clients, such as shareholders, clients trading on SAFEX, clients with long-term insurance policies and those involved with the hedging of diesel. The process is generally known as KYC (Know Your Client).

Since the implementation of FICA, Senwes has attempted to comply with the requirements on a continuous basis. Initial uncertainties, as well as amendments to the Act over time, compelled Senwes to revise the process on an urgent basis in order to ensure that all clients had been indentified properly. It means that Senwes is obliged to verify the correctness and validity of the prescribed identification documentation in accordance with the requirements of the act and the regulations which apply in respect thereof. It also compels us to, inter alia, keep certified copies of certain information on record.

Should Senwes not be in possession of certified copies of the documents concerned, we may not conclude any transaction with the client in accordance with FICA. In order to avoid this, a special project was launched to determine which clients' records do not comply with FICA requirements and to rectify this by requesting clients to provide the missing documentation to Senwes.

Senwes runs a material risk of administrative penalties should it conduct business with clients whose FICA information is incomplete or not verified. As an example, during the past year administrative penalties have been issued to entities whose KYC-verification was not in place.

Clients will be approached by means of a letter, sms, telephonically or by means of a personal visit and your co-operation is requested to enable us to finalise the project in the shortest possible time.

The gathering of the information will be done by various divisions and persons, which will include the credit division, grain brokers, central administration and contracted project team members, who will be in possession of an authorisation from Senwes. The lacking information will vary from client to client and this information only will be gathered.

We trust that you will understand that this action is not only essential for the management of a material risk for Senwes, but it also forms part of Senwes' commitment to increased compliance levels and good corporate management.

The final date for the completion of the project is 31 October 2016, but the project team has been tasked to finalise it as soon as possible. Unfortunately Senwes will not be able to conclude any transaction with any person whose FICA-verification is incomplete, until the missing information has been provided.

Any enquiries may be addressed to the Senwes Secretariat and Legal Division at 018 464 7118 or 018 464 7498.

LANGUAGE POLICY

Language is an integral driver of economic and social transformation in South Africa and therefore an integral component of our business. We are committed to accommodate the requirements and expectations of all our stakeholders and therefore need an enabling environment for the development and fostering of good relations with all.

Senwes Language Policy