S B V S E R V I C E S I N T E G R AT E D R E P O R T 2017
Waltloo Cash Centre

                                      We shape the cash
                                      industry through thought
                                      leadership, innovation, a low
                                      risk profile and an excellent
                                      client service record.

     BV’s Integrated Report is the company’s primary report to     This report is relevant to any stakeholder who wishes
     all its stakeholders and covers the company’s performance     to make an informed evaluation about the company, its
     for the last two financial years ending June 2017 and         performance and its ability to create value over the long
also provides an overview of future objectives. The Strategic      term.
Committee (Stratco) and Audit Committee have collectively
considered the contents of this report and are satisfied that it   Over the past three years SBV has undertaken a significant
accurately represents the company’s performance over this          transformation programme to ensure the sustainability of
period. We have made a concerted effort to implement the           our business. This change has had an impact on all of our key
guidelines specified in the International  Framework and       stakeholders who have supported us throughout the process.
where there are gaps, we plan to close these by the time the       This integrated report is dedicated to our stakeholders whom
2019 Integrated Report is compiled.                                we thank for their invaluable and ongoing support.

GROUP CEO’S STATEMENT                                                                                                            1
SOUTH AFRICA CEO’S STATEMENT                                                                                                     3
OUR STORY – ENABLING SEAMLESS CASH SUPPLY ACROSS THE VALUE CHAIN                                                                 8
OUR BUSINESS ENVIRONMENT AT A GLANCE                                                                                            13
LEADING A BETTER BUSINESS FOR TOMORROW                                                                                          15
GOVERNANCE FRAMEWORK                                                                                                            18
JOINING FORCES IN THE FIGHT AGAINST CIT CRIME                                                                                   24
SBV’S SECURITY HEROES                                                                                                           25
LEADING THROUGH BUSINESS CONTINUITY MANAGEMENT AND DISASTER RECOVERY                                                            26
SOCIAL AND RELATIONSHIP CAPITAL                                                                                                 28
HUMAN CAPITAL                                                                                                                   40
OPERATIONAL PERFORMANCE                                                                                                         46
MAKING OUR MARK ON THE AFRICAN CONTINENT                                                                                        50

                                                                                                 SBV SERVICES INTEGRATED REPORT 2017
We all go through life leaving
a little footprint, no matter
what you do, or how you do it,
and that’s your legacy.


Grant Dunnington

Dear Stakeholders,

In November 2017 I will be retiring from SBV after 16 years,
having joined in 2001. During this time the business has grown
significantly and I have witnessed momentous change, not
only in the company but also in the industry. SBV has evolved
from a utility company, to a commercial entity, and has grown
from a company with a turnover of R200 million per annum
with less than 1 500 staff to a business that today is generating
in excess of R3 billion in turnover with a staff complement of
more than 7 000 people. It now has operations in Lesotho and
Namibia with plans to expand into other African countries
as it leverages its expertise in South Africa and supports it’s
South African customers abroad.

Securing the contract from Absa for the outsourcing of 100%
of its cash operations in 2012 was a significant milestone and
resulted in a large increase in SBV’s operations and footprint,
which enabled scale economies and efficiencies to be realised
in the business.

Any project of this size comes with
challenges, but it is pleasing to see
that these have by and large been
overcome as the aquired operations
have been fully integrated into SBV.
In February 2016 another significant milestone was achieved
                                                                        I wish to thank all our stakeholders for the role that each of
when, after a number of years of negotiation, Prosegur, a leading
                                                                        you have, and will continue to play in SBV’s success and wish
Spanish-based global security company, acquired a one-third
                                                                        to especially thank our dedicated and committed staff for
stake in SBV, opening access to global best practice and expertise.
                                                                        making SBV what it is today.

Over the past 16 years cash in circulation has continued to grow
                                                                        To my successor Mark, who I know has the same commitment
by more than inflation. There is no reason to believe that this
                                                                        and passion for the business and its people that I have, I wish
growth will slow down and given the critical role that SBV plays
                                                                        you every success, and trust you will have as much enjoyment
in the industry, it is well placed to benefit from this, despite some
                                                                        leading this team as I have had over the past 16 years.
of the current challenges. SBV is the leader in the industry and this
position is only made possible by its outstanding people.
                                                                        Finally, I would like to express my gratitude to the Board of
                                                                        Directors for their support during this journey and wish them
I am proud to have been entrusted with the leadership of SBV and
                                                                        all well for the future.
know that I can retire with confidence that this team, under the
leadership of the current executive, will see SBV continue to grow
                                                                        Grant Dunnington
from strength to strength.
                                                                        Group CEO (Outgoing)

                                                                                                     SBV SERVICES INTEGRATED REPORT 2017
The ability to price appropriately for
    the specialised Cash-in-Transit services
    remains a challenge and will continue to
    attract significant focus into the future.


Mark Barrett

   am pleased to present the biennial SBV Services Integrated
   Report for the period July 2015 to June 2017. Reflecting on
   the past two years we can, as an organisation, be proud
of the extraordinary efforts of our teams of people who have
worked tirelessly to embed the new technology, optimise
our business processes, improve customer service levels and
manage the ever-growing risk environment.

The external environment continues to be challenging from a
cost-pressure perspective and from a crime perspective. Good
progress has been made in conjunction with the Shareholder
Banks to implement a new operating model to address the
deficiencies in the previous wholesale cash storage and
processing model.

Excellent progress in driving greater
efficiencies, improved service levels
and optimisation of processes
continues to be reflected in the
Processing division and continued
pressure on costs and an inability
to price appropriately to the market
continues to be a focus point for the
Logistics division.
Our organisation has significantly improved its engagements
with the stakeholder Banks and continues to explore
approaches that will reduce costs and improve service
levels. The key challenge that the organisation is digesting is        I wish to thank all our shareholders for suporting the Stratco
the need to realign the Cash-in-Transit operating model to             team as we continue to transform the business.
the new requirements introduced through the changes in the
risk environment and the outcomes flowing from the union               I also thank you for your support over the last two financial
negotiations. The ability to price appropriately for the specialised   years and look forward to engaging with you as we continue
Cash-in-Transit services remains a challenge and will continue to      to shape the cash-services sector.
attract significant focus in the future.
                                                                       I am confident that with the guidance of the Board of
Staff remain our greatest asset and whilst there are ongoing           Directors and the support of the SBV team we will continue to
efforts to improve the level of engagement with our teams across       successfully sustain the business.
our South African, Lesotho and Namibia business, we recognise
that we can never do enough to ensure that staff are aligned and       Mark Barrett
engaged to deliver the outcomes for the organisation.                  CEO, South Africa

                                                                                                    SBV SERVICES INTEGRATED REPORT 2017

We provide quality, sustainable and integrated risk, security and
cash-handling solutions that:

•   Serve the customers’ needs;
•   Employees can be proud of; and
•   Create value for all our Stakeholders

After all, it is not just about money, it is about life.

• 	We play a critical role as the appointed agent
      to the shareholder banks to enable cash availability
• 	We ensure that we meet the cash and security
      requirements to safely move, store and process
      items of high value
• 	We support the Central Bank’s objective
      to increase cash velocity
• 	 We manage cash risk

•   Teamwork
•   Integrity
•   Respect
•   Customer Focus
•   Leading SBV

SBV’s vision is to be the preferred, commercially independent,
international, industry expert in moving, holding and processing
items of high intrinsic value.

SBV is the leading provider of innovative, secure and cost-efficient
solutions and services for the processing, moving and managing
of cash assets and other items of high intrinsic value and high risk.
We are the trusted and preferred partners of the banking industry.

                                                                        SBV SERVICES INTEGRATED REPORT 2017




                                                                                                                       Louis Trichardt
                                                            Lesotho                                     Mahwelereng
                                      South Africa                                                         SMCR

                                                                             Bedford Centre SMCR
                                                                                Cradlestone SMCR               Secunda
                                                                                                                SMCR Nelspruit
                                                                                   Eastgate SMCR
                                                                                Greenstone SMCR        Waltloo
                                                                                    Kempton Park    Midrand    MPUMALANGA
                                                                         Mahikeng Mall Of Africa SMCR           Emalahleni
                                                           NORTH WEST                                 Vaal

                                                                                       Welkom                     KWAZULU-NATAL
                                                                                                      Bethlehem                   Richards Bay

                                                                              FREE STATE
                                                                                                LESOTHO                            Durban
                                          NORTHERN CAPE                                         Maseru            Pavilion SMCR

            South Africa
                                                                                                              Port Shepstone


                                                                             EASTERN CAPE
                                                                                          East London

                                 WESTERN CAPE
                                               George             Port Elizabeth

                             Cape Town


                             SBV SERVICES INTEGRATED REPORT 2017

           frica still has predominantly cash-based economies,
           which means that managing the life cycle of cash has
           a direct impact of the integrity of the economies in
    which we work. At SBV, we pride ourselves on making sure
    that cash in circulation is of a high quality, always available,
    where it’s needed and on time.

    Every year, SBV processes R1.8 trillion in cash and we transport
    R1 trillion in notes and coins. On average in a month we service
    over 13 000 ATMs, 3 000 bank branches and 5 000 retail sites.
    This means that we have touchpoints at every place along the
    cash life cycle: a responsibility that we take very seriously.

    One of our key partnerships is with the South African Reserve
    Bank (SARB). The SARB is responsible for removing old notes
    from circulation and replacing them with newly printed ones.

    Managing the rate of coin and note production to replace old
    and worn notes involves a complex economic balance. SBV
    provides the SARB with valuable, on-the-ground insight into
    the demands across different touchpoints of the cash cycle.
    SBV ensures sustained cash availability, while managing the
    associated costs and risks.

    The movement of cash is intricate and extensive and a single
    banknote or coin will pass through a multitude of hands and
    systems during its lifetime. Maintaining a balance across the
    cycle to ensure that cash is available wherever it is needed,
    though not piling up in excess quantities, requires significant
    information management, data collection and analysis.

    Once implemented, good cash management can have a positive impact on the way in which the economy functions and can keep logistical
    costs at a minimum for all participants in the cash cycle. SBV is part of the solution in achieving this.

    Cash is more than just money, it’s about people, quality of life, business and commerce. Cash helps to maintain a healthy, integrous economy.

Our reason for existing

                                                                                              BV Services is a guardian of cash and a curator of cash’s
                                                                                              journey through the economy. We partner with the
                                                                                              banking industry and the central banks to take care
                                                                                        of cash throughout its life cycle. We also offer customised
                                                                                        solutions for the banks’ retail clients. We add value at every
                                                                                        step of the cash journey by creating customised cash-
                                                                                        service solutions for our different clients and partners.

                                                                                        Our four major customers are
                                                                                        Absa Bank Limited, FirstRand
                                                                                        Bank Limited, Standard Bank of
                                                                                        SA Limited and Nedbank Limited.
                                                                                        Our goal has been to help our
                                                                                        customers benefit from a reduction
                                                                                        in their cash management costs
                                                                                        and risks and provide them with an
                                                                                        array of innovative solutions.

Through a focus on strengthening and sustaining our partnerships and significant investments in our capabilities and business processes, as well
as a consistently low risk profile, we have built our reputation as a trusted leader in the cash environment.

Our steadfast reliability and integrity are essential for the continuation of our business and are what make our clients trust us as a reliable cash-
services partner. We endeavour to embody integrity and stand out as a world-class, ethical and professional company. We have a thorough
understanding of our customers and the dynamics involved in the cash industry. Even in the face of challenges, we aim to consistently do the
right thing, and take accountability for all our decisions.

SBV has a remarkable capacity for innovation and one of our key distinguishing features in the market is our adaptability to meet the needs of a
continually changing sector. This adaptability has led to recent highlights like the development of smaller cash centres for the handling of cash
collected from clients’ premises and our shopping mall cash-recycling system.

We value the people we encounter at every point in our work, including our employees, our clients and the public, and all our solutions are
designed with people in mind. Innovations developed by SBV always prioritise public safety and the safety of our cash-in-transit employees, and
clients have seen the benefit of this. Our solutions and services keep people safe, cash flowing and optimum efficiencies in place along the cash
supply value chain. SBV takes care of the risks associated with cash, and provides peace of mind and smart solutions.

    History and recent highlights
    Founded in 1986, SBV Services is a leading provider of cash services and solutions in South Africa. In addition, we have
    expanded into other African countries, including extending our business into Namibia and Lesotho. In total, SBV has 36 cash
    centres plus 8 Shopping Mall Cash Recycling Centres, a fleet of over 1 000 vehicles, and a workforce of over 6 300 people in
    South Africa, and over 900 people in Namibia and Lesotho. We provide a suite of customised cash services and solutions to banks
    and the commercial and retail environments.

                                                                                                                  SBV SERVICES INTEGRATED REPORT 2017
Prosegur – a key strategic
     In 2016, SBV Services formed a strategic alliance with
     Prosegur a global leader in the private security industry, with
     the sale of a 33.33% stake in our ownership to the Madrid-
     based company. The alliance forms part of SBV’s strategy for
     sustainable growth and diversification, particularly as we look
     to continue expanding into Africa.

     Our engagement with Prosegur dates back to 2010 and this
     relationship has enhanced our competitiveness as a key player
     in the cash sector. The alliance is a positive step for our two
     companies as we will maximise synergies through the transfer
     of knowledge, resources and capabilities. With a global
     industry leader on board, we will raise the bar on international
     best practice within the African cash environment and increase
     our ability to grow and diversify our business.

     Prosegur is a global company in the private security industry. It
     has over 160 000 employees and a presence in Asia (China, India
     and Singapore), Europe (France, Germany, Luxembourg, Portugal
     and Spain), Oceania (Australia) and Latin America (Argentina,
     Brazil, Chile, Colombia, Mexico, Paraguay, Peru and Uruguay).
     Prosegur offers companies, households and retail businesses
     security that they can trust, based on the most advanced
     solutions in the market.

     SBV’s existing partnership with the four largest banks in South
     Africa, our national infrastructure and our expertise in the cash-
     services sector, make the alliance a strategic achievement for
     Prosegur, whilst also giving it an African presence.

     Since 2001 Absa Bank Limited, FirstRand Bank Limited,
     Standard Bank of SA Limited and Nedbank Limited have
     each held a 25% shareholding in SBV. With the new Prosegur
     alliance, the banks each hold a 16.67% share in the business.

3 Decades in the cash-services sector
On 26 September 2016 SBV celebrated
30 years in business. Our growth,
innovation and commitment to the
cash-services sector over the past three
decades have established SBV as a
leader in the South African cash market
and in other key markets across the
Over the last 30 years, SBV has been a front runner in developing
technology to constantly improve our services and capabilities in the
cash industry. SBV leads the industry by maintaining a low risk profile,
statistics provided by the South African Banking Risk and Information
Centre (SABRIC) on cash-in-transit crime bear testament to this as
SBV consistently experiences the least number of attacks. Recent
investments and developments include establishing Automated
Commercial Deposit Processing in our cash centres to reduce the
time and cost of processing cash.

SBV has also increased its IT capability with investment in data
production and business intelligence integration with our banking
clients’ cash management systems through Inventory Supply
Accounting (ISA) for better efficiency in cash management. In
addition, we have invested in research and testing of new technology
that contributes to the mitigation of risks in both the Processing and
Logistics environments.

Our commitment to continually developing and improving our
services has been a key part of our success and sustainability.
From humble beginnings as a utility company, our expansion into
a fully integrated cash-services organisation and our increased
geographical reach are an exciting foundation on which to build for
the next 30 years.

      SBV’s journey would not have been possible without the
      partnership of others. Dedicated employees and an executive
      team that is committed to excellence and growth have been
      a fundamental part of our successes.

                                                                           SBV SERVICES INTEGRATED REPORT 2017
In honour of Mandela Day and to celebrate SBV’s 30th Anniversary, 30 000 colouring books and crayons were printed
       and distributed by SBV employees to homes and schools in their communities. These colouring books were custom
       made including designs and stories of hope contributed by SBV’s employees and covered themes of conservation and
       saving – topics which reflect SBV’s values and hope for future generations.



        s a key role player in the economy and partner to the Central Banks and the Commercial Banks, SBV’s business environment is
        influenced by several complex and intricate components that are interdependent. An impact or change in one element of our
        business has a consequence on every other component. We are cognisant that our shareholders and customers are feeling the
pressures of a challenging economic and political climate and this places significant pressure on SBV to contain the costs of the company’s
cash services and solutions while at the same time investing in the business to improve efficiencies, mitigate our risks and meet the needs of
our customers. Furthermore, lower living standards, the unemployment rate, and crime and corruption expose our people and our business
to severe risks.

We face several other challenges including complex relationships and dependencies
on the shareholding banks who are also our customers and whom we need to support
in realising their own strategic deliverables.
We are, therefore, reviewing our business model to clarify roles and expectations so that benefits can be derived for both SBV and our
partners. The retail market is also volatile and price sensitive presenting ongoing pressures to reduce our pricing structures. We are, however,
focused on the protection of human life and will therefore not compromise on the costs that we need to incur to protect people and assets.

Despite the challenges that the business faces, SBV is a solutions and customer-focused business and has taken several deliberate measures
to build the business and to address its customer’s issues. Through the foundations that we have built over the last two years, we are currently
at the forefront of the industry in terms of our infrastructure, capabilities, technology, risk management and talent acquisition.

We have recognised the opportunities presented by the challenges that our business has faced and have reshaped our business to deliver
on our promises to our customers and to the cash-services sector while at the same time ensuring sustainability.

                  Instability and conflict in Parliament coupled with looming allegations of fraud and corruption have created serious
                  reputational damage in South Africa and have resulted in a lack of confidence in the integrity and capability of Parliament’s
                  governance. These conditions have been aggravated by service delivery failures. A decline in consumer business confidence
                  has a impact on SBV’s customers as purchasing, manufacturing and trade slow down.

                  Fluctuating fuel prices have an impact on SBV’s variable costs and also the consumer. Low economic growth, food inflation
                  as a result of the drought season, a weakening Rand and South Africa’s downgrading to junk status have had a negative
                  impact on consumers and businesses resulting in pressure on the banks and our retail clients to contain operational costs.

                  Over the last year South African businesses have been significantly impacted by ongoing strike and protest action and this
                  in turn has had an impact on SBV’s operations. With contingency plans in place and dedicated teams within our operations,
                  the impact on service delivery has been successfully contained.

                  Consumers are under severe pressure and faced with debt issues, this is compounded by a growth in unemployment,
                  inflation, low living standards and inequality with high levels of poverty. This complex social environment potentially
                  exposes the cash industry to crime, it also can potentially foster fraud and dishonesty. Fraud, crime and corruption increase
                  insurance costs as well as the costs of acquiring intelligence and technology thereby adding to the capital expenditure
                  and operational costs to the business. Despite these challenging conditions, SBV continues to create job opportunities
                  and to invest in skills development, training and education. SBV’s talent force, of more than 7 000 employees has remained
                  consistent with no job losses being suffered over the period. Employee wellness is also a key focal point and the company
                  offers several programmes and benefits to enhance employee wellbeing and lifestyle.

                                                                                                              SBV SERVICES INTEGRATED REPORT 2017
                        Cybercrime continues to present challenges and threats at a global level and is a critical component of our IT risk
                        management framework.

                        A key component of SBV’s strategy over the last two years has been the advancement of our IT capabilities and to improve
                        efficiencies and reduce costs to the banks through automation.

                        Our customers have already started to gain visibility of the benefits of our investments and, looking ahead, our strategy is
                        to provide greater integration with the bank’s systems with added automation. Furthermore, the deployment of advanced
                        technology is instrumental in mitigating SBV’s risks.

                        Cash availability and the handling of cash is highly regulated by the Currency and Banking Act and is governed by the
                        South African Reserve Bank Act. As a preferred partner to the SARB, SBV ensures that its practices are aligned to legislation
                        and leads in the cash-services sector to support the SARB’s objectives by ensuring the velocity of cash, safeguarding the
                        quality of cash, ensuring cash availability and mitigating systemic risks.

                        Complexities are also presented by the Competition Commission’s legislation and we need to ensure that our practices
                        and competitiveness in the industry are equitable.

                        SBV is conscious of its responsibility to reduce the impact that it has on its environment and in addressing the global
                        warming crisis. SBV’s most significant impact on the environment is the fuel consumption and carbon emissions of its
                        fleet and as such it is currently replacing its entire fleet with engines that are compliant with Euro 3 standards. Fleet
                        management technology also plays a role in ensuring that our fleet is efficiently managed and as such is reducing our fuel

                        SBV’s recently developed cash centres are fitted with solar panels and water tanks. Furthermore, lighting in all our buildings
                        has been replaced with energy efficient lighting.

                        SBV is committed to effectively monitoring and managing its water and electricity consumption and to the implementation
                        of a national waste management and recycling programme within the next year.

                        Power and water cuts together with extreme weather conditions have also had a significant impact on the commercial
                        environment. SBV has played a supportive role in ensuring cash continuity and security over these periods and has
                        developed a Business Continuity Plan for disaster recovery and cash risk mitigation.


SBV is on a relentless drive to lead in customer service, risk and expertise and this has
been articulated in SBV’s strategy, which is founded on six pillars:

•    n ongoing focus on people, with the ultimate goal to retaining our top talent, fostering an engaged and committed workforce and to
    be an Employer of Choice.
•   Re-enforcing and growing our partnerships with the banks and central banks and the diversification of our business.
•   An inward focus on driving efficiencies, automation, IT integration and service excellence.
•   Enabling delivery through the effective deployment of the six capitals (financial, human, social and relationship, intellectual, manufactured
     and natural) to support our operational teams.
•    An outward focus on our customers and on providing innovative products and solutions to the market and bespoke solutions to our
•     Risk mitigation to protect people and assets.

SBV strategy

Over the last two years SBV has continued to make progress in executing our strategy while recognising the ongoing negative contribution
to cash-in-transit services, and the commitment to cash availability principles. We have successfully executed capital expenditure programmes
to strengthen our position as a leader in the cash services sector and to improve sustainability. Furthermore specific emphasis was placed on
establishing strong operational stability to deliver positive business results.

                                                                                                                SBV SERVICES INTEGRATED REPORT 2017
What we have achieved to date

     2015 – 2016: Stabilisation of the business
     The integration of the Absa Cash Solutions business and the taking on of the Standard Bank Mthatha and Mahikeng centres played a key role
     in identifying gaps within our business that needed to be filled so that we could build a stable, world-class business that allows us to manage
     customer expectations and complex markets.

     2016 – 2017: Margin management and profitability
     We reviewed costs at every level of our business to ensure that we are profitable, meet the requirements of our shareholders and that our
     cash-handling and cash-processing business grows.

     Furthermore, we invested significantly in infrastructure, automation, lean methodologies technology and operational efficiencies to create
     long term value for our stakeholders.

     How we measure performance
     SBV’s Strategic Committee has                                                                                                Lead
     adopted the Balanced Scorecard                                                                                             with Risk
     methodology to evaluate
     and measure performance
     the business.                                                                                                            Operational
     Performance metrics are defined
     by the strategy’s business goals
     and are evaluated on a quarterly                                 PEOPLE FIRST
     basis by the management team,                                   We are a people                                            Service
                                                                     business and are                                          Excellence
     the Stratco and the Board of
                                                                   engaged, committed
     Directors.                                                       and passionate
                                                                    cash and security
                                                                         experts                                            Partnering with
                                                                                                                                and all

                                                                                       • Profitability
                                                                                       • Value Based Leadership
                                                                                       • Business Operating Model
                                                                                       • Corporate Citizenship
                                                                                       • Performance Excellence

The Board of Directors accepts that there are eight non-executive
directors appointed by four shareholding banks (The Standard
Bank of SA Limited, FirstRand Bank Limited, Nedbank Limited
and Absa Bank Limited) each owning a 16.67% share in SBV, and
four non-executive directors appointed by Prosegur owning a
33.33% share in SBV.

                                              SBV SERVICES INTEGRATED REPORT 2017

     Board of Directors
     Grant Dunnington		                    Group CEO (outgoing)
     Mark Barrett			                       CEO South Africa
     Pieter Steyn			                       Financial Director
     Murray Stocks			                      Nedbank Limited
     Brian Duguid			                       Nedbank Limited
     Wally Fisher			                       Standard Bank of South Africa Limited
     Larry McCarthy			                     Standard Bank of South Africa Limited
     Luchaan Zeelie			                     FirstRand Bank Limited
     Preggie Pillay			                     Non-Executive Prospective Director **
     Akash Singh			                        Non-Executive Prospective Director **
     Punki Modise			                       Non-Executive Prospective Director **
     Germán Gut (Prosegur)		               Non-Executive Prospective Director **
     Gonzaga Higuero (Prosegur)            Non-Executive Prospective Director **
     Louis Oro (Prosegur)		                Non-Executive Prospective Director **
     Mar Oña (Prosegur)		                  Non-Executive Prospective Director **

     ** Registration of the above directors with the Private Security Industry Authority (PSIRA) and Companies and Intellectual Property
     Commission (CIPC) is pending.

     The Board of Directors accepts that there are eight non-executive directors appointed by four shareholding banks (The Standard Bank of
     SA Limited, FirstRand Bank Limited, Nedbank Limited and Absa Bank Limited) each owning a 16.67% share in SBV, and four non-executive
     directors appointed by Prosegur owning a 33.33% share in SBV.

     There are three executive directors appointed. A formal evaluation of the Board, its committees and its directors, is carried out annually. Board
     responsibilities include:
     •   Compliance with King III and King IV;
     •   Setting and implementation of strategic objectives;
     •   Approval of major acquisitions, disposals and capital expenditure; and
     •   Oversight of internal control systems, governance and risk management.

     In compliance with King III and King IV the Board acts in the best interests of the company stakeholders by:
     •    Complying to the charter stipulating the Board’s responsibilities;
     •    Holding quarterly board meetings;
     •    Monitoring the relationship between management and all stakeholders of the company; and
     •	Identifying, monitoring and addressing risks that present potential threats to the company’s sustainability. Risk committee meetings are
          held on a quarterly basis to assess the progress made on the mitigation of identified risks.

     Executive structure and responsibilities
     Grant Dunnington          Group CEO (Chairman, outgoing)
     Mark Barrett		            CEO: South Africa
     Pieter Steyn		            Chief Financial Officer (appointed 1 September 2016)
     Derek Singh		             Executive: Risk and Compliance (“acting” since September 2017) and Infrastructure
     Fanie Pretorius		         Executive: Logistics
     Hamilton Melane           Executive: Cash Processing
     Ravina Reddy		            Executive: Human Resources and Corporate Relations
     Sanjay Moothiram          Chief Information Officer (appointed 1 September 2016)
     Shaun Nicholls		          Executive: Business Transformation and Industry

SBV Executive Structure

The Group CEO, is responsible for the appointment and termination of the Strategic Committee members (subject to the approval of the
Appointments and Remuneration Committee). The Strategic Committee is responsible for:
• Developing Group and business unit strategies;
• Monitoring strategic progress in terms of key milestones;
• Measuring performance against the company scorecard; and
• Reviewing of the operational, safety and sustainable development procedures of the company’s business units.

                                                                                                     SBV SERVICES INTEGRATED REPORT 2017
Sub-committees of the Board
      Sub-committee                        Responsibilities                                                                    Attendees
      Social and Ethics                    Monitor the company’s activities associated with any relevant legislation, other    W Fisher
      Committee                            legal requirements or prevailing codes of best practice including:                  (Non-Executive Chairman)
      (Meetings held quarterly)            • The Broad-Based Black Economic Empowerment Act
                                           • The Employment Equity Act                                                         L Zeelie
                                           • Labour and employment matters                                                     (Non-Executive Member)
                                           • Good corporate citizenship
                                           • Promotion of equality, prevention of unfair discrimination, and reduction of     A Singh
                                               corruption                                                                      (Non-Executive Member)
                                           • Contribution to the development of communities
                                           • Recording of sponsorship, donations and charitable giving                         B Duiguid
                                           • The company’s activities relating to the environment, health and public safety   (Non-Executive Member)
                                           • Monitoring Consumer relationships, including advertising, public relations
                                               and compliance with consumer protection laws                                    L Oro
                                           • Development of the framework, policies and guidelines for health, social         (Non-Executive Member)
                                               investment, HIV/Aids and environmental management
                                           •  Review of the policies and performance in respect of sustainable                SBV Services
                                               development of the Group and the progressive implementation of its              G Dunnington
                                               policies                                                                        M Barrett
                                           •  Encouragement of independently managed subsidiaries, associates                 P Steyn
                                               and significant investments in the Group to develop policies, guidelines        R Reddy
                                               and practices congruent with the Group’s health, social, HIV/Aids and           D Singh
                                               environmental policies                                                          S Moothiram
                                           • Receive and consider reports from all companies in the Group covering            H Melane
                                               sustainability matters and produce the biennial Integrated Report, which        F Pretorius
                                               focuses on the impact of the company in the economic, environmental and         L Keta
                                               social spheres                                                                  D Knoetze
                                           •  Consider material, national and international regulatory and technical
                                               developments in the fields of health, social, HIV/Aids and environmental
                                           • Ensure facilitated participation, co- operation and consultation within the
                                               Group on health, social investment, HIV/Aids and environmental matters
                                               with government, industry, national and international organisations and
                                           •  Provide guidance relative to the initiatives required to maintain the
                                               company’s listing in the Responsible Investment Index Series
                                           •  Provide guidance in relation to the promotion of good sustainability

      Investment Committee                 •   Reviews and assesses mergers and acquisitions;                                  P Pillay
      (Meets as required by                •   Reviews and assesses all business investments; and                              L McCarthy
      the business)                        •   Reviews benefits realisation.                                                   M Stocks
                                                                                                                               P Modise
                                                                                                                               G Higuero
                                                                                                                               G Dunnington
                                                                                                                               P Steyn
                                                                                                                               M Barrett
                                                                                                                               D Singh

Sub-Committees of the Board
Sub-committee               Responsibilities                                                                   Attendees
Risk and Audit              •    rovides enterprise risk management (ERM) oversight by monitoring the
                                P                                                                              W Fisher (Non-Executive
Committee                       implementation of the agreed SBV risk framework and driving corrective         Chairman)
(Meetings held quarterly)       actions based on the risk reporting provided;                                  L Zeelie (Non-Executive
                            •   Assists the Board in discharging its duties relating to the safeguarding of   A Singh (Non-Executive
                                 assets; and                                                                   Member)
                            •    Operates adequate control processes and systems and the preparation of       B Duiguid (Non-Executive
                                  accurate financial reporting statements in compliance with all applicable    Member)
                                  legal requirements and accounting standards.                                 L Oro (Non-Executive

                                                                                                               SBV Services
                                                                                                               G Dunnington
                                                                                                               M Barrett
                                                                                                               P Steyn
                                                                                                               R Reddy
                                                                                                               D Singh
                                                                                                               S Moothiram
                                                                                                               H Melane
                                                                                                               F Pretorius
                                                                                                               L Keta
                                                                                                               D Knoetze

                                                                                                               P Fourie
                                                                                                               C Pietersen

IT Sub-committee            •   E nsures alignment of the IT strategy and the execution of the business       L Zeelie (Chairrman)
(Meetings held quarterly)        strategy.                                                                     W Fisher (Non-Executive
                                                                                                               G Dunnington
                                                                                                               M Barrett
                                                                                                               R Anderson
                                                                                                               A Geyer
                                                                                                               P Grobler
                                                                                                               P Human
                                                                                                               I Keller
                                                                                                               H Lesar
                                                                                                               N Maharaj
                                                                                                               P Makabane
                                                                                                               H Melane
                                                                                                               S Moothiram
                                                                                                               V Naidoo
                                                                                                               L Naudee
                                                                                                               S Nicholls
                                                                                                               F Pretorius
                                                                                                               D Singh
                                                                                                               P Steyn

REMCO                       •    onitors and ensures the objectivity, credibility and integrity of the
                                M                                                                              L McCarthy (Chairman)
(Meetings held quarterly)       remuneration framework.                                                        M Stocks
                            •   Makes key remuneration decisions.                                              G Higuero
                                                                                                               P Pillay
                                                                                                               P Modise
                                                                                                               G Dunnington
                                                                                                               M Barrett
                                                                                                               R Reddy

                                                                                                           SBV SERVICES INTEGRATED REPORT 2017

           BV is continually focused on reducing its risks and this is supported by significant investments in increasing automation and acquiring
           technology that is aligned to global best practice. We are also dedicated to the Business Continuity Management of the cash industry
           and effective crisis management, a responsibility that we take seriously.

     SBV Risk Management Framework
     Managing risk will always be integral to generating sustainable shareholder and stakeholder value. SBV endeavours to apply the principles
     of King IV to such an extent as to make risk management not only a reporting and oversight obligation, but a management discipline. In
     support of this, risk management forums have been established to further support the formal risk reporting structures and to drive risk
     management as part of the culture and organisational practice at SBV.

     Stratco/Executive Management
     The SBV executive and its management structures are responsible for applying the defined risk management process across the business.
     This enables management to identify potential events, which if they occur, will affect SBV in achieving its strategic objectives. Risks will be
     managed within SBV’s risk appetite and tolerance levels as set by the Board.

     Risk Management Services
     The Risk and Compliance Division is the owner of the SBV Risk Management Framework and drives the implementation and reporting of all
     risks in SBV. This includes:
     • Defining and implementing the risk process;
     •	Facilitating risk workshops with all areas of the business annually;
     • Ensuring updates to risk reporting at least quarterly;
     • Tracking and updating on risk corrective actions;
     • Reporting on all risks to line management and Stratco;
     •	Providing status reports on risks to the Risk and Audit Committee; and
     • Driving risk management as an effective management tool in SBV.

Risk Management Approach                                          To manage all risk areas, the senior management team will
                                                                  focus on implementing mitigating controls and action plans
The Risk Management Framework is derived from the lines of        including the following potential risks:
assurance as per the King IV Report. The framework enables
management to assign resources efficiently to mitigate the
significant risks to an acceptable level and to identify who is
                                                                  Structural review of SBV to meet
responsible for each risk.                                        shareholder objectives
                                                                  It is imperative that a structural review of SBV is conducted
To assist with the overall risk management process, risk          in terms of what Shareholder objectives it supports and how
registers are grouped into the following categories:              it supports them. This may drive a new target operating
•    Strategic Risk Report, supported by:                         model for SBV and includes a detailed review of the costing of
     – Information Technology                                     products and services and a review of pricing strategies as well
     – People and Communication                                   as its commercial industry responsibilities. These initiatives
     – Logistics                                                  include operational, financial and people efficiencies which
     – Processing                                                 will create resilience and business sustainability.
     – Finance
     – Business Transformation                                    The structural and operational review must close out the
     – Infrastructure and Facilities                              following related gaps:
     – Africa Operations                                          •	Diversification of income – The dependency on the four
                                                                       major banks for the bulk of its revenue is a risk to SBV.
Management owns, and is accountable to the Board for              •	Outdated shareholder agreements – Our Shareholder
designing, implementing and monitoring, the process of risk            agreements are outdated. The original principles and the
management and integrating it into the day-to-day activities           basis for the formation of SBV has radically changed.
of SBV. The risk owners include the Processing Managers,          •	  Non-alignment of Shareholder banks – There
the Logistics Managers, the Financial Director, the Executive:         are differing views as to SBV’s role by the different
Human Resources and Corporate Relations, the Executive:                Shareholders. This is based on the fact that there are
Processing, the Executive: Logistics, the Executive: Business          differing needs from SBV by individual Shareholders.
Transformation and Industry, the Executive: Infrastructure and    •	Onerous contracts with banks – These contracts do
Facilities, the Chief Information Officer, the General Manager         not cater for any significant changes in the environment
for Africa Operations and the Executive: Risk and Compliance.          resulting in the inability of SBV to absorb material shocks
                                                                       triggered by factors outside its control.
These risk registers are reviewed quarterly by each Executive     •	  Risk vs rewards model is misaligned – The increasing
Head based on the following:                                           trend in cash-in-transit heists as well as the recently agreed
•   Actual loss experience;                                            increased insurance excess layers continue to place the
•	Control self-assessment results, completed by Processing            risk for reward for SBV cash-in-transit services out of kilter.
    Managers and Logistics Managers;                                   The recent settlement with the Motor Transport Workers’
•	 Operational Risk Management dashboard results,                     Union (MTWU) has also added additional costs onto the
    provided by Operational Risk Management team;                      cash-in-transit operations. The current wholesale cash-in-
•   Internal audit reports; and                                        transit operating model and the under-recovery of costs
•	Reports or any other feedback from other internal and               for these services cannot be underestimated.
    external assurance providers.

SBV’s Risk Profile
This financial year saw a renewed steep trajectory in violent
heists and the threat of potential workforce instability. The
current deterioration in the external risk environment in
South Africa, continues to attract the attention of the
underwriters, which will significantly impact bottom line, and
places the overall 207/2018 budget at risk.

                                                                                                  SBV SERVICES INTEGRATED REPORT 2017

     The industry cash-in-transit (CIT) risk has continued on a steep upward trajectory and we are alarmed about the recent targeting of CIT
     companies by criminals. CIT crime is characterised by excessive violence and shoot outs between the perpetrators and CIT members as well
     as the SAPS. Attacks are carried out with military precision and the use of explosives is increasing.

     In this financial year as at 31 October 2017, SBV has experienced 15 CIT robbery incidents. Industry CIT robbery incidents have increased by
     44% from 2016 YTD (218 incidents) to 2017 YTD (313 incidents). Incidents in October 2017 increased by 24% compared to October 2016.
     42 incidents were reported for the month of October, the highest since August 2009. Based on monthly trends over the past five-years
     (2012-2016), incidents for November 2017 will exceed 30.

     SBV is reinforcing its internal systems and risk mitigation measures to keep our employees, the public and our customers’ assets safe. We are
     also working closely with our industry partners, with SABRIC, the authorities and law enforcement officials to ensure that everything possible
     is being done to prevent these serious crimes.

     Our Risk and Compliance team is committed to ensuring that
     justice is served and we are pleased that over the last two months
     five criminals have been convicted and sentenced, one of whom
     was involved in the murder of an SBV employee.

     Despite the increase in CIT crime, SBV has maintained the lowest
     risk profile and we will persist in further reducing, mitigating and
     fighting CIT crime.

     We are, however, conscious that the entire industry is vulnerable
     to CIT crime, at all times, and will work collaboratively with all role
     players to reduce this iniquitous threat to the industry and society
     at large.


In honour of SBV’s Logistics Heroes
Behind the wheel of SBV’s cash-carrying vehicles, on foot at strategic sites in
commercial areas, guarding ATM sites and moving purposefully through
public spaces, SBV’s Logistics employees are on duty ensuring that human
lives are protected whilst ensuring that cash is available to keep the economy
flowing. SBV’s Logistics teams are our security heroes who are dedicated to
public safety, to the communities that SBV serves and to their teams.

SBV’s Protection Officers are highly trained to perform their duties in dangerous
environments and to effectively respond to security threats. CIT crime is,
however, extremely violent and there are unfortunate incidents where team
members are injured and even more tragically when there is a loss of life.

In October 2016, SBV held its second Annual
Remembrance and Bravery Recognition
ceremony in recognition of individuals who
have demonstrated extraordinary acts
of bravery in the face of danger and in
remembrance of our team members who
lost their lives in the line of duty.

      We honour and remember our team members who sacrificed their lives
           in the line of duty between November 2015 and September 2017.

                   Moses Thomas Manzini, from the Nelspruit centre passed
                                             away on 7 September 2016.

                      Matthew Bongo Mdleleni, from the Cape Town centre
                                           passed away on 1 April 2017.

                  Mpilo Pius Nxumalo, from the Durban centre passed away
                                                       on 31 March 2017.

                                                                                    SBV SERVICES INTEGRATED REPORT 2017
     Every organisation is at risk of experiencing                       SBV’s role – case studies
     an incident that could prevent it from                              At the end of 2014 South Africa experienced increased power
                                                                         outages and/or controlled load shedding, which was triggered
     continuing normal business operations at                            by the collapse of a coal storage silo at one of Eskom’s power
     any time.                                                           plants. This crisis caused frustration to the consumer and had
                                                                         negative consequences for businesses. On 15 January 2015,
                                                                         Eskom held a media briefing to communicate the state of
     Therefore, those responsible for governance are responsible         South Africa’s power supply, which at that point was extremely
     to ensure that careful planning and preparation takes place         constrained.
     to enable the organisation to recover from such incidents as
     soon as possible.                                                   SBV, as the representative of the CIT industry and Cash
                                                                         Supply Chain Industry (“CSCI”), has been tasked as part of the
     The development, implementation and maintenance of sound            planning process by the National Joint Operating Committee
     Disaster Recovery and Business Continuity plans at SBV rests with   (“NATJOC”), with the development of a business continuity plan
     the Stratco and the Risk and Compliance team.                       in the event of a severe crisis as a result of an electricity supply
                                                                         distribution failure.

                                                                         A high-level strategy and plan was developed based on a set
                                                                         scenario as defined by (NATJOC) that took into consideration
                                                                         the potential of a complete and total shut down of the electrical
                                                                         grid with a resulting shut down of the Retail and Financial
                                                                         Service industries. SBV, on behalf of the financial services sector
                                                                         developed an industry plan for this and similar scenarios. The
                                                                         objective of this plan was to implement actions to ensure that
                                                                         the CIT industry can continue and sustain critical operations for
                                                                         as long as possible with limited resources.

                                                                         In recognition of SBV’s economic role in almost every component
                                                                         of the cash value supply chain, SBV has been particularly
                                                                         mindful of its obligation to ensure preparedness across all
                                                                         of its key services. As part of SBV’s contingency planning, we
                                                                         embarked on a progamme to safeguard electricity supply to all
                                                                         our major facilities. Provision was made for additional fuel and
                                                                         generator capacity at these facilities to ensure electrification
                                                                         where there is a steep increase in the demand for electricity,
                                                                         especially during certain peak periods of the year.

                                                                         The Zion Christian Church (ZCC) is the largest African-initiated
                                                                         church in Southern Africa. The church’s headquarters are at
                                                                         Zion City Moria in Limpopo Province, South Africa. Every year
                                                                         over the Easter weekend, an estimated 3 to 5 million ZCC
                                                                         members travel to the Moria Mountain resulting in millions of
                                                                         rand in circulation in the Limpopo province over the weekend.

                                                                         Tourism continues to be an economic driving force and more
                                                                         than 1.1 million tourists visited the Eastern and Western Cape
                                                                         regions in December 2016. SBV ensures that cash is available
                                                                         over these periods, that the associated risks are managed and
                                                                         that as soon as the cash reaches SBV’s facilities, it is validated,
                                                                         sorted and either stored or used for re-distribution.

SBV adds significant value to the South African Financial Services industry and particularity supports its bank partners. The Social Assistance
Act of 2004 and regulations to the Act provide the legal framework for the administration of social grants. Grants are targeted at categories of
people who are vulnerable to poverty and in need of state support. The Government Pensions Administration Agency paid out pensions and
benefits worth over R3.7 billion to approximately 114 200 beneficiaries during 2014/2015. SBV manages the cash handling process for the
majority of the monthly social grant withdrawals by the South African Social Security Agency, including pensioners’ grants.

The ATM remains a convenient, trusted self-service channel for many customers and continues to play a key role as a source of access to cash. SBV
manages over 3 000 ATMs on average per month as part of our strategy to ensure the availability of cash and the careful management thereof.

SBV’s role in managing systemic risk
SBV plays a major role in almost every component of the cash value supply chain, which necessitates significant work in developing strategies,
plans and actions that provide protection or alternative modes of operation for activities or business processes, which if interrupted, might cause
serious damage or significant loss.

Evolving core elements taken into consideration include:
•   Crisis management and communications plan – a process designed to enable an effective response to an event. During the year, a hostage
     management process was added to the SBV crisis management plan to prepare the business for effective planning and communication
     protocols if such an event should materialise.
•	  IT disaster recovery – addresses recovering business critical IT assets, including systems, applications, databases, storage and network
•    Business continuity plan or recovery plan – recovering critical business functions and processes that affect delivery of core services to
      our clients. As a component of business continuity management, emergency response plans are documented and tested regularly. These
      include immediate actions to preserve lives and safeguard property and assets.

                                                                                                                SBV SERVICES INTEGRATED REPORT 2017

     An Overview of our Stakeholder Engagement Framework
     SBV is a sum of all its key stakeholders who are the pulse of our business. We recognise the important role that all of our relationships play in
     enabling us to add value and to prosper. At SBV our engagements with our stakeholders are important and we are focused more than ever
     on building and maintaining healthy, productive and sustainable relationships. We have key relationships with our people, Central Banks,
     Commercial Banks, our shareholders, our clients, law enforcement, authorities, regulators and suppliers and we are dedicated to adding
     continued value to all stakeholders supported by quality and enduring engagements.

     An overview of our key stakeholder engagements:

      Stakeholder              How we engage with our stakeholders                          How we add value to our stakeholders

                               •     uarterly Board meetings held with the SBV
                                    Q                                                       •    strong Stratco team develops an integrated
      Shareholders and              Stratco.                                                    strategy that takes all our key stakeholders
      Investors                •    Formal committees such as the Appointments                 into consideration. The Stratco drives company
                                     and Remuneration Committee, Audit and Risk                 objectives and is responsible for the delegation of
                                     Committee, Social and Ethics Committee and the             resources and the management of the business.
                                     IT Steering Committee.                                 •   Deliverables of the strategy are measured against
                                                                                                 a company scorecard.

      Employees                •    E mployee engagement is a key focal point of           •   E ncourage employees to engage with one
                                     the company strategy that is delivered by the               another and to exchange ideas, experiences
                                     Human Resources, Communications and Change                  and stories and also to provide feedback to
                                     Management teams.                                           management on their world of work.
                               •     Shared culture and values system through the          •    Foster an environment that is conducive
                                      Values in Action Campaign.                                  to transparent and honest communication
                               •      Dedicated Change Management team engages                   through the availability of various platforms for
                                       with employees.                                            communication.
                               •       Updates, videos, presentations, posters and         •     A shared value system is fostered though the
                                        the quarterly newsletter are used as platforms             Values in Action campaign and contributes to
                                        to keep employees informed on company                      an ethical work environment.
                                        information, news, messages from the Stratco,
                                        employee benefits, employee wellness, the
                                        company strategy and campaigns.
                               •        Roadshows hosted by the Regional General
                                         Management team.

                               Transformation Committee
                               • Members at each centre and support office                 •   T ransformation forums and engagements with
                                  engage with employees to address any                           the Change Management team encourage
                                  Transformation issues within a centre and to                   bottom up feedback and communication on
                                  ensure that we are meeting transformation                      matters that are of importance to employees.
                                  standards.                                                •    The Transformation forums play a critical
                               • The Executive Transformation Committee meets                    role in facilitating the achievement of our
                                  quarterly and the centre committees meet                        employment equity plans and to drive
                                  bi-monthly to address specific transformation                   employment equity objectives.
                                  issues within a centre.
                               • The Executive Transformation Committee
                                  provides input into the delivery of the
                                  employment equity strategy.
                               • Annual reports on employment equity matters
                                  are submitted to the Department of Labour for

Stakeholder   How we engage with our stakeholders                     How we add value to our stakeholders

Employees     Health and Safety Committee                             •    ealth and Safety Committee provides a
              • Health and Safety Officers give feedback from            platform for reporting on risks that are relevant
                 employees to the Health and Safety Committee.            to employees.
              • The Health and Safety Committee meets on a
                 quarterly basis.                                     •   E mployees are incentivised and motivated
              • A Cash Processing incentive scheme encourages             for greater performance. This enhances the
                 greater delivery on efficiencies and productivity.        customer service experience.
              • Non-financial recognition and long-service           •    Employees are recognised and acknowledged for
                 awards.                                                    extraordinary performance.
              • Annual Bravery Recognition and Remembrance           •     Employees who have demonstrated bravery
                 function and bravery awards.                                while defending an attack are awarded and
              • Operational training and development through                recognised at an annual awards function.
                 a dedicated training department.                     •      Training of operations and logistics employees
              • Company orientation and onboarding                           is of high importance and adds value to their
                 programmes.                                                  lives by improving their skills and experience.
              • Education Assistance Programme for                           It also adds to our clients’ experience through
                 permanent employees.                                         higher standards in service. SBV prides itself
              • Performance management programme.                             on maintaining a high standard in its logistics
              • Succession planning, talent management and                   training programmes, which ultimately result in
                 leadership development programme.                            the protection of human lives.
              • Learnership programmes through the                   •       Company orientation and onboarding enhances
                 Milpark Business School.                                      employees knowledge and fit into the company,
              • KPMG Ethics Hotline to report unethical and                   assists new employees to embrace the company
                 fraudulent activity.                                          culture and opens the lines of communication
              • Early Warning Robbery Hotline to report on any                from the start.
                 criminal activity.                                   •        Education assistance programme provides
              • Professional Employee Relations team engages                   opportunity for personal development.
                 with employees on disciplinary and grievance         •         Employees have clear guidelines on
                 procedures.                                                     expectations, the company scorecard and
              • Employee Relations team administers and                         visibility of their personal development.
                 assists employees and their families with            •          Succession planning and talent management
                 the distribution of benefits, counselling and                    mobilises the retention and motivation
                 support.                                                         of employees and executives. Leadership
                                                                                  Development Programme empowers managers
                                                                                  to engage with employees and to drive a
                                                                                  performance culture.
                                                                      •           Opportunity for growth and development in
                                                                                   specialised areas of the business environment.
                                                                      •            Putting our people first through a continued
                                                                                    focus on providing a safe and secure working
                                                                      •             Whistle blowing promotes a culture of integrity
                                                                                     and mitigates risks.
                                                                      •              Fair and equitable engagement process aligned
                                                                                      to legislation.

                                                                                                 SBV SERVICES INTEGRATED REPORT 2017
You can also read