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Its ability to fulfil its mandate depends on public trust. Adherence to the SARB Ethics Policy, and to the principles underpinning it, is therefore essential to maintaining and strengthening that trust.
The principles and requirements set out in the SARB Ethics Policy provide guidance on how individuals should approach specific circumstances, including matters that must be reported, approved, declared to the Bank, or discussed with management. In this regard, candidates for all roles at the Bank, as well as contractors, consultants and secondees, should take note of the following requirements, which are intended to prevent conflicts of interest between Bank-related responsibilities and personal interests, and to uphold the highest ethical standards:
Where a perception of a conflict of interest may arise, you will be required to declare any connected person, including a spouse, partner, children, parents and siblings, who is employed by the Bank, a regulated entity, a counterparty, an actual or prospective supplier of goods or services to the Bank, or who holds public office.
Certain employees of the Bank may have access to confidential and price-sensitive information, which could create a perception that their saving, borrowing or investment decisions were influenced by such information, thereby providing an unfair or unlawful advantage.
For this reason, the Bank requires employees to declare certain financial relationships and to obtain prior approval before undertaking specified personal financial transactions.
For example, if you join the Bank while holding interests in an entity regulated or supervised by the Bank, you may retain those holdings, provided that they are declared within one month of joining the Bank.
You may not acquire additional holdings or actively manage them.
Should you wish to dispose of such holdings, prior approval must be obtained.
The Bank recognises the developmental value of employees serving as directors on external boards by virtue of their expertise.
However, such participation will only be permitted where it does not conflict with the employee’s contractual obligations or create an actual, potential or perceived conflict of interest.
In all such instances, approval must be obtained from the relevant Head of Department, in consultation with the relevant executive member.
In the case of a Head of Department, approval from the relevant executive member will suffice.
The Bank regards outside interests, commonly referred to as side hustles, as permissible activities undertaken outside an employee’s primary employment and generally during the employee’s personal time, provided that they:
You will be required to declare and obtain approval for outside interests.
Multiple employment, commonly referred to as double dipping, is strictly prohibited.
It occurs where an employee simultaneously holds two or more formal contractual positions with different employers, particularly where such positions overlap during the same working hours and result in the employee receiving two or more salaries for the same period of work.
The Bank is apolitical and must protect its reputation for impartiality, while recognising that employees may wish to engage in political activity in their personal capacities.
Such personal political activity may not be conducted while on duty or using the Bank’s resources, systems or premises. Furthermore, employees may not actively participate in party-political matters, including:
The acceptance of gifts or hospitality from external parties with whom employees interact in the course of their duties may create a perception that decisions or actions have been improperly influenced.
To avoid even the appearance of a conflict of interest, employees may not accept gifts from regulated or supervised entities, or from actual or prospective suppliers of goods or services to the Bank.
Where gifts are accepted for cultural or protocol reasons, they must be declared.
Such gifts will be added to a collective pool and made available to staff through a raffle process.
You may not conduct business with government or organs of state, whether in your personal capacity or through a company in which you are a director.
Employees are further prohibited from registering on the National Treasury Central Supplier Database as individuals, owners of companies, or directors of public or private companies.
Adherence to the SARB Ethics Policy is essential to preserving the Bank’s integrity, independence and public trust. All employees, candidates, contractors, consultants, secondees and external stakeholders are expected to act ethically, avoid conflicts of interest, make the necessary declarations, obtain required approvals and conduct themselves in a manner that protects the reputation and credibility of the Bank.
