Old Mutual maintains level 2 B-BBEE status
Old Mutual has achieved level 2 status for the fourth consecutive year and has maintained it's position as one of the leaders in transformation in the financial sector by achieving several podium places with a Broad-Based Black Economic (B-BBEE) score of 94.54.
In the annual Mail & Guardian Most Empowered Companies survey (conducted by Empowerdex), Old Mutual was ranked as the Most Empowered Company in the Financial Service Category, moving up from second place in 2013. And, in the overall Top 100 Most Empowered Companies table, Old Mutual achieved second place, up from fourth place last year.
In 2013, Old Mutual also invested at least R65 million in communities through the Old Mutual Foundation by focusing on education, enterprise development and skills capacity building as part of its socio-economic development efforts. Old Mutual scored full marks for this category. The group also increased the effective voting rights in black ownership from 46.71% to 48.03%.
As a responsible business, Old Mutual's business strategy is closely aligned to the National Development Plan (NDP). Old Mutual takes the role of facilitating the economic inclusion of more South Africans and helping build a capable state very seriously.
The Old Mutual empowerment BEE deal was concluded in 2005 and involved three separate but inter-dependent transactions – one for each of its South African businesses (Old Mutual South Africa, Nedcor and Mutual & Federal).
The vision of the BEE deal was to bridge the barrier of exclusivity, and expand ownership of Old Mutual to include all who were previously unable, or at a disadvantage, to participate in ownership of large companies. The BEE deal exceeded all the prescribed minimum standards of the then Financial Charter for the sector and was already aimed at reaching a broad base of beneficiaries.
Its construction ensured that the ownership of Old Mutual benefited the following partners, whom we collectively embrace as Black Business Partners:
- WIPHOLD Consortium
- BRIMSTONE Consortium
Communities and Distributors
- The Black Distributors Trust
- The Education Trust
- Management Plan
- Broad based scheme
Our Black Business Partners continue to contribute to our Transformation journey. Our Business partners are active members of our Boards, Transformation Committee, among other structures through which they actively contribute to Old Mutual’s business and corporate citizenship activities and ensure that we deliver on our commitment and promise to build a transformed society on a commercially sustainable basis.
Old Mutual’s BEE Charter
Broad-based BEE Act
Financial Sector Code