In addition to its own internal transformation, Old Mutual (SA) has committed to facilitating economic transformation as one of its key strategic externally-focused goals, on the basis that what is good for the country is good for Old Mutual (SA), as the company can only thrive if it operates in a healthy economic environment.
For more than 163 years Old Mutual has been a leading contributor to the South African economy; given its widespread investments and stakeholding, Old Mutual (SA) can lead by example in terms of achieving transformation.
The company believes that the contributions of its Black Economic Empowerment partners – the WIPHOLD and Brimstone consortia – provide invaluable support and resource value to this approach through their ability to provide insight, operational expertise and an awareness of the needs and requirements associated with the emerging marketplace.
Several of the initiatives outlined in this report were announced when Old Mutual (SA) launched the Masisizane initiative in 2007. Several initiatives predate Masisizane, and were either part of the Old Mutual Foundation’s activities, came about as a result of a landmark Black Empowerment transaction concluded in 2005, or were located in other specialist areas of the business. The IDEAS Fund, for instance, has been managed by infrastructural investment experts at the Old Mutual Investment Group of South Africa (OMIGSA) for several years. All these initiatives are now part of an integrated and company-wide focus on growing and transforming the national economy.
Broadly speaking, these initiatives all share four key themes, meticulously identified and developed. Collectively, these themes constitute the foundation of Old Mutual’s strategy for transforming the national economy:
- Poverty eradication through job creation.
- Capacity building, and addressing the scarce skills shortage in national, provincial and local government departments.
- Property and infrastructure development.
- Increasing the national knowledge base, focusing specifically on equipping learners with more sophisticated mathematical and scientific skills.