BEE

Empowerment – a moral and business imperative

Old Mutual Investment Group (SA) (OMIGSA) believes in a holistic approach to empowerment. As a socially responsible corporate citizen, we are conscious of the socio-economic challenges facing South Africa and are committed to making a positive contribution to the building of a better society.

We also believe that there is a direct correlation between the prosperity of our company and the prosperity of our country: the more SA prospers, the more we will prosper. We therefore view empowerment as both a moral and business imperative – it is integral in everything we do as a business.

Our empowerment achievements

Ownership

In July 2005, Old Mutual Plc transferred a R7.2bn stake to black hands, ensuring that a significant number of previously disadvantaged individuals (PDI’s) participate in the mainstream economy. This was the largest Black Economic Empowerment (BEE) transaction in the financial services sector in rand terms. Effectively, this means 13.6% of Old Mutual (SA), which includes OMIGSA, is owned by black people.

Employment Equity (EE)

OMIGSA is committed to having a staff complement that reflects the diversity of our nation. We spend a considerable amount of time and resources sourcing appropriate talent and skills that suit our entrepreneurial, boutique-styled work environment. In doing this, we give preference to black investment professionals, particularly with respect to new appointments.

In an environment where investment professionals are extremely mobile, our strategy is to grow from within. To this end, we have invested significantly in nurturing the talent of our black investment professionals. Over the years, we’ve seen numerous talented, entrepreneurial black investment professionals moving through the ranks into senior management positions.

Our representation of black employees in management currently stands at:

• Senior managers (28%)
• Middle managers (46%)
• Junior managers (55%)

While we have made great strides in the right direction, transformation in our organisation remains a top priority and an ongoing journey.

Socially Responsible Investing (SRI)

By investing in infrastructural and developmental projects, OMIGSA is able to contribute to the economic growth of SA and better the lives of the members of communities in and around the locations of these projects. So far, we’ve created more than 15 000 temporary and permanent jobs and spent close to R1bn on black-owned businesses in communities where our infrastructural and developmental projects are situated.