BEE, as defined in legislation, means the economic empowerment of all black (African, Coloured and Indian) South Africans
In November 2012, the revised Financial Sector Charter (FSC) was gazetted as a sector code and became binding on 1 January 2013.
The generic FSC BEE scorecard has the following components:
• management and control;
• employment equity;
• skills development;
• preferential procurement;
• empowerment financing;
• enterprise development;
• socio-economic development (SED); and
• access to financial services.
A better macro environment
We strive to improve the macro environment by changing attitudes and promoting confidence in our country. Through the FirstRand Foundation, we donate 1% of after-tax profits to carefully selected SED initiatives. We have an active volunteers programme with matched funding. Within the organisation our philosophy embraces the concept of diversity.
We help redress investment imbalances by financing development infrastructure, affordable housing and agriculture, as well as providing cost efficient and innovative access to financial services to previously disadvantaged people in geographic locations where services were not previously accessible.
We aim to recruit and promote a disproportionately large number of black individuals, and expose them to an empowered and diverse environment. The Group encourages employees to develop their skills and we offer leadership and women development initiatives to develop future leaders.
Development of black business
We procure from BEE-rated companies and, this year, have a special focus on procuring from black-owned and black women-owned entities. Various divisions within the Group offer finance to small black businesses and mentoring is provided through our enterprise development initiatives.
FirstRand has transferred significant ownership of the company to black partners. FirstRand’s direct black ownership is 36.5% and black women ownership 16.1%. The Group continues to facilitate the financing of ownership transfer of other companies through BEE transactions through RMB. Over the past decade, RMB has been known as one of the leaders in both financing and advising on BEE deals.
Download our BEE certificate