the firstrand foundation is a registered public benefit organisation, which has been granted tax exempt status by the south african revenue services, and complies with sections 30 and 18a of the income tax act
The Foundation is chaired by Sizwe Nxasana and includes five trustees who fulfil senior executive positions within the Group as well as six independent trustees representing the community at large. The trustees meet on a quarterly basis to ensure the sound governance of the Foundation, to review its work, set its strategy and to approve grants.
The three subcommittees of the Foundation, representing FNB, RMB and WesBank, each meet on a quarterly basis.
The trustees of the Foundation have delegated authority to Tshikululu Social Investments as fund managers for the Foundation.