BEE credentials

 

BEE, as defined in legislation, means the economic empowerment of all black (African, Coloured and Indian) South Africans 

 
In October 2017, the revised Financial Sector Charter (FSC) was gazetted as a sector code.

 
FirstRand is proud to have achieved a Level 1 BEE rating under the FSC scorecard for the 2018 fiscal year . This was achieved
as a result of concerted efforts by the businesses, as well as a strong empowerment strategy, which is hard-wired into
the group.
 

Scorecard
 
The generic FSC BEE scorecard has the following components:
• ownership;
• management and control;
• skills development;
• preferential procurement;
• empowerment financing, supplier and enterprise development;
• socio-economic development (SED) and consumer finanical education; and
• access to financial services.
 

 

Transformation within the group
 
For over a decade FirstRand has complied and reported according to the relevant BEE scorecard at the time, however, FirstRand transformation efforts are concentrated in the five pillars outlined below. 

 
A better macro environment
The group strives to improve the macro environment by changing attitudes and promoting confidence in our country. Through the FirstRand Foundation, the group donates 1% of after-tax profits to carefully selected SED initiatives. FirstRand has an active volunteers programme with matched funding. FirstRand's philosophy embraces the concept of diversity.


Investment imbalances
FirstRand helps 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.


Employment equity 
The group aims 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 build future leaders. Supporting the studies of unemployed black people will have a positive effect on society and the group embarked on several funding initiatives.

 

Development of black business
The group procures from BEE-rated companies and, this year, had a special focus on procuring from black-owned and black women-owned entities. Various business units within the group offer finance to small black businesses and mentoring is provided through our enterprise development initiatives. The supplier development initiative was implemented at a group level.

 

Equitable ownership
FirstRand has transferred significant ownership of the company to black partners. FirstRand’s direct black ownership is 25.86% and black women ownership 12.85%. 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 FirstRand's BEE certificate

BEE certificate