Profile of trustees
“i believe in what is called ‘capitalism with a human face’  the objectives of business should not be only to make money, but also to play a role in building our society”
Sizwe Nxasana, Chairman of the FirstRand Foundation

Executive trustees

Carolynne Waterhouse

RMB fund chairman

B Social Science, Marketing Management Diploma

Carolynne was selected by Unilever as a marketing management trainee, qualifying in brand management. Her next post was in retail banking, as head of the Public Affairs division of NBS Bank, where she was a trustee of the NBS Centenary Foundation and represented the brand on numerous business and community fora. Carolynne joined Rand Merchant Bank in 1998 as head of Public Affairs, and became a member of the Management Board, the chair of the RMB Fund and a trustee of the FirstRand Foundation until 2009, when she was elected to take on the role of specialist brand consultant to RMB, while retaining her CSI responsibilities within FirstRand.

Elizabeth Maepa

B Comm, CAIB

Elizabeth started her career at FNB in 1980 and after spending some time at Nedbank Corporate, heading up the BEE business unit as well as the Public Sector Business unit, she rejoined FNB as CEO of the Public Sector Business Unit. Elizabeth has also been involved in numerous corporate social investments through organisations such as Johannesburg Child Welfare and the Catholic Women’s League. She is also a trustee with the FirstRand Staff Assistance Trust, FirstRand Empowerment Foundation and Shalamuka Trust.

Sizwe Nxasana

FirstRand Foundation chairman

B Com, B Compt (Hons), CA(SA)

Sizwe started his career at Unilever. In 1989 he established Sizwe & Co, the first blackowned audit practice in KwaZulu-Natal. In 1996 he became the founding partner of Nkonki Sizwe Ntsaluba, the first black-owned national firm of accountants and was national managing partner until 1998 when he joined Telkom SA as CEO. He held this position until August 2005. He joined the board of FirstRand Bank Holdings in 2003 and was appointed CEO with effect from January 2006. In February 2006 he was appointed as an executive director of FirstRand. Sizwe was appointed CEO of FirstRand in January 2010.

Howard Arrand

FNB fund chairman

BA (Psychology)
AEP (cum laude)

Howard’s banking career has encompassed marketing and lending to all segments of the market place, from large, institutional corporations through to the emerging entrepreneur. Howard is presently directly responsible for FNB business’s banking interests in Gauteng which, inclusive of Pretoria, encompasses four regional offices.

In recent years, Howard has participated as an international panel member of the Endeavour Entrepreneur process and has participated as a judge/convenor of judges in the Ernst & Young World Entrepreneur of the Year Awards.

Independent trustees

Adrian Arnott

B Com, CA(SA)

Adrian retired as company secretary at FirstRand in 2010. Prior to the formation of FirstRand in 1998, he was an executive director of Southern Life serving in various executive positions. In 1983 he attended the Program for Management Development at the Harvard Business School.

Janet du Preez


Janet holds a Masters degree in public policy and development as well as qualifications in advanced management and project management. She is a qualified social worker and is also a trained executive coach. Janet has worked in the field of development for the past 30 years. A past chief director in the Gauteng Department of Social Development, Janet was instrumental in the development of the White Paper for Social Development, and has made it her responsibility to shape the transformation agenda for this sector. She is currently a director of 4Chakras Consulting.

Mamokgethi Setati


Mamogethi is full professor and Vice Principal of Research and Innovation at Unisa. She is also an honorary professor of mathematics education at Wits University. She holds a PhD in Mathematics Education from the University of the Witwatersrand and has published over 50 reviewed articles and four edited volumes. She is a B2 NRF-rated scientist and has been invited as a speaker and visiting professor at 18 different intenational conferences and universities. She has won several awards for her research and community work, the latest being the 2011 NSTF award for being the most outstanding Senior Black Female Researcher over the last 5 to 10 years in recognition of her innovative, quality research on teaching and learning mathematics in multilingual classrooms. Prof Setati was elected as a member of the Academy of Science of South Africa (ASSAf) in November 2007, an honorary member of the Golden Key International Honour Society in May 2009 and an honorary life member of the Association for Mathematics Education of South Africa(AMESA) in July 2009.


Peter Cooper

B Com(Hons), CA(SA), HDipTax

After qualifying as a chartered accountant Peter worked in the financial services sector, first as a tax consultant and later specialising in structured finance with UAL Merchant Bank. He joined RMB’s Special Projects division in 1992 and transferred to RMB Holdings in 1997.

Chris Mkhize

BA (Hons)

Chris Mkhize is currently CEO of the Uthungulu Community Foundation, a not-for-profit, independent and autonomous organisation.  Chris is a proven research practitioner, fund developer, newspaper columnist, speechwriter, book author, and a consultant on organisation development and management issues.  His vast experience on management and administration of private and public sector organisations includes holding executive, management and administrative positions at various institutions such as hospital and postal services, including the University of Zululand where he served for a number of years as an Assistant Registrar.  Above all, Chris is well connected, nationally and internationally.

Chris holds an Advanced Diploma in Public Administration, BA and BA (Hons) degrees from the University of South Africa.  His other post-Matric qualifications include the following:  Business and Administrative Communication, Accounting, Business Economics, Economics and English Communication.  He is also a member of four professional bodies.  Chris’s international experiences include numerous visits to countries such as the United States, Europe, Canada, and Eastern countries.


Sebenzile Matsebula

Sebenzile has, for the past 23 years, been actively involved in advancing mainstreaming disabilities, whilst being actively involved in business development to enable economic empowerment of marginalised and vulnerable groups. Her work experience includes serving as Director in the Presidency of South Africa as head of the Office on the status of Disabled Persons, executive director of the Motswako Office Solutions as well as being a development consultant on numerous human rights and social justice projects with a focus on disability issues.Sebenzile currently chairs the Disability Empowerment Concerns Holding Company and the Disability Workshop Development Enterprise. In 2005, Sebenzile established a company of women with disabilities, called Divuseni, whose vision is to ensure that women with disabilities participate in the creation of wealth through entrepreneurial initiatives.