After the subprime crisis of 6 years ago which led to the collapse of financial giants globally, Banks have been accused of being too fixated with increasing returns for their shareholders while ignoring the concerns of customers and society at large. However, the 14th Oliver Empowerment Awards, which were held at Emperor’s Palace in Johannesburg, have proved that Nedbank is one is the financial institutions that has bucked the trend.
The financial institution prominent for its ‘sustainable’ operations clinched the Top Empowered Business of the Year Award on Thursday, an award which honours the most pioneering South African company in the realm of transformation and empowerment.
Explaining how the judging panel settled for Nedbank, Ralf Fletcher, the CEO of Topco Media, which organises the Annual Oliver Empowerment Awards, said the bank impressed with its focus on having a health balance of empowerment and teamwork.
He said: “Empowerment makes a difference to every life it touches, offering upliftment to individual South Africans through employment, education, training and up-skilling.”
“And through such empowerment initiatives by forward thinking employers and businesses, such individuals can educate and inspire their children. It plays an imperative role in breaking cycles of the past and building our country.”
Divisional executive for group transformation, Kershini Govender, commented: “Transformation at Nedbank transcends compliance and it is seen as a moral and business imperative. Our goal is to build a nationally relevant bank and to contribute to a better life for all in South Africa.”
“We also aim to contribute to communities through socio-economic development initiatives, primarily in the education space… assisting with teacher training, grants for students to study, and supporting small businesses through additional mentoring and coaching programmes,” she said.
According to Govender, it is a journey which Nedbank started over ten years ago when transformation was identified as a key strategic business enabler for its broader business strategy and was CEO-led in its approach.
Empowerment growth can be seen from statistics. In 2005 the representation of previously disadvantaged groups in top management was 18% but in 2014 it was standing at 47%. Black senior management was 15% and is now 35%. Back female board members in 2005 stood at 5% now they are represent 24%.
