Former minister Trevor Manuel new OMEM chairman

Trevor ManuelFormer South African Minister of Finance, Trevor Manuel has been appointed as Old Mutual Emerging Markets chairman. Mr Manuel has been a non-executive director of Old Mutual since January 2016 and was South Africa’s Minister of Finance from 1996 to 2009, and Minister for the Presidency in charge of the National Planning Committee from 2009 to 2014.

The  investment, savings, insurance, and banking group said Mr Manuel’s appointment is an important step in the business readiness process for OMEM under Old  Mutual’s managed separation strategy. Bruce Hemphill, Group CEO of Old Mutual, will step down as Chairman of OMEM, but remain on its board.

Mr Manuel will oversee the establishment of the appropriate Board and governance structures for an independently-listed OMEM and in line with the King IV Report on Corporate Governance which will come into effect on 1 April 2017.

Bruce Hemphill said it is a pleasure to announce Trevor as Chairman of OMEM as his credentials reflect his extensive experience and leadership across business and the public sector. “In particular he embodies the values of Old Mutual and King IV in aligning good corporate governance with good corporate citizenship,” he said.

The former long-serving cabinet member said this is an important and exciting time to become Chairman of OMEM. “The company has made a significant contribution to South Africa over many years and it will remain a priority that Old Mutual contributes to the prosperity of all South African citizens, said Manuel.

Peter De Beyer, lead independent director of OMEM said the company was looking forward to working very closely with Trevor as the business is readied for an independent listing

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