BMF President Mncane Mthunzi on transformation of SA’s corporate sector

The state of transformation in corporate South Africa will be the focus of a gala dinner to be held on Friday next week by the Black Management Forum.

THE BLACK MANAGEMENT FORUM TACKLES ABSA ON THE SUDDEN RESIGNATION OF PHAKAMANI HADEBE AND FOR THE LACK OF TRANSFORMATION IN THE COMPANY

Johannesburg, South Africa – 26 May 2017

The Black Management Forum (the BMF) which is at the forefront of transformation within Corporate South Africa met with ABSA Group CEO, Ms. Maria Ramos and some her executives on Thursday, 25 May 2017. The meeting follows the walkout of black professionals at ABSA Capital’s staff meeting after Phakamani Hadebe was overlooked for a promotion to head the CIB business. The BMF sought to understand the circumstances surrounding Hadebe’s resignation and to discuss the broader lack of transformation at ABSA. As the BMF, we have been very intentional in our focus on the composition of executive teams and company boards with regards to gender and race as we believe that gate-keeping is sponsored from the very top, leading to transformation being undermined and ultimately reversed as is the case at ABSA currently.

At the meeting, the BMF highlighted its grave concerns with regards to:

  1. Dismal Board and EXCO representation of Black Executives, and the general lack of transformation in senior teams managing key ABSA business units.
  2. The concentration of business power in the hands of a single executive, Mr. David Hodnestt’s who, in addition to his ‘double-hat’ roles as Deputy Group CE and CEO of SA Business Operations, is now - even if temporal - a Head of CIB and a Head of Retail and Business Banking. We asked if ABSA had no other executives to fill these roles and whether SARB is comfortable with Mr. Hodnestt’s many roles that clearly pose salient risks.
  3. The growing trend in Corporate South Africa’s apparent preference of foreign nationals over South African nationals and black South African nationals in particular, even on businesses that derive a large part of their earnings in South Africa.

    Read more: THE BLACK MANAGEMENT FORUM TACKLES ABSA ON THE SUDDEN RESIGNATION OF PHAKAMANI HADEBE AND FOR THE...

The Black Management Forum Condemns the Decision Taken by the Eskom Board of Directors to Reappoint Mr. Brian Molefe as the CEO of its Entity

Johannesburg, South Africa -12 May 2017

The decision taken by the Eskom Board of Directors to reappoint Mr. Brian Molefe is not in the interest of good governance and it makes a mockery of black leadership, particularly in State Owned Entities. In our condemnation we would like to highlight the following:  

Firstly, Mr. Molefe himself stated that his resignation from Eskom was in the best interest of good governance. His return to Eskom before being cleared on the allegations that made him leave then nullifies good governance. 

Secondly, the process of finding a new CEO was still underway. What legitimate reasons on this reappoint will be given to the candidates who were subjected to the process?

Thirdly, the Board of Eskom has clearly breached its fiduciary duty. It did not act in the best interest of the company since its decision puts the individual ahead of the entity. We are now questioning all its other decisions.

Finally, the BMF will seek a meeting with the leadership of Eskom to engage on this matter. In addition, the BMF will request a separate meeting with Minister Lynne Brown to engage on this matter and other related matters.  

For more information, contact:
Anele Ndlovu
Black Management Forum
Head of Marketing & Communications
0764312899
This email address is being protected from spambots. You need JavaScript enabled to view it. 
 

July

20 Conversations with CEOs
26 Executive Breakfast
31 Don Mkhwanazi Memorial Lecture

August 



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Student Chapter Summit
23 MDL Memorial Golf Day & Dinner
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24 Lot Ndlovu Annual Lecture

September
05
Maduke Lot Ndlovu Legacy Dinner
15 Executive Breakfast

October
12-13 Annual Conference/Awards/AGM
26 Conversations with CEOs

November
24 Executive Breakfast

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