Press Statements

Johannesburg, South Africa – 11 April 2017Picture: Vodacom

The Black Management Forum (the BMF) which is at the forefront of transformation in Corporate South Africa welcomes the appointment of Peter Moyo as Chief Executive Officer (CEO) of Old Mutual Emerging Markets.

“We would like to applaud the progressive and exemplary move by Old Mutual in appointing Mr Moyo to head their Emerging Markets business. The appointment of Peter, an acclaimed transformation agent and a seasoned black executive, is a first step in the right direction especially against the backdrop of setbacks on transformation of executive teams of major Financial Services Sector companies in Corporate South Africa. We mostly welcome this appointment because we have identified the financial services industry as one of the least transformed sectors with its Transformation Charter as one of the impediments in advancing transformation within the sector,” said Mr Mncane Mthunzi, President of the BMF. 

On 22 March 2017, the BMF tabled its recommendations on the transformation of the Financial Services Sector before the Standing Committee on Finance in Parliament. Part of the organisation’s submission highlighted some of the key and structural issues hindering transformation within the sector such as, the Financial Services Sector Charter; Ownership; Market Concentration; the Once Empowered Always Empowered principle and Empowerment Financing.  

The Black Management Forum wishes Mr Moyo well and would like to pledge their solid support towards his appointment and his anticipated success. The Black Management Forum stands for the development and empowerment of managerial leadership primarily amongst black people within organisations and the creation of managerial structures and processes, which reflect the
demographics, and values of the wider society.

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For more information, contact:
Anele Ndlovu
Black Management Forum
Head: Marketing & Communication
076 431 2899
This email address is being protected from spambots. You need JavaScript enabled to view it.  

 “Earlier today we saw a female student at the University of Free State, QwaQwa Campus
being assaulted by four private security members while she was laying on the floor;
they stomped on her and kicked her.”

– Ayavuya Madolo BMFsc Provincial Chair Free State, 29 March 2017

This incident took place while students were protesting against the de-registrations that are scheduled to take place on 1 April 2017 after the National Student Financial Aid Scheme (NSFAS) failed to successfully carry out the SBux Program which caters for accommodation, food, books and transport for students. The University of Venda is also faced with the same challenge which saw a huge number of students being evicted from their residences and brutally assaulted by members of the South African Police Services (SAPS) and Private University Security.

The Black Management Forum Student Chapter (the BMFsc) is insisting on the immediate intervention of the Higher Education Minister Blade Nzimande to reign in ViceChancellors to ensure that our institutions of learning are not militarised by private 2 | Page security and the police. The intervention by the Minister should be to allow students, where NSFAS has confirmed approval of SBux, to attend without any victimisation. We appeal to the executive leadership of NSFAS to intervene and communicate with the Institutions where payments have been delayed to facilitate an agreement which speaks to the date and progress made in ensuring that all affected students are adequately dealt with.

We are also calling on students to open cases of assault against any private security or official that seeks to victimise any student that is fighting for this legitimate cause for access to education. We ask the students to remain calm and carry themselves in a manner that avoids destruction of property and incriminating behaviour. Lastly, we condemn any institution or person that seeks to delegitimise genuine calls for access to education by students. We also condemn the notion that brutality is a way to deal with the legitimate call made by students across the country. The government appears not to be serious in addressing these legitimate concerns raised by disadvantage students. They should step up and address the call and stop hiding behind talk shows while students suffer. The BMFsc will going forward, engage in the South African Human Rights Commission (SAHRC) in dealing with these assaults and victimisation of students.

Issued by:
Melcome Mahlathini
Black Management Forum Student Chapter
National Student Chapter Chairperson
This email address is being protected from spambots. You need JavaScript enabled to view it.
0641960605

Johannesburg, South Africa – 27 March 2017

The Black Management Forum (the BMF) which is at the forefront of transformation in Corporate South Africa tabled its recommendations on Transformation of the Financial Services Sector before the Standing Committee on Finance in Parliament on Wednesday, 22 March 2017. Part of the submission highlighted some of the key and structural issues hindering transformation in the sector, namely:

  1. Financial Services Sector Codes:
    Though the B-BBEE Act does provide for Sector Codes, the BMF is opposed to the Sector Codes as a matter of principle. Our considered view is that sector codes are minimalist and seek to legitimise the apartheid order in a democracy. If the sector codes are to be agreeable, they must by definition meet or exceed the minimum requirements of the B-BBEE Generic Codes of Good Practice.
  2. Once Empowered, Always Empowered Principle:
    The BMF is opposed to the notion of ‘Once Empowered, Always Empowered.’ We view this principle as unethical, bereft of commercial innovation and out of kilter with the spirit of fundamental transformation. We urge the Standing Committee to reject ‘Once Empowered, Always Empowered’.
  3. Empowerment Financing: The BMF objects to empowerment finance as part of the measured elements in the FSC. The provision of banking, financial services and lending money is in the normal course of business for financial institutions. This measure is at odds with the permissible “deviation” grounds as contained in the Statement 003.
  4. Ownership:
    Equity is fundamental to the establishment and control of a commercial enterprise. Equity confers rights to investors that no other element does, amongst others the right to determine the board composition, to approve remuneration policy and by extension the strategy which the enterprise shall pursue. We equally object to an argument that direct ownership introduces systemic risk whenever black people are to own a direct significant stake in a bank or any financial institution.
  5. Market Concentration:
    The BMF notes with extreme concern the oligopolistic market structure prevalent throughout different economic sectors of our economy. This phenomenon is predominate in the financial services sector. This market structure creates a fertile ground for all undesirable market conduct such as collusion as we have recently seen with the banks but even more importantly it has a tendency of excluding new entrants in the market and in our case black new entrants. To create an inclusive economic growth we need to consider structural deconcentration policies including compelling the dominant players to unbundle and thus open up the market for black new entrants.

    The Black Management Forum went on to further express their concern regarding the state of the Financial Services Sector during their meeting with the Finance Minister Pravin Gordhan on Friday 24 March 2017, where it was agreed upon that follow-up engagements will be held with the National Treasury in this regard.

The Black Management Forum stands for the development and empowerment of managerial leadership primarily amongst black people within organisations and the creation of managerial structures and processes, which reflect the demographics, and values of the wider society.

- ENDS -

For more information, contact:
Anele Ndlovu
Black Management Forum Head of Marketing & Communication
076 431 2899
This email address is being protected from spambots. You need JavaScript enabled to view it.

Johannesburg, South Africa, 20 February 2017

The Black Management Forum (the  BMF) which  is at the forefront of transformation in Corporate South Africa applauds the exemplary leadership displayed by Country Chair of Shell Downstream South Africa and former President of the BMF, Bonang Mohale, in championing transformation. As he steps down from his position, he is leaving behind a stronger entity     than what he took over 8 years ago having delivered successive strong business results and a more transformed executive team.   

“Mr Mohale is an epitome of leadership excellence and we are proud to have him as one of our own and to claim the role we have played as the BMF in producing such astronomical business talent.   We would like to applaud him for the leadership he has demonstrated through his carefully considered succession planning by grooming his successor, Mr Hlonipizwe Mtolo, for the past 2 years. This validates the point we have been making that if companies perform thorough succession planning the leadership crises and reversal of transformation gains that we have been witnessing could be averted through such acts of decisive leadership” said the President of the BMF, Mncane Mthunzi.

The BMF wishes Mr Mtolo well in his new role which will be effective from 1 June 2017 at which time Mr Mohale is set to retire.

The Black Management Forum stands for the development and empowerment of managerial leadership primarily amongst black people within organisations and the creation of managerial structures and processes, which reflect the demographics, and values of the wider society.

- ENDS -

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

 

Johannesburg, South Africa – 17 February 2017 

The Black Management Forum (the BMF) congratulates and supports the Competition Commission (the Commission) in respect of its referral of a collusion case in terms of the Competition Act No 89 of 1998 (the Competition Act) to the Competition Tribunal (the Tribunal) for prosecution against the Bank of America Merrill Lynch International Limited,  BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa Ltd, Commerzbank AG; Australia and New Zealand Banking Group Limited, Nomura International Plc., Macquarie Bank Limited, ABSA Bank Limited (ABSA), Barclays Capital Inc., Barclays Bank plc (the Respondents).

The BMF is of the view that this complaint referral is a further indicator of the Commission’s ability to tackle inequalities in a complex global monetary system.

The BMF hopes that such investigation and complaint referral sheds light on the Respondents’ compliance with various banking governing policies such as the Third Basel Accord and the Financial Markets Act No 19 of 2012. In addition, bring to the fore the clandestine manner in which banks operate in order for there to be more transparency in the banking system.