Johannesburg, South Africa – 6 February 2018
The Black Management Forum (the BMF) congratulates Mr Fani Titi on his appointment as a joint Chief Executive Officer of Investec Limited (Investec). Mr Titi is a competent business leader with proven business acumen which he has displayed over the years in his diverse and remarkable rise in corporate South Africa. The BMF has no doubt that he will add significant value in his capacity as the joint CEO and will be at the forefront of driving transformation at Investec.
Mncane Mthunzi, the President of the BMF says, “the BMF applauds Investec for making a contribution in driving transformation at executive level. Mr Titi’s appointment highlights the benefits of converting a non-executive director to an executive director in a company. As a current non-executive director at Investec, Mr Titi is already well versed in all aspects of the company. The conversion makes sense for companies to leverage high performing and thought-leadership that already exists within its board and use non-executives as a talent pool to fill vacancies at executive levels. The conversion of non-executive directors to executive directors will accelerate black talent and help top management in organisations to reflect the demographics of our society. “
“Whilst we applaud Mr Titi’s appointment, the BMF is opposed to the joint CEO arrangement that Investec has opted for. We are against such an arrangement as it does not add any value to the bottom line. It also adds unnecessary additional costs as two people are being paid to drive a single bottom line. We hope that Mr Titi will be the sole CEO in the foreseeable future. As the BMF we pledge our support to Mr Titi as he takes Investec to greater heights and drives to achieving transformation at Investec,” concluded Mthunzi
Johannesburg, South Africa 1 February 2018
The Black Management Forum (the BMF) has noted with concern and disappointment the cancellation of the Africa News Network7 (ANN7) contract by MultiChoice. The media industry's role in our society is significant as it helps in providing facts and different interpretations of our daily lives and the world we live in. The information that the media generates empowers communities to make informed decisions on business, socio-economic and political issues to mention but a few. In fact, it is the mirror that reflects our society.
The BMF views the cancellation of the ANN7 contract by MultiChoice as regressive and thus does not promote and advance diversity within the media industry. In addition, South Africa is a democratic country and all attempts to bring about diversity within the media industry must be embraced and supported by all citizens including corporate citizens. The dominance by MultiChoice is susceptible to the company misusing its power, duly influencing the whole industry negatively and closing out other players that they might not agree with on principle.
Mncane Mthunzi, the President of the BMF alluded to this fact citing that, the BMF has received the news of the cancellation of ANN7s contract by MultiChoice with absolute discontent. How the company has handled this matter leaves a lot to be desired, where the whole country has witnessed the flaunting of corporate governance principles to inconsistencies in how the company handles their partnership agreements. It becomes clear to all that MultiChoice did not consider the impact of their decision to potential job losses that staff members at ANN7 will suffer. This, in our view as the BMF goes against all attempts by the government and business to find workable solutions for the betterment of our economy and the nation at large.
The concentration of the media industry by a few players that are mainly white owned remains a concern to the BMF. The result of this is exactly what we are witnessing today, where MultiChoice is adamant in crowding out other players, in particular a black-owned company. The dominance of MultiChoice within the media space remains a serious threat to our hard-fought democracy. In a democratic country, diverse media ownership and views must be promoted in order to ensure that all players in particular black-owned media companies are given space to operate and that their existence is not threatened and lastly that all news are widely reported in a most inclusive manner, Mncane said.
Johannesburg, South Africa – 22 January 2018
The Black Management Forum (the BMF) welcomes the appointment of the new board of directors at Eskom as announced by the Deputy President Cyril Ramaphosa on Saturday, 20 January 2018.
Eskom is one of the key State-Owned Companies (SOCs) in South Africa and plays a major role in our society. It remains a critical entity to the people of South Africa, its employees and the capital market participants worldwide. The South African government has an embedded responsibility in ensuring and promoting sound corporate governance; operational and financial stability at Eskom.
The BMF has faith in the new board at Eskom and supports its appointment. “We believe, as the BMF, that the effective governance at Eskom will encourage better operational and financial decision making, efficient use of the utility’s resources and strengthen accountability of all those charged with leading this strategic asset”, said Mncane Mthunzi, the President of the BMF. Mthunzi pleads with the new board to scrutinise Eskom’s operational hurdles which if left unattended will most likely bankrupt the company.
Mthunzi says that the effectiveness of this new board will be tested by its ability to improve governance within the utility, strengthen management’s capabilities in driving the utility to navigate its current business challenges whilst delivering sustainable power solutions to help grow the economy.
The BMF believes, under the stewardship of Jabu Mabuza as the Chairman of the Board and a seasoned business leader, Phakamani Hadebe as the interim Chief Executive Officer who is a competent and capable leader, both supported by highly skilled members of the board with diverse experience and impeccable business credentials; that Eskom will be able to draw from this and steer the company towards a sustainable state of economic, financial and corrupt-free governance for the benefit of all its stakeholders.
Johannesburg, South Africa – 20 December 2017
The Black Management Forum (the BMF) would like to congratulate the election of Cyril Ramaphosa as the President of the African National Congress (ANC) and the rest of the leadership collective elected on Monday evening. The BMF wishes the newly elected ANC leadership all the best in their term of office.
South Africa has been at a crossroad as far as leadership is concerned. We need to raise the bar and create high standards of leadership. As South Africans we need and deserve a leadership that loves its people; a leadership that wants to make a positive and sustainable difference in the lives of its people. We need a corrupt-free leadership that puts its people first. The ANC as the governing party continues to play a significant role in society and therefore what goes on in the ANC directly impacts society at large. The country is in dire need of ethical and servant leadership. We urge this newly elected leadership of the ANC to provide the leadership we need. They must cease the moment and unite our country; business, labour and civil society in building the national consensus to drive socio-economic transformation with a view to achieve inclusive economic growth. As the BMF, we are offering our support to the leadership to ensure socio-economic transformation is achieved in our country.
The Black Management Forum (the BMF) has the pleasure of announcing Thabile Wonci as the new Managing Director.
Thabile Wonci is joining the BMF as its Managing Director from an investment bank where he was responsible for financial reporting, controls & oversight, overall business management and driving the operational strategy for the Sub-Saharan Representative offices.
He has over 12 years of corporate experience and brings with him significant wealth of knowledge that spans across different industries such as life assurance, property investment management, fast-moving consumer goods and banking.
“I am excited about this development and having a person of Thabile’s calibre is a testimony that the BMF does grow its own timber. He has been a member of the BMF for a long time and served our organisation in different roles before as a member. Thabile brings a wealth of corporate experience that will come handy in executing the organisation’s strategy and strengthening the relationship with our corporate and individual members and well as broader stakeholders”,
the BMF President, Mncane Mthunzi commented.
Mr Wonci completed his MBA degree at the Gordon Institute of Business Science (GIBS). He also holds a Postgraduate Diploma in Business Administration and Postgraduate Diploma in General Management from the same institution. His other qualifications include a Postgraduate Diploma in Management Accounting (CIMA Strategic Level) from UNISA, BCom from NMMU and has attended the Duke Leadership Executive Program at Duke University in the United States.