Press Statements

Press Statements

THE BLACK MANAGEMENT FORUM SUPPORTS THE COMPETITION COMMISSION IN ITS PROSECUTION OF 17 BANKS FOR ALLEGED COLLUSIVE CONDUCT

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.

The Black Management Forum Student Chapter Congratulates 2016 Matriculants

Press Release
Johannesburg, 5 January 2017 – Interests of a child are paramount important in everything concerning the child

On Wednesday, 4 January 2017, the Honourable Minister of Basic Education, Angie Motshekga announced the much anticipated 2016 matric results. As the Black Management Forum Student Chapter (BMFsc) we would like to commend and congratulate the class of 2016 for raising the bar to 72, 5% an increase of 1, 8% compared to the 2015 national pass rate. Our congratulations also go to the Department of Basic Education, stakeholders and provincial leaders that have actively played their part in achieving this milestone.

The above achievement however, cannot be merely accepted without critique. We have concerns around the gap between the pass rate in private schools and public schools. We are still faced with inequalities after 20 years since the promulgation of the 1996 South African Schools Act. Eastern Cape, Limpopo and KwaZulu-Natal matriculants constituted 54% of the class of 2016 and the provinces performance in the last three years have been below 70% threshold. These inequalities contribute to the low pass rate in these provinces and hampers the efficiency of a department that is the guardian of nation building and the future of South Africa.

The BMF congratulates the appointments of Themba Mkhwanazi and July Ndlovu

FOR IMMEDIATE RELEASE
PRESS RELEASE

Johannesburg, South Africa – 28 July 2016

The Black Management Forum (BMF) which is at the forefront of transformation in Corporate South Africa is delighted with the appointments of Themba Mkhwanazi and July Ndlovu to the positions of Kumba Iron Ore CEO and CEO of Anglo America's coal business in South Africa respectively . "We are very thrilled and excited about these appointments. It is very gratifying to us to see that there are still companies who regard transformation as a business imperative and continue to make concerted and deliberate efforts in ensuring that the transformation gains they have achieved as a company are not reversed", says BMF President, Mr. Mncane Mthunzi.

The appointments of Mkhwanazi and Ndlovu go a long way in dispelling the lack of black skills myth that Corporate South Africa continues to use as an excuse for not appointing black executives in these critical positions. "Anglo American has demonstrated their seriousness about succession planning and respect for black talent and leadership. These appointments inspire all of us as black professionals that we have a future in these companies and that our talents can achieve these greater heights", Mthunzi added.

This is far from the arrogant phenomena we have been witnessing lately from Corporate South Africa where black CEOs have been replaced by white CEOs by our own South African companies led by our own and black Chairmans. It is very worrying that our own homegrown companies built on the blood, sweat and strength of our own black people are not at the forefront of driving the transformation agenda and are being surpassed by companies of international origin. 

The Black Management Forum extends its well wishes to Mr Mkhwanazi and Mr Ndlovu and pledges its unwavering support to them and their businesses.

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.

The BMF celebrates the appointment of Isaac Mophatlane as CEO of the newly integrated Telkom Business Connexion

PRESS RELEASE (for immediate release)
27 June 2016

THE BLACK MANAGEMENT FORUM (BMF) CELEBRATES THE APPOINTMENT OF ISAAC MOPHATLANE AS CEO OF THE NEWLY INTEGRATED TELKOM BUSINESS CONNEXION

The Black Management Forum (BMF) which is at the forefront of transformation in Corporate South Africa is thrilled with the appointment of one of their staunch members for many years, Mr. Isaac Mophatlane, as head of the newly integrated TELKOM Business Connexion. 

“Mr. Mophatlane’s appointment to head the newly integrated TELKOM Business Connexion comes as no surprise to us as the BMF. Isaac (and his late brother Benjamin) have been BMF members for many years. Through the years we have had the honour of having worked closely with them and experienced firsthand their unquestionable competence, aptitude and expertise. TELKOM has appointed a true transformation agent and an empowerment activist which he recently displayed when he appointed the first black African female CFO, Ms. Refilwe Nkabinde, in Business Connexion on 01 February 2016. We have no doubt that he will continue driving this agenda within TELKOM Business Connexion” said Mr. Mthunzi the President of the BMF. 

The Black Management Forum wishes Mr. Mophatlane well and pledges its unwavering support to him and TELKOM Business Connexion. “TELKOM could not have chosen a better leader to head their newly integrated business and this appointment goes a long way in demystifying the “lack of skills” myth that companies keep using as an excuse so they can continue perpetuating their anti-transformation stance through appointing whites into CEO positions,” Mr. Mthunzi concluded.  

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BMF disappointed at the appointment of Rob Shuter As Group CEO and President of the MTN Group (MTN)

PRESS RELEASE

22 JUNE 2016

THE BLACK MANAGEMENT FORUM (BMF) DISAPPOINTED AT THE APPOINTMENT OF ROB SHUTER AS GROUP CEO AND PRESIDENT OF THE MTN GROUP (MTN)

The Black Management Forum (BMF) today said that it views the decision by MTN Group (MTN) to appoint Rob Shuter as CEO and President of the company as a serious blow to transformation. The BMF notes that this appointment by MTN contributes to the steady decline in the number of black South Africans at the leadership helm in companies.

“The BMF’s position is informed by the clear reversal of black representation in Top JSE listed companies. There is a general unwillingness for transformation at top management level which has resulted in the decline in the number of black South African CEOs” said BMF President Mncane Mthunzi. 

“MTN may put forward reasons it argues to be valid for the appointment of its new CEO, however, the company would undoubtedly agree that it has squandered a good opportunity to reaffirm its commitment to transformation. Prior to this appointment, MTN had demonstrated exemplary leadership by successively having black CEOs”, Mthunzi added. 

MTN is a proud export of South Africa across the African continent and beyond; hence its appointments are of high importance. The BMF holds the view that MTN’s failure to appoint a black CEO signals that transformation is not a business imperative, which is disappointing. 

It is disheartening to note that these decisions are made by the Board of Directors with the majority of black people and under black chairmanship. The lack of thoughtfulness in dealing with matters of succession in these companies is appalling. 

“The BMF will also engage with the Public Investment Corporation and other shareholders of reference on their expected role and moral obligation for the appointment of black CEOs and Executives in general. These companies are owned by the public and yet they don’t reflect the demographics of our society”, Mthunzi concluded.

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