For Nedbank Group transformation transcends compliance. It is seen as a moral and business imperative to ensure that we remain relevant in the societies in which we operate.
Transformation of the financial services sector plays a significant yet complex role in South Africa’s nation-building journey. In the 2017 budget review former Minister of Finance, Pravin Gordhan, set out the point of departure as: ‘To achieve the vision of the Constitution, South Africa needs transformation that opens a path to inclusive economic growth and development. Transformation without economic growth would be narrow and unsustainable. Growth without transformation would only reinforce the inequitable patterns of wealth inherited from the past’. We at Nedbank support Gordhan’s view and will continue to play a key role in contributing to the country’s socioeconomic growth as we strive to build an equitable society, noting that the role of transformation does not solely rest on the shoulders of government.
Nedbank's progressive transformation initiatives have ensured that the group maintained its externally verified level 2 broad-based black economic empowerment (BBBEE) rating for nine consecutive years. We were measured against the Department of Trade and Industry Codes from 2009 to 2012, the Financial Sector Code from 2013 to 2016 and most recently against the Amended Financial Sector Code for 2017.
Leading transformation remains a strategic priority for Nedbank, as this will enable us to achieve our vision to be the most admired financial services provider in Africa by our staff, clients, shareholders, regulators and society.
The Nedbank team, under the leadership of Group Chief Executive Mike Brown, welcomed the election of Mr Cyril Ramaphosa as the 14th President of the African National Congress (ANC) and looks forward to engaging with the new ANC leadership to rebuild the social compact and continue addressing the pressing needs of our society and meeting the legitimate aspirations of all South Africans. Nedbank is committed to playing a key role in developing all sectors of the SA economy and working alongside leadership who has the best interests of SA at heart.
Nedbank Transformation report and BBBEE certificates
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