Sasfin is committed to the Financial Sector Charter for Black Economic Empowerment and its principles of transformation.
Sasfin Bank Limited is 10% empowered through InnoVent Investment Holdings Limited. The Boards of both Sasfin Holdings Limited and Sasfin Bank Limited have amongst their members two black non-executive directors, Ms Dolly Mokgatle and Mr Shahied Rylands.
A board sub-Committee, including two non-executive directors, the Chief Executive Officer, the Managing Director and the Head of Corporate Finance, has been tasked with identifying and executing the Group's transformation objectives. The Group is aiming for an "A" rating from the Charter Secretariat when ratings become available in 2008.
39% of Group staff, and 26% of management staff, consist of previously disadvantaged employees. Females comprise 70% of the Group's total staff complement. The Group's Executive Committee monitors the achievement of target objectives on a monthly basis, and the Group Board reviews progress at its quarterly meetings.
Sasfin also recognises the need to adapt its procurement practices in line with the requirements of the Charter. To this end, Sasfin has already assessed the BE preparedness of its major IT suppliers and is informing other major service providers of its procurement policy. The Group has undertaken, for Charter purposes, to have implemented Charter compliant procurement practices by the end of 2007.
Sasfin has also facilitated and funded several BEE initiatives:
• In December 2003, Sasfin, together with Royal Africa Gateway (a BE corporate finance and private equity concern) conceptualised, funded and invested in the creation of a black-owned and controlled equipment and office automation rentals and equipment management company, InnoVent Rental and Asset Management Solutions (Pty) Limited.
• With effect from 1 July 2004, Sasfin Bank's financial planning and advisory subsidiary, Sasfin Financial Advisory Services (Pty) Limited (SFAS), previously Sasfin Investment and Asset Managers (Pty) Limited, disposed of its controlling share in its employee benefits administration business to Pioneer Financial Planning (Pty) Limited, with 10% owned by well known black radio commentator and businessman, Tim Modise.
Sasfin will continue to identify and support appropriate BE initiatives and opportunities in all areas of its business activities.
Click here to see our BEE rating from the Financial Sector Charter Council. |