Direct empowerment

Pillar 6: Control

Within the context of BEE, increasing the number of black people with direct control over South Africa’s economic assets is critical. The charter divides control between the board and the top 50 positions within a financial institution.

The participation of South African black people on Standard Bank’s board has increased from a total of five black people, one of whom is female, out of a total of 19 in 2004 to six black people, two of whom are female, out of a total of 18 in 2005. This implies that the 2008 charter targets for board representation are currently being met by the bank. Diversity at this level of control is crucial to our business remaining relevant and strategically focused on the ever-changing environment in which we operate.

Of the bank’s top 50 positions, 11 are occupied by black people with two black women, one of whom is a member of our group executive committee. The 2008 charter target for black people in the top 50 positions is thirteen persons, two of whom should be female. Standard Bank is working towards exceeding this target by 2008.