EFFECTING REAL CHANGE - Mergence Investment Managers
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JUNE 2021
www.businessmediamags.co.za
EFFECTING REAL CHANGE
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EDI T ORI A L COMMEN TA RY
WOMEN
PUBLISHED BY EFFECTING
REAL CHANGE
T
he WEF announced in April that the
COVID-19 pandemic has added
A proud division of Arena Holdings
36 years to the amount of time it
Hill on Empire, 16 Empire Road (cnr Hillside Road),
will take to close the gender gap
Parktown, Johannesburg, 2193
worldwide. This statistic is sobering
PO Box 12500, Mill Street, Cape Town, 8010
if you consider the fact that the number
www.businessmediamags.co.za
of women holding CEO positions on JSE-
listed companies is exceptionally low -
EDITORIAL
just 2 per cent of the JSE’s top
Content Manager: Raina Julies
100 listed companies have female
rainaj@picasso.co.za
CEOs and just 11 per cent have female
Contributors: Beth Amato, Jermaine Craig,
Chairpersons (page 15).
Delia du Toit, Ryland Fisher, Denise Mhlanga,
For the tide to turn and for these
Puseletso Mompei, Thando Pato
numbers to increase at CEO and board
Copy Editor: Nia Magoulianiti-McGregor
level, women must accept that they are
Content Co-ordinator: Vanessa Payne
not only having to deal with and compete
Digital Editor: Stacey Visser
in almost entrenched patriarchal systems,
but they must begin to lift as they rise. In
DESIGN
this issue, we talk to a group of women
Head of Design: Jayne Macé-Ferguson
who not only understand this but who
Senior Design: Mfundo Archie Ndzo
offer other women, at the start of their
Advert Designer: Bulelwa Sotashe
boardroom journey, advice around the
On the cover: Top from left: Fundi Tshazibana,
nuances of breaking down stereotypes.
Nosipho Mia Makhanya, Colleen Larsen
They also share with us the strategies they
Bottom from left: Nonhlanhla Mayisela,
have in place in their own organisations to
Gugu Sepamla, Samara Totoram
see real change happen.
So while the numbers do not yet
SALES
reflect an equal reality, the commitment
Project Manager: Merryl Klein
by women in leadership roles certainly
merrylk@picasso.co.za | +27 82 895 7260
does offer a glimmer of hope.
Sales Team: Jeanette Nicholson, Gavin Payne,
Sameegha Wolhuter
PRODUCTION
Production Editor: Shamiela Brenner
Advertising Co-ordinator: Shamiela Brenner
Subscriptions and Distribution: Fatima Dramat,
Contents 11 LEADERSHIP
Why the gender discussion around
leadership is crucial
fatimad@picasso.co.za
Printer: Novus Print
5 30% CLUB SOUTHERN AFRICA
Keeping gender parity at the 14 PROFILE
forefront during challenging times; Fundi Tshazibana, SARB deputy
MANAGEMENT
Voices of change: Corporates band governor takes us through the
Management Accountant: Deidre Musha
together to effect real change transformation journey of the
Business Manager: Lodewyk van der Walt
Reserve Bank
General Manager, Magazines: Jocelyne Bayer
8 LESSONS FROM COVID-19
How South African corporates 19 EDUCATION AND TRAINING
are navigating the unprecedented We unpack the challenges and
challenges presented by COVID-19 opportunities of leading a SETA
COPYRIGHT: No portion of this magazine may be
reproduced in any form without written consent
of the publisher. The publisher is not responsible
for unsolicited material. Women is published by
Picasso Headline. The opinions expressed are 6
not necessarily those of Picasso Headline. All
19
advertisements/advertorials have been paid for
and therefore do not carry any endorsement by 8
the publisher.
FM WOMEN 3
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A DV ER T ORI A L
GENDER-RESPONSIVE
2. Design policies and budgets with
the gender objectives in mind
This requires the buy-in of the relevant
ministries and departments to receive
BUDGETING
guidance and build sufficient skills
and capacity to design their budgets in
a gender-responsive way.
The COVID-19 pandemic has wreaked havoc on societies and 3. The implementation tools need
to support the policies and
economies worldwide, leaving many long-lasting after-effects, budgets in achieving their intended
but the impact on gender equality is particularly troubling outcomes, and are reported on
PAT SEMENYA, head of ACCA South Africa for effective audit
T
This will ensure that adequate
he Association of Chartered resources are allocated to implement
Certified Accountants (ACCA) GRB effectively. Effectively
recently undertook a consultation
ABOUT ACCA implemented tools can also be used to
ACCA is the Association of
project with 15 gender-responsive monitor progress and provide a clearer
Chartered Certified Accountants
budgeting (GRB) experts from audit trail.
– a thriving global community of
around the world. This project informed
227 000 members and 544 000
a toolkit for GRB showing how to 4. Evaluate and audit policies
future members based in 176
incorporate GRB into COVID-19 economic and budgets to ensure they have
countries – upholding the highest
recovery. To do so, three main questions met objectives
professional and ethical values.
must be answered. Performance audits focus on achieving
the three “Es”: Economy, Efficiency
WHAT? and Effectiveness. However,
“Gender-responsive budgeting is the WHY? researchers argue that this approach
process of assessing the implications All 193 UN member states adopted the lacks a critical fourth “E”: Equity.
for women and men of any planned Sustainable Development Goals (SDGs), This “E” would allow for the audit and
action, including legislation, policies and thereby agreeing to achieve the goals and evaluation stage to account for
programmes, in all areas and at all levels. targets under SDG 5 – achieve gender outcomes that specifically relate to
The objective is to ensure that women equality and empower all women and achieving gender equity by including
and men benefit equally and inequality girls by 2030. new GRB-related inputs, outputs
is not perpetuated. Gender-responsive The COVID-19 pandemic impact is not and outcome indicators. For example,
budgeting simply means allocating gender-neutral, affecting men and women did the unemployment support
resources in response to the capacities, differently and exacerbating inequalities scheme disproportionately benefit male
constraints and needs of women and globally. It has therefore heightened the workers because it targeted male-
men, girls and boys.” (UN Women 2016) urgency of tackling gender inequality. dominated sectors? If so, what was the
impact of this policy and wider policies
HOW? on employment for women?
GRB can be implemented in any Finance professionals are in a
jurisdiction if there is the will and capacity unique position to support
to do so. When designing economic governments and policymakers by
recovery packages, the following four providing the necessary data and
entry points can help ensure that GRB is tools to implement GRB effectively.
implemented throughout the policy and The role of the profession can be
budget cycle. seen in every stage of the cycle –
from initial analysis and budget
1. Define the policy objectives using design to the invaluable role of
available quantitative and auditing in the fi nal stage.
qualitative sex-disaggregated data
Pat Responding to the crisis means
Semenya For more information:
viewing the situation through a www.accaglobal.com
gendered lens and seeing where the
problems lie in a particular domain.
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To ascertain this, the right questions
must be asked, for example, “What
are the unemployment fi gures for
each sector disaggregated by sex?”
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30% CL UB S OU T HERN A F RICA
COVID-19 and the impact on gender parity
Are we at risk of losing the gains made for gender parity? Thando Pato reports
G
ender parity is one of the United be affected by the COVID-19 pandemic. to be spending an additional three or more
Nations Sustainable Development “In theory, a hopefully fairly short-term hours per day on housework and childcare
Goals for 2030 and yet around the disruption of the business environment than fathers. Unsurprisingly, single mothers
globe, gender inequality is still the due to recent events should not unduly are much more likely than other parents to
norm across many industries and derail any progress on the gender do all the housework and childcare in their
businesses. A recent study by Sustainable front. For many organisations the HR household, and they are also more likely to say
Stock Exchanges analysing gender departments have a well-structured that financial insecurity and career growth are
equality trends on 22 stock exchanges and robust framework for their long- top concerns during the pandemic.
in G20 countries, revealed the following term aspirations, backed by senior “Given the enormous challenges mothers
key findings: management buy-in,” she explains. are facing at work and at home, two things
• Women hold 20 per cent of board However, Larsen acknowledges that should come as no surprise: many mothers are
seats in G20 markets. an organisation’s gender parity strategy considering downshifting their career or leaving
• Women hold 5.5 per cent of chair and framework is going to have to be flexible the workforce. The majority would cite childcare
3.5 per cent of CEO positions in to allow for challenges women now face responsibilities as a primary reason,” she says.
G20 markets. in the “new normal”. Sepamla says in addition to the new dynamics
• Euronext Paris has the highest Esha Mansingh, executive vice of working from home, the pandemic may also
percentage of women on boards - president: corporate be amplifying biases women
44.3 per cent - of all G20 markets. affairs and investor have faced for the year such as
Colleen
• At 28.5 per cent, the Johannesburg relations at Imperial Larsen higher performance standards,
Stock Exchange has the best gender echoes Larsen’s harsher judgment for mistakes,
balance on boards of any developing sentiment and believes and penalties for being mothers
country in the G20. that at leadership and for taking advantage of
• Shenzhen Stock Exchange has the and C-suite level, flexible work options. “Given that
most number of female CEOs - 11 out the COVID-19 crises companies and team members
of the top 100 companies - of any has in fact “created now have less visibility into their
G20 market. opportunities” for colleagues’ day-to-day work,
• The Australian Stock Exchange has women. “What the they may be more likely to
the most amount of female chairs - pandemic and the make assumptions about their
14 out of the top 100 companies. challenges associated performance, and this increases
• Six out of 22 markets have rules with it has proven is that leadership the chance of bias creeping in. To mitigate the
requiring a mandatory minimum teams need a broad range of skills and biases that women are up against, companies
number of women on corporate expertise to ensure they are empathetic need to make sure that employees are aware
boards with France setting the and agile. Female leadership brings many of them.”
highest level at 40 per cent. of these qualities to the table. I believe Sepamla says to retain working
The good news is that gender that companies that want to be resilient mothers, companies need
mainstreaming efforts by organisations and survive COVID have seen this and are to take steps to reduce the
such as Business Engage, 30% Club creating more opportunities for women. additional pressures they’re
Southern Africa and charters in various At Imperial, we have appointed two new experiencing. “Corporates
industries are paying some dividends directors in Nigeria.” need to look at productivity and
as South Africa outperforms its Mansingh goes on to say: “If gender performance expectations set
emerging-market peers. South African diversity is not taken seriously in an before COVID-19 and ask
women chair 11 per cent of companies organisation, it’s possible women can if they’re still realistic. They Gugu
beating the G20 average of 5.5 per cent. miss opportunities for empowerment. may also need to reset Sepamla
But if the organisation is deliberate and goals, narrow project
Flexibility in the “new normal” empowerment is a driver at every level scopes, or keep the
According to the United Nations policy brief then leadership will be working hard same goals and extend
on the impact of COVID-19 on women, the to create opportunities and turn them deadlines. Currently, only a
limited gains made in the arena of gender into appointments. Then all the internal small number of companies
mainstreaming are at risk of being rolled processes, like recruitment and talent, will are doing this.”
back due to the widespread pandemic and be focused on mining female talent.”
bleak economic outlook.
Colleen Larsen, chief executive of Women’s work reloaded To find out more about Business Engage
Business Engage and president of the Gugu Sepamla, group executive: or the 30% Club and to get involved across
IMAGES: SUPPLIED
30% Club Southern Africa says in South corporate affairs and public policy at Africa contact Colleen Larsen on
Africa many corporates have a long-term Barloworld, says mothers bear the brunt colleen@businessengage.co.za;
strategy in place for increasing female of the new challenges brought about by www.businessengage.co.za.
participation at board level that should not the pandemic. “Mothers are more likely
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30% CL UB S OU T HERN A F RICA
A collective movement to
effect real change
The annual Voices of Change summit is bringing corporates together to discuss and
tackle gender parity in the workplace. Thando Pato speaks to its founding partners
I
n 2018, Accenture, Nedbank, MTN Commitment beyond VOC
and Business Engage partnered In addition to the commitment to
together to host the first annual Voices VOC, both Accenture and Nedbank
of Change (VOC) summit. Since then are committed to gender parity in
the event has grown into a movement, their organisations.
says Ntombi Mhangwani, integrated Mhangwani says that Accenture has
marketing and communications director an unwavering commitment to equality
and women’s forum lead for Accenture and diversity. “We are continuously
in Africa. striving to become a more inclusive and
“VOC aims to encourage men and diverse company across all levels. Recently,
women to play leading roles on gender we set a new goal for increasing gender,
parity in the workplace. It also aims to race, and ethnicity representation within
inspire organisations, irrespective of Deshica our organisation by 2025. This will result
Naidoo
their business purpose, to work together in a representation of women managing
towards common goals,” she explains. directors in South Africa from
The idea for VOC came from the across industries to work together. “In 28 per cent to 50 per cent. At present
2017 One Young World Summit where recognising that gender equality is not about 52 per cent of our staff complement
Accenture and Thomson Reuters about one gender being ahead of the in the country are women.”
identified an opportunity to leverage other, but rather a collective concern, the Naidoo says that Nedbank is committed
their networks and experience to create partnership aspect of VOC becomes so to women’s empowerment in South Africa.
a lasting and impactful change. This year, much more meaningful and powerful. The “In October last year, Mike Brown, in his
VOC boasts more partners, which include more awareness we create, the greater is capacity as Nedbank CEO, signed
Accenture, AECI, AngloGold Ashanti the sustainable change we can influence a statement in support of the United
Limited, Aspen, Astron Energy, Business and bring into effect across our country.” Nations Women’s Empowerment
Engage Association, First National Bank, Colleen Larsen, chief executive Principles. By signing the statement of
Imperial, Life Healthcare, Nedbank of Business Engage and 30% Club support, Nedbank has demonstrated its
Group, Pfizer, Refinitiv, Rand Merchant Southern Africa president, says through commitment to gender equality. We are
Bank, and WesBank. VOC, she would like to “break down continuously aligning our policies, practices
According to Mhangwani, there is a the silos” created when corporates and behaviours to support gender equality.”
need for collaboration at all levels to individually run women’s month events. Larsen says Business Engage is
foster a more equal future for all. “VOC is “We want to create a movement of committed to driving gender mainstreaming
IMAGES: SUPPLIED
about underscoring the value of female women’s forums working to learn and in corporate South Africa and Africa.
inclusion and the value of leadership grow together to ensure change is “Our goal is to break down silos between
diversity. It opens the floor to men and realised to the face of business.” corporates so that gender mainstreaming
women responsible for seeking and Larsen says corporate membership is seen as a large movement.”
leading the change. Our commitment to of Business Engage includes 54 large
working together as corporates towards and Johannesburg Stock Exchange
achieving these goals can help pave (JSE) listed companies, all of which are
the future.” invited to participate in VOC. “Last To find out more about Voices
Deshica Naidoo, chairperson of year we had eight companies on of Change and to get involved
the Nedbank Women’s Forum says board; this year we have 14 and contact Colleen Larsen on
VOC’s tagline – “Individually strong, we aim to grow the number of colleen@businessengage.co.za;
collectively powerful” - highlights the participants annually to create www.businessengage.co.za.
vision of the summit for organisations a strong, impactful movement.”
IMAGES: SUPPLIED
“VOC aims to encourage men and women to play
leading roles on gender parity in the workplace.”
– Ntombi Mhangwani
Ntombi
Mhangwani
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Building antifragility “By being vulnerable and creating an
environment of trust, people provided
in corporate SA
authentic feedback and we were able to
work on answers together.”
As a team-building exercise, they
created a new mission statement that gave
meaning to their work. “It includes aspects
such as building a sustainable business,
Female leaders share their insights on managing a crisis and adding value to stakeholders’ lives, and
navigating growth during chaos. By Delia du Toit empowerment. This gave us a roadmap
going forward. Things have settled down
now, and we’re back to building growth.”
A
uthor Nassim Taleb first coined Nonhlanhla
Mayisela
René Grobler, head of cash
the term ‘antifragility’ in his book investments and intermediaries
Antifragile: Things That Gain From at Investec Bank
Disorder (2012, Random House). Focusing on people instead of profits
The back cover reads like seems almost counter-intuitive in a world
a foretelling of what many business so dominated by numbers, but, says
leaders would learn in the aftermath Grobler, that’s exactly what secured their
of 2020 and the chaos caused by the seamless transition from office-based
pandemic: “(Uncertainty is) desirable, to remote working when the pandemic
even necessary. Just as human bones hit - with no interruption to client services.
get stronger when subjected to stress “Character is not built in a crisis, it’s
and tension, many things in life benefit revealed – and the same goes for
from disorder, volatility and turmoil.” organisations. People are the lifeblood of
Four female leaders share how their our organisation and we thrive in crises.
organisations turned disorder into a That company culture became very
solid springboard for the future. apparent last year and ensured that we
could navigate the storm.”
Nonhlanhla Mayisela, CEO of Still, excellent navigation skills mean
Izandla Property “I had to accept that it’s okay nothing when there’s nowhere to go.
Mayisela heads up a relatively young for leaders to be vulnerable. Having a clear purpose and direction
business in a particularly hard-hit There’s an appreciation for - a north star - became an essential
industry. “We’re still in our growth part of her leadership strategy. “I
phase at four years old, working on our
authenticity.” – Nonhlanhla Mayisela focused on the three c’s:
acquisition strategy, and it felt like the clear and ongoing
property market had fallen off a cliff at communication
the beginning of the pandemic. Suddenly, Mayisela gleaned many personal with people and
tenants couldn’t operate or occupy their lessons from that time. “I had to stakeholders,
premises and stopped paying rent. We accept that it’s okay for leaders to be clarifying our goals
could easily have become insolvent,” vulnerable. There’s an appreciation and intentions,
she says. for authenticity. It also reemphasised and compassion
Breaking down the all-encompassing the importance of people for me. I had for the people
chaos into single challenges was an ongoing conversations with my team around me.
essential first step. “We had to pause to find out what they were going
and say: ‘What will get us over this next through personally as well as
line?’ First, we needed to ensure we in our business. Without that
wouldn’t lose our tenants. We assisted empathy, there’s a disconnect
smaller and medium tenants with rent and a breakdown in
deferments. We were lucky to have a communication –
René
small team, so we didn’t need to think especially when people Grobler
about retrenchments.” are working remotely.
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“Character is not built in a crisis, it’s revealed –
and the same goes for organisations.” – René Grobler
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“Planning for unanticipated shocks now includes ensuring a
dependable supply line for raw materials, sourcing more locally
manufactured products, and increasing physical stock to
compensate for increased lead times.” – GERALDINE FRASER-MOLEKETI
Many leaders mistakenly think “With the daily news changing constantly
compassion makes you soft, but it and fake news doing the rounds, it
has the opposite effect. It puts the became important to really listen to
focus on the team, which motivates the needs of our students, staff and
people. Fear, on the other hand, is a other stakeholders. One of the major
poor motivator – especially in times consequences of the pandemic was the
of crisis.” deep anxiety and fatigue that many staff
The team achieved all their targets and and students experienced. The ability to
learned to rely on each other more, she understand these challenges and putting
says. “I don’t believe work life will ever support initiatives in place was critical Geraldine
Fraser-Moleketi
be what it was before again – nor that for us.”
it should. The office model now seems It was not only a lesson in business
an old-school way of thinking and we for her, but a personal awakening. “This
all appreciate the freedom of remote past year taught me the strength of the “We all learned the importance of
working. When you have the right people, collective. Engaging humbly with the solidarity, agility and empathy. Our CEO
rigid hours are unnecessary. The entire various role players in the organisation and exco team adopted a people-first
value proposition has changed.” was key to navigating the 2020 year approach during this time, with a focus
successfully and allowed us to grow our on understanding that this was an
Samara Totaram, CFO of Stadio business in a difficult time. anxious time for everyone and prioritising
The Stadio group was directly impacted “COVID-19 really did test every one of safety above all else. We provided mental
by the forced closure of its various us. I learned that it’s important to ask for health support through our health and
higher education campuses in 2020, help when needed and then trust and rely wellness programme, maintained a
says Totaram. on your support structure.” dedicated support line to give counselling
“The key for us to successfully navigate to employees who had lost loved
this was to define what mattered to us as Geraldine Fraser-Moleketi, ones or felt unable to cope, provided
an organisation. These principles were to chairperson of Tiger Brands private transportation for employees to
prioritise the health and safety of all staff Perhaps the most important lesson the manufacturing sites and partnered with
and students, to ensure that the 2020 pandemic taught, was that the “old ways” medical laboratories to proactively test
academic year was completed in 2020, are no longer enough. our employees.”
and to maintain the financial health of the “We must revisit how we do things,” But the lessons went beyond the
business. Once these principles were says Fraser-Moleketi. “In the fast-moving company too. “The pandemic will have
defined, it created a benchmark for the consumer goods sector, past ways of an impact on our customers going
business to operate. We are proud of the succeeding are not guaranteed anymore. forward and we’re engaging on how
fact that, within a very short period, we Planning for unanticipated shocks now best to consider this for the next five
introduced various solutions to ensure includes ensuring a dependable supply years and more. Part of our response
that our students continued to line for raw materials, sourcing more has been to ensure community food
receive their tuition.” locally manufactured products, relief interventions, such as providing
Open and honest and increasing physical stock a hot breakfast to over 100 schools
communication to compensate for increased and feeding some 4 500 students in
was essential in lead times.” universities. The company spent
ensuring this smooth Beyond the logistics of R32 million in the 2020 financial year
transition, she adds. business, the pandemic also on ongoing CSI programmes.
brought home the importance “We intend to keep the lessons we’ve
of employee wellbeing, learned close to our organisation even in
Samara
Totaram she adds. a post-COVID world.”
“Engaging humbly with the various role players in
the organisation was key to navigating the 2020
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year successfully and allowed us to grow our
business in a difficult time.” – SAMARA TOTARAM
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ACCELERATING DIVERSITY • Flexible working hours providing
women with the flexibility to work
around their family commitments.
AND EMPOWERING WOMEN IN • A support network for employees who
require professional assistance regarding
THE WORKPLACE
their mental and overall wellbeing.
COMMUNITY SUPPORT
An impactful gender diversity strategy
Gender parity and empowerment are critical goes beyond compliance and expands
imperatives at Imperial to the communities in which we operate.
A
Therefore, we are deeply seated in
t Imperial, we believe that gender supporting and empowering women
diversity should be underpinned
“Accelerating gender in sport on the African continent – as
by both transformation within diversity and equality evidenced by our sponsorship of the
the business and support of the across the organisation is Imperial Wanderers Stadium, the Imperial
larger network of women in the everyone’s responsibility” Lions Female team and our recent
communities in which we operate. It is a sponsorship and partnership with the
shift in culture and behaviour that helps Imperial’s Global Women’s Forum Momentum gsport Awards.
to address key challenges and optimise is a key catalyst for our gender diversity Imperial funds 31 per cent of the largely
opportunities for growth and social ambitions, prioritising gender equality women-driven network of Unjani clinics,
upliftment. However, this needs to be and supporting the development which provide healthcare services and
driven by the collective – bringing female and advancement of women across promote self-care. The Imperial and
empowerment to the fore through both the group and the African continent. Motus Community Trust has provided 50
males and females within organisations libraries across South Africa, impacting
because real gender transformation The forum’s charter highlights five areas: the lives of over 52 000 learners, and
is about digging into the fabric of the • formal training Imperial contributes to empowering
organisation and unravelling every aspect • experiential learning women in communities through the
that does not align with our gender • women development and gift of reading. Imperial participated
diversity objectives. coaching programme in the February 2021 launch of the
Imperial’s gender diversity programmes are • networking and social events government’s Gender-Based Violence
therefore structured accordingly. Our goals • community projects and Femicide (GBVF) Response Fund
and our commitment remain unwavering as • women awards. 1, pledging its ongoing support for this
we aim to ensure that 25 per cent of all new Other notable focus areas include initiative. We have subsequently created
employees are women, that women occupy mentorship, ensuring gender parity for a gender-based violence programme to
senior leadership roles, and that accelerating promotions and appointments, defi ning address this urgent issue both within the
gender diversity and equality across the targets for women in senior leadership organisation and on the African continent.
organisation is everyone’s responsibility. This roles, and creating an empowering Imperial has also become a proud
is evidenced by the deliberate actions set in culture for women. signatory to the UN Global Compact
motion since 2020 and the results achieved and the Women’s Empowerment
to date. Some key initiatives: Principles, established to help abolish
Last year, Imperial achieved its fi rst • A driver learnership programme laws discriminating against women by
gender diversity award – ranking second for unemployed women to help 2030, as well as foster business practices
in the Women Empowerment in the improve gender diversity in the that empower women. As we strive for
Workplace category of the 2020 Business truck driver workforce. equality in many areas of business and
Engage Gender Mainstreaming Awards. • Women’s development programme society, Imperial believes that gender
In March 2021, Imperial’s Group CEO – a training programme aimed at diversity should be at the core of
Mohammed Akoojee publicly pledged embedding the behaviour shift linked decision-making, ensuring it becomes a
to a 30 per cent gender equality ratio in to a team member who becomes a key business imperative.
senior management by 30 June 2021. thinking partner.
Currently, the company’s board comprises • Youth development programme – a
For more information:
40 per cent black female leaders with two workplace entry programme aimed www.imperiallogistics.com
additional appointments in February 2021, at equipping South Africa’s youth for
and women fill over 70 per cent of mid to work while building a talent pipeline for
top management positions. the business.
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“We aim to ensure that 25 percent of all new employees are
women and that women occupy senior leadership roles”
10 FM WOMEN
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Kicking down the Parmi
Natesan
business barriers
Companies with more women at the helm are more likely to
grow, achieve and innovate, reports Jermaine Craig
O
n International Women’s Day this roles hasn’t budged. There are fewer
year, IBM’s Institute for Business women in the pipeline today than in 2019,
Value released a study entitled, a situation made worse by the pandemic,”
Women, leadership and missed she says.
opportunities which showed
women made up just 10 per cent of Stocks, stockings and the JSE
the C-suite and 8 per cent of executive In South Africa, the Sustainable Stock
board positions in 2021. That’s the same Exchanges (SSE) Initiative named the the South African population, control
– percentage as in 2019. Johannesburg Stock Exchange (JSE) the majority of consumer spending
According to business professionals as having the best gender balance on and form a large percentage of the
-19
surveyed by IBM, gender equity is still not boards of any developing country in educated workforce.
an important priority for 70 per cent of the G20. “Gender diversity in senior leadership
global businesses. The SSE looked at the gender is critical in today’s increasingly
The global study, conducted in composition of boards from the top competitive multinational and multicultural
cooperation with Oxford Economics, 100 companies by market capitalisation markets and requires continuous focus.
surveyed more than 2 600 executives, on each of the G20’s 22 major stock Organisations now exist in a complex
middle managers and professionals exchanges and found context with a wide
across 10 industries and nine geographic that women held 28.5 range of stakeholders,
Leila
regions. An equal number of women and per cent of board Fourie and face competition
men were interviewed. seats on the JSE’s top from new quarters.
According to IBM’s senior VP, 100 listed companies. “Clearly, if a board is
Bridget van Kralingen who released The JSE was the composed of the same
the study: “What we found should set only stock exchange type of people, with no
off alarm bells. Advancing women is from a developing diversity of thought, then
not a top priority for the majority of country ranked above chances are it will find itself
global organisations.” the G20 average in constantly on the back
Van Kralingen described a feeling of terms of female foot – unable to think its
“gender equity fatigue” among employees board representation. way into the minds of its
over ineffective programmatic efforts to Still, just 2 per cent various stakeholders, its
address the issue. of the JSE’s top 100 listed companies staff and, importantly, its competitors,”
“There is a clear need for new models of have female CEO’s and just 11 per cent says Natesan.
empathetic leadership. For years, studies have female chairpersons, according to
- including our own - have called attention JSE group CEO Leila Fourie. Expand horizons beyond usual suspects
to the systemic barriers to career “Significant work remains to be done She called on nominations committees to
advancement facing women. Still, the in the global quest for gender equality. expand their horizons when searching for
percentage of women in top leadership Leadership teams set an important potential candidates to serve on boards
benchmark for any organisation and thus and executives.
have an opportunity and a responsibility “Those in charge of recommending
to drive transformation,” she says. new appointments should make a
The CEO of the Institute of Directors conscious effort to look beyond their
in South Africa, Parmi Natesan, says usual circles to tap into a growing pool
women make up about 50 per cent of of female directorial talent.
“What we found should set off alarm bells. Advancing women
is not a top priority for the majority of global organisations.”
– Bridget van Kralingen
Bridget
van Kralingen
FM WOMEN 11
FM WOMEN_3leadership.indd 11 2021/06/30 9:54 AML E A DERSHIP
Shareholders also need to play their part. board should lead the effort to ensure
In the age of the activist investor, powerful their organisation builds a profile with
STEPPING STONES
According to the IBM study, there
institutional investors in particular up-and-coming female talent.
are specific steps organisations
should be holding boards to account in CEO of Business Leadership South
can take to accelerate progress in
two critical areas: new gender diverse Africa, Busi Mavuso, believes the
gender equity in the workplace:
appointments to the board, and progress quality of women’s talent and leadership
towards achieving gender diversity is very important to business, because Pair bold thinking with big
targets,” says Natesan. of the unique skills and experience commitments. Make gender equity
She stresses it’s important boards women bring. a top five formal business priority,
set themselves and the rest of their “A culture of equality and a workplace and create pathways for women to
company some hard targets relating to environment as a result of gender parity re-enter the workforce by providing
gender diversity, including stretch targets. that helps everyone advance to higher training, mentorship and work
It’s also important that they manage a positions is more likely to achieve, grow assignments on technical projects
pipeline of future directors and that the and innovate. Women are less likely to that are matched to their expertise.
have the ‘lone wolf’ mentality, thereby Apply specific crisis-related
Busi lending a helping hand to others.” interventions. Additional benefits
Mavuso like backup childcare support and
“For women to move up the corporate
ladder they have to prove themselves twice access to mental health resources
as much as their male counterparts. The can be key.
‘motherhood penalty’ may play a big part Create a culture of intention and
in holding women back from leadership insist on making room. Focus on
positions and contribute to the wage gap.” empathetic leadership and enabling
As women, she says, we may also suffer middle managers to be advocates
from “impostor syndrome”, which sees for positive cultural change.
capable people kept down by self-doubt. Use technology to accelerate
“The message to women leaders must performance. Organisations can
be clear: when you are in charge, be in use technologies like Artificial
charge. You shouldn’t seek affirmation and Intelligence to help reduce bias in
believe that you need to ask for permission the candidate screening process.
to lead,” says Mavuso.
“Gender diversity in the Changing tone
workforce is key to growth and The presence of women in senior “More women at senior level will ensure
profitability for every business, leadership positions changes the tone
and nature of conversations in the
that the construct of patriarchy is gradually
dismantled and ultimately will overturn
large or small.” – Busi Mavuso boardroom, Mavuso believes. the limiting beliefs and attitudes about the
abilities of women. Gender diversity in the
workforce is key to growth and profitability
for every business, large or small,”
KEY TAKEAWAYS FROM IBM’S WOMEN, LEADERSHIP, says Mavuso.
AND MISSED OPPORTUNITIES REPORT: One of the green shoots in IBM’s study
• Organisations want to change. But most are moving too slowly. The number of is that it found a grouping of “first mover”
women serving in senior leadership positions has barely budged over the past companies that stand apart in several
two years, with no gains in board seats or the C-suite. Perhaps most important ways in advancing female
concerningly, today there are fewer women in the pipeline to fill executive roles empowerment in the workplace.
than in 2019. It found all of these companies designate
• Gender equity is still not a priority for 70 per cent of global businesses. the advancement of women as a formal
• Women make up just 10 per cent of the C-suite and 8 per cent of executive top 10 business priority - compared to
board positions in 2021. just 16 per cent of other organisations.
• Times have changed. But approaches haven’t. Too many organisations They viewed gender inclusivity as a driver
continue to pursue gender equity and diversity using broad-based of financial performance (compared to
programmes that don’t address underlying mindsets and lack a measurable 36 per cent of other organisations) and
path to value. Only one in four organisations make the advancement of women they are highly motivated to take action.
a top 10 priority. In a period when the pandemic has decimated many women’s First mover companies fully support
careers, relying on conventional approaches won’t close the gender gap. the idea that businesses need to
• Most organisations pursue incremental change. But leaders aim for continue making changes to achieve
breakthroughs. Organisations that see gender parity as a strategic asset gender equity compared to 63 per cent
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are more successful. They outperform their competition on nearly every of other organisations - and they report
measure surveyed, from innovation to revenue growth to customer and a rate of revenue growth that’s as
employee satisfaction. much as 61 per cent higher than
other organisations in the IBM study.
12 FM WOMEN
FM WOMEN_3leadership.indd 12 2021/06/30 9:54 AMUntitled-4 1 2021/06/30 11:48 AM
Learning a
new language
Fundi Tshazibana, SARB deputy governor, talks about the lessons she has learned about
corporate manoeuvring and getting heard in the boardroom. By Ryland Fisher
S
outh African Reserve Bank deputy “You come into the environment, and
governor Fundi Tshazibana says you are quite comfortable with yourself,
she has not changed much but you realise very quickly that you don’t
since she was a child. “I was an speak the same language as anyone
only child for a long time and around you. Either the language is too
grew up with lots of adults around me, technical or you are not in on the joke
reading whatever books I could find in because you didn’t grow up in the
the house and eavesdropping on adult same spaces.
conversations. Not much has changed “It’s quite important to quickly assess
about what I do. I spent a lot of my career what you know and what you don’t know,
listening to other people and providing because you can’t pretend to be what
support,” she says. you are not, even in a new environment,
It’s this quality, of being able to listen and even as you are learning. You need to
and observe, that has helped Tshazibana customise that learning around what you
throughout her career, which saw her are and what you are good at.”
work at, among others, the National
Energy Regulator of South Africa, the THE CHALLENGES
National Treasury and the International Tshazibana said that the IMF was
Monetary Fund, before she ended up at probably the most difficult environment
the SA Reserve Bank, where she was she has ever worked in. “It’s not because
appointed adviser to the Governors in the environment was hostile, but because
February 2018, becoming the seventh I was working with people who are not
member of SARB’s Monetary Policy from my country. I was also working with
Committee (MPC). She currently people who probably had a different and
occupies the position of deputy diverse experience. For instance, when
governor having been appointed I was on the IMF board, one of the other
in July 2019 by President Cyril board members was a former Egyptian
Ramaphosa for a five-year term. prime minister. “I had been a senior public
servant in my own country, but I had
THE NEXT GENERATION OF LEADERS never worked for an international financial
Tshazibana says that her advice institution before. A lot of these guys
to young people could apply had been around the block, they had
to anyone who enters a new seen things.
environment. “Your own “I took a step back. I watched how
internal confidence matters, everyone was conducting themselves.
but there are sometimes I watched what arguments they would
things in the environment bring to the fore. I realised that I had one
that can appear to be job only: to advance the South African
defeatist to you. position, and only I could do that job.”
Tshazibana said she quickly became
IMAGES: SUPPLIED
part of a small community of women at
Fundi the IMF. “One of the things that I soon
Tshazibana a
learned is that limited gender diversity
is not something that’s unique to
14 FM WOMEN
FM WOMEN_ProfileSARB.indd 14 2021/06/30 9:54 AMPROF IL E
South Africa, but it was the same in The Reserve Bank celebrates its “There is a lot of discussion about
advanced economies as well. centenary this year, but Tshazibana says crypto assets and crypto currencies, and
“A former colleague from the UK was that they don’t have any special projects we have to think, as a central bank, about
the first woman who her country had that are focused on the centenary. “There how to respond to these developments
sent as a representative to the IMF. When will probably be a few celebratory events, and how capital flows in and out of
we look at managing directors at the but as a central bank we tend to plan South Africa.
IMF, Christine Lagarde was the first long term. Our planning is not necessarily “We have just updated our strategy
woman, and the current MD is the about the fact that the bank is celebrating that will take us through to 2025 and
second woman. its centenary. these projects are part of the work that
“By the time I left the IMF, I was part “We tend to plan over five years or we’ve identified.”
of a group doing work around increasing 10 years, looking at: what are the
gender diversity on the IMF Board.” changes that we want to see in the WHY WOMEN MATTER
economy broadly, what are the changes Tshazibana said she would not change
TAKING SARB FORWARD that we want to see in the capital anything about her life and career so far.
Tshazibana says the Reserve Bank is markets, what are the changes that we “It’s quite important, as women, for us to
making good progress in terms of want to see in the banking space, how appreciate ourselves and what is unique
gender representation. would we like the methods of payments about us, and to understand how we can
“In 1993, the most senior female at to evolve. use that to add value in our organisations
the South African Reserve Bank was “We have a number of ground-breaking and in our institutions.
an economist. Now probably more projects that relates to the payment “As we go through this COVID
than 40 per cent of people in senior system, for example. When you and I environment, there are things that some
management are women. That’s a go to the bank right now, we don’t really organisations probably dismissed, around
big deal. think much about how we are making how you set yourself up to work from
“It hasn’t been as easy at the level of the money transfers, even to people home, or how you accommodate the
the most senior managers, because of overseas or for someone to collect as multiple needs of your staff.
how people grew up at the Bank. If you cash from a retail entity. The job of the “Organisations that adjusted and tried
look at progression over time, you will SARB is to ensure that these payments to be more accommodating to women
see that males have been promoted a lot go seamlessly. are probably in a better place. There’s
faster and they have moved a lot quicker “This year is also going to be 21 years a lot that we could glean about what
along the career. since we introduced inflation targeting in women bring to the workplace around
“But over the last 10 years, the Bank our country. A lot of behind-the-scenes culture, around having organisations that
has made a giant leap in progress when work happens in the MPC process as we are nourishing, and when people can be
you look at who our specialists are in make decisions. part of a bigger cause as well.”
the Bank, both in terms of finance and
economics. We have a lot of women
specialists, and also when we look at the “I realised that I had one job only: to advance the South
level just below heads of department.” African position, and only I could do that job.”– Fundi Tshazibana
WOMEN LEADING WITHIN THE RESERVE BANK
money, I remind
As the Reserve Bank coins in your wallet, and
her that three
celebrates its centenary this they are all black women.
women who
year, Deputy Governor Fundi Liziwe and Honey are both
look exactly like
Tshazibana says there are engineers and Pearl is
her are making
three senior women within a researcher.
this happen,
the Bank’s structures that “It’s a big achievement
and one day
make her extra proud. because most of the time
we’re going to
They are Liziwe Mda, who we see the governor’s
Liziwe get a woman,
was appointed managing Mda signature on Honey
just like her,
director of the South African the bank notes, Mamabolo
who’s going to
Bank Note Company in May but the production
sign the money.
2018; Honey Mamabolo, who process of the bank notes
“It’s exciting for young black
was appointed as managing director of and the coins are like running
women in particular. When we
the South African Mint Company a manufacturing outfit and
grew up, there were some
in February 2020; and Pearl Kgalegi, making sure that the money
IMAGES: SUPPLIED
careers that we didn’t
who was recently appointed head of is distributed properly is a
even know existed.”
the Currency Management Department. massive responsibility.
“These three people are responsible “I have a daughter and
Pearl
for the production of banknotes and every day when we look at Kgalegi
FM WOMEN 15
FM WOMEN_ProfileSARB.indd 15 2021/06/30 9:53 AMUntitled-2 1 2021/06/29 11:00 AM
A DV ER T ORI A L
W GENDER
hen I look at Time Person
of the Year over the past 27
years, I find it striking that only
twice has the honour been
DIVERSITY IS GOOD
bestowed on an individual
woman – Angela Merkel in 2015 and
Greta Thunberg in 2019. Individual men
won the honour 18 times. While it’s not
GOVERNANCE
a question of whether those individual
men deserved it, it is glaringly obvious to
me that even though women make up
almost half of the world population, they
are only visible or recognised 10 per cent
of the time.
Elize Botha, Managing Director at Old Mutual Unit Trusts,
ALMOST A CENTURY AND A HALF TO PARITY talks about the importance of gender diversity
According to the World Economic
Forum, South Africa ranks 18 out of 156 DIVERSITY AND ESG appreciation, better defended profitability
countries in the 2021 Global Gender Gap Environmental, Social and Governance moats, and delivered excess risk adjusted
Index. Even though there’s some way to (ESG) investing continues to gain returns for their firms”.
go, in relative terms, this is great news momentum and is no longer a “nice to At Old Mutual, we believe that it is
indeed, especially for a country grappling have”, but a necessity. At Old Mutual, in the interests of all participants in the
with historical inequality in multiple areas. investing in companies with better ESG financial ecosystem to play a proactive
Extrapolating current trends and the scores that are actively sustaining the role in creating long-term sustainable
speed of progress, gender equity will be environment, improving social conditions, outcomes for all stakeholders. Gender
achieved in 135 years, a 35-year increase and promoting good governance, is diversity is a key indicator of a company’s
from 2020, almost exclusively because in our DNA. Diversity, as reflected in commitment to economic participation
of the impact of COVID-19, which has board representation, is one of the key for everyone. It makes a company more
amplified pre-existing gender gaps. tenets of good governance and recently representative and gives it a social
the inclusion of gender diversity in licence to operate. Investors can be
investment criteria has picked up speed. activists for change by choosing to invest
Big asset management firms such in ESG funds, which hold companies
as Morgan Stanley, State Street and that promote gender diversity through
BlackRock, among others, have publicly good governance.
stated that they would only invest in
companies conditional to various targets
of gender representation. RESPONSIBLE INVESTING
As custodians of our client’s
WHY GENDER DIVERSITY IS IMPORTANT? investments and a responsible
Empirical studies show that investor, Old Mutual offers a
companies with more women on the range of ESG solutions for retail
board are more financially successful investors. Visit oldmutualinvest.com/
than those with fewer. The 2020 responsibleinvesting to read
McKinsey and Company Diversity more about our responsible
Wins Report found that companies investment unit trusts and our
in the top quartile in board gender commitment to investing in a
diversity are 28 per cent more likely more equitable and sustainable
to outperform their less diverse world for future generations.
peers. The report further states
that “female CEOs saw more
value appreciation and
For more information:
improved stock price oldmutualinvest.com
momentum for
their firms;
whereas
female
Elize Botha,
Managing Director, CFOs drove
Old Mutual Unit Trusts more value
FM WOMEN 17
Old Mutual_Advertorial.indd 17 2021/06/29 3:53 PMUntitled-1 1 2021/06/30 8:33 AM
EDUCAT ION
Heading up SA’s SETAs
Education remains a tool to gaining knowledge and empowering people for a better future.
By Denise Mhlanga
T
hrough the National Skills The FP&M SETA is the amalgamation training and skills development can bring
Authority, government established of the Clothing, Textiles, Footwear and about paramount developments in the
the Sector Education and Training Leather, Forest Industries Education banking sector and in the country.
Authority (SETA) to develop and Training Authority and the Media, A chartered accountant and chartered
and implement skills plans and Advertising, Publishing, Printing and financial analyst, Makhanya has held
disburse levies collected from employers Packaging SETAs. various positions in the South African
and their sector. Since the amalgamation, the SETA has and UK banking industry, predominantly
Heading some of these SETAs are seen four unqualified and clean audits in investment banking and corporate
women who are passionate about during the past six years, and recorded finance. She’s in her final year of study
education and training. an overall performance of 100 per cent towards a Bachelor of Law Degree at the
For Nosipho Mia Makhanya, Board for SETA funded learners by meeting University of the Witwatersrand.
Chairperson of the Banking Sector all 40 of its performance indicators Makhanya says the timeous and
Education and Training Authority and targets. effective delivery of SETA programmes
(BANKSETA), education and training is from both a qualitative and quantitative
a gateway to success. “It’s imperative Leadership qualifications perspective, with the requisite
that both public and private stakeholders and challenges geographical reach, recognising the
continue to play their part effectively in To successfully head any one of these advancements in the fourth and fifth
order to ensure the future of our youth SETAs requires one to be proactive, industrial revolution within the banking
and our country.” forward-thinking, innovative, inspirational sector remains a challenge. To this
To achieve its skills development with the ability to facilitate effective end, she says the BANKSETA board
goals, BANKSETA has partnered teamwork, says Yende. and management have recognised that
with the banking sector and relevant Yende has been CEO since 2013 and skills development is key in overcoming
stakeholders to identify existing gaps that holds various board positions. She has implementation challenges.
could hinder its objectives. Makhanya a Masters in Public Administration, “I believe leadership should be
says over the years, BANKSETA has and awaits to be conferred a responsive to the past and current
implemented educational programmes PhD degree in Public environment. Amid
to bridge the skills gaps through the Sector Leadership and COVID-19, we continue to
Letsema Learnership, Small and Medium 4th Industrial Revolution. work in accordance with
Enterprises, Masters and Executive “My business government guidelines.”
Courses and Recognition of Prior philosophies revolve Yende says COVID-19
Learning Programmes, among others. around innovation and accelerated innovations
Felleng Yende, CEO of Fibre the fourth industrial in training, pointing
Processing & Manufacturing (FP&M) revolution technology, out that the switch to
SETA says she’s passionate about digitisation and remote teaching has
making a difference in people’s lives online platforms, been a learning process.
through education and training, and and transformational “Operationally the need to
skills development. “I feel strongly about leadership. It’s my view embrace technology and
IMAGES: SUPPLIED
transforming the lives of employees that businesses need Felleng operate remotely will have
Yende
and unemployed youth and giving them to embrace emerging severe cost implications
opportunities to escape the shackles and future digital skills if on the SETA going forward
of poverty.” they want to be globally competitive and at a time when its financial resources are
economically sustainable.” Makhanya constrained,” she says.
says key to operational success is ethical “Our business continuity plans are
and moral leadership, and collectively, going to be put to the test to address
BANKSETA and its partners in education, skills delivery.”
IMAGES: SUPPLIED
“I feel strongly about transforming the lives of employees and
unemployed youth and giving them opportunities to escape the
shackles of poverty.” – Felleng Yende
Nosipho Mia
Makhanya
FM WOMEN 19
FM WOMEN_education.indd 19 2021/06/30 9:53 AMYou can also read
