FirstRand Bank Bee Certificate
FirstRand is proud to have achieved a Level 1 B-BBEE rating under the Financial Sector Charter (FSC) scorecard for the 2021 financial year. This was achieved as a result of concerted efforts by the group’s operating businesses, as well as a strong empowerment strategy, which is hard-wired into the group.
B-BBEE, as defined in legislation, means the economic empowerment of all black (African, Coloured and Indian) South Africans.
The generic FSC BEE scorecard has the following components:
- management and control;
- skills development;
- preferential procurement;
- empowerment financing, supplier and enterprise development including black business growth financing (BBGF);
- SED and consumer financial education; and
- access to financial services.
A better macro environment
The group strives to improve the macro environment by changing attitudes and promoting confidence in our country. Through the FirstRand Foundation, the group donates 1% of after-tax profits to carefully selected socio-economic development (SED) initiatives. FirstRand has an active volunteer programme with matched funding. FirstRand’s philosophy embraces the concept of diversity.
FirstRand helps redress investment imbalances by financing development infrastructure, affordable housing and agriculture, as well as providing cost-effective and innovative access to financial services to previously disadvantaged people in geographic locations where services were not previously accessible.
The group aims to recruit and promote a disproportionately large number of black individuals, and expose them to an empowered and diverse environment. The group encourages employees to develop their skills and we offer leadership and women development initiatives to build future leaders. Supporting the studies of unemployed black people will have a positive effect on society. The group has embarked on several funding initiatives to that end.
Development of black business
The group procures from BEE-rated companies and has a special focus on procuring from black-owned and black women-owned entities. Various business units within the group offer financing/investment at preferential rates to small black businesses. There is also support for black fund managers. Mentoring is provided through the group’s enterprise development initiatives. The supplier development initiative was implemented at a group level.