Standard Bank charter compliance at 61%

Standard Bank Namibia’s overall compliance with the Namibian Financial Sector Charter stood at 61% as at 31 December 2013.

The charter was introduced by the Ministry of Finance in November 2008. It is a voluntarily adopted transformation charter which, constitutes a framework and establishes the principles upon which empowerment will be implemented in the financial services industry in Namibia. The objective of the charter is to facilitate the transformation of the Namibian financial sector and to bring about tangible benefits for Namibians.

The bank said in a statement that it is committed to achieving full compliance with the minimum targets for 2014 and 2019 as set out in the Charter.

“Standard Bank Namibia aims to achieve specific targets that are set for the following pillars of the Charter: ownership and control; human resources development; preferential procurement and enterprise development; corporate social investment; empowerment financing; and lastly, access and affordability of products and services,” said Sigrid Tjijorokisa, Group Company Secretary of Standard Bank.

The Exercisable Voting Rights of Broad Based Economic Empowerment (BBEE) Beneficiaries Board members of Standard Bank Namibia currently stand at 77% whilst the Exercisable Voting Rights of Women BBEE Beneficiaries Board members currently stand at 60%. In relation to employment equity, the representation of BBEE beneficiaries in junior and middle management stands at 58.54% against the charter target of 30%. The budgeted investment on learning and development for the 2013 financial year as a percentage of payroll stood at three percent. The target set by the charter is two percent. The bank spent 52,74% of its total procurement on BBEE accredited companies. The charter requires 30% by 2014.

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