MPs note Nedbank progress
The bank leads in employment equity in top management
Nedbank emerged on Wednesday as the frontrunner of the banking sector in terms of its achievements in employment equity at the top layers of its management structure. Its progress was noted by MPs after a presentation by Nedbank CEO Mike Brown at a public hearing on the transformation of the financial services sector organised by Parliament’s finance and trade and industry committees. Wednesday was the second day of hearings, with a third scheduled for May. Last week the other three major banks — Barclays Africa, Standard Bank and FirstRand — made submissions on their progress on transformation but these showed that more still had to be done. The Banking Association SA has also emphasised the banking sector needed to accelerate employment equity. None of the big four banks has significant direct black ownership, with 49% of their combined shareholding foreign owned and the rest held mainly by institutional investors. Brown told MPs Nedbank had maintained its level-two ranking on the...
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