ANDILE KHUMALO: Transformation not pacification
Financial sector leaders' pacifying script at parliamentary hearings is not transformative enough, writes Andile Khumalo
This week's parliamentary hearings on financial-sector transformation seem to have led to agreement that the sector is transforming, but more must be done. With due respect to the honourable members of the standing committee on finance and the portfolio committee on trade and industry, this is a lame outcome. The sector leaders' pacifying script goes like this: go there, present our progress, quote big numbers, show what we've done, present it in a way that sounds bigger than it is, then throw in a shot of humility and say, "Yes, we know we can do more, but we are doing the best we can." A case in point is FirstRand CEO Johan Burger's press release after his presentation in parliament. It reads like a progress report that should convince you to stop pointing fingers at the sector for slow transformation, sprinkled with a few concessions. "Hopefully, we have demonstrated to the committees that FirstRand takes transformation and inclusiveness extremely seriously, and that we continue ...
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