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 ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now