BANK CHARTER 2.0: transformation beyond ownership
Ownership is just one of five key issues, and not necessarily the most important, in the recently gazetted financial sector code of good practice
The original financial sector charter, dating back to 2003/2004, was a famously amicable agreement. If it did not do too much for the poor or the general public, the big winners were the members of the Association of Black Securities & Investment Professionals (Absip), whose career opportunities grew fast. The financial sector talks have always been more genteel than, say, negotiations around the mining charter. And, increasingly, the top management at the country’s financial institutions have been Absip members, as the sector slowly normalises. But the cosy days of self-regulation, in which the process was run by banking and insurance top management alongside Absip colleagues, are over. The charter council is to be renamed the transformation council. The old charter has been fully aligned with the department of trade & industry code of good practice in the latest financial sector code and was gazetted last month.Trevor Chandler, the negotiator for the Association for Savings & Inve...
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