BACKSTORY: Geoff Baars, chair and CEO of NMG Benefits

What’s your one top tip for doing a deal?

Trying to squeeze the most (for you) is a short-term approach that, even if it succeeds, will end up failing. When in doubt, be generous.

What was your first job?

I was an actuarial student at Swiss Re in Joburg. The first project they put me on was to see if there was scope for life insurers to get involved in medical insurance (practically, not legally). I visited one of the largest medical scheme administrators in the country to see its systems and records. It was chaos — paper everywhere, data nowhere.

How much was your first pay cheque, and how did you spend it?

It was R2,200 a month. That was a lot in 1987. I spent it on buying a black leather lounge suite for my flat in Parktown. Fancy.

If you could fix only one thing in South Africa, what would it be?

It’s really simple actually. If South Africa had clean and competent government at local, provincial and national level, this country would fly. The talent, drive, desire and innovation in South Africa are enormous, but incompetent and corrupt government is the biggest handbrake by far on the country’s potential.

What’s the most interesting thing about you that people don’t know?

I play the saxophone — not very well, but very enthusiastically and loudly.

What’s the worst investment mistake you’ve made?

I invested in a couple of small tech disasters, where the tech looked promising but the techies didn’t know how to run a business.

What’s the best investment you’ve ever made, and how much of it was due to luck?

Well, my stake in NMG obviously. And frankly, that’s been a good dollop of luck as well. We got hit in the Asian financial crisis and almost got ruined by the dot-com crash, but did much better through the global financial crisis (which we genuinely saw coming) and Covid, to which we reacted very, very fast. Age and experience sometimes do help. 

What’s the best book you’ve read this year, and why did you like it? 

I loved Rassie: Stories of Life and Rugby. I’m getting ready for Rugby World Cup 2023. I think Rassie Erasmus is a masterful strategist and a brilliant analyst, but most importantly a warm and beautiful human being who can make players exceed what they thought they were capable of.

What is the hardest life lesson you’ve learnt so far?

You actually can’t get anything important done yourself — you have to work through others. 

What is something you would go back and tell your younger self that would impress them?

 The most important skill is the ability to work with a team and lead it to succeed. 

If you were President Cyril Ramaphosa, what would you change, or do, tomorrow? 

I’d be honest with the electorate: “We’ve let you down.” I’d promise that under no circumstances would the ANC enter into a coalition with the EFF, and I’d fast-track all the criminal investigations stemming from the Zondo commission.