ROB ROSE: If the shoe fits, Old Mutual...
Its lily-livered handling of Futuregrowth's activism against state capture is a disservice to a company with a proud 171-year history
Old Mutual SA CEO Dave Macready doesn’t much like the view that his company is "gutless". The 57-year-old Macready, one of the youngest partners at Deloitte when just 26, is made of strong stuff, as you’d expect from someone who has run the Comrades Marathon four times and done an Ironman triathlon."I don’t believe we took a gutless approach at all when it comes to Futuregrowth. We just don’t believe making a public statement in the media is the appropriate forum," he says.Many would disagree with his view of Old Mutual’s valour.When Futuregrowth, headed by Andrew Canter, announced it was freezing lending to state-owned companies because of hazy disclosure and poor governance, the fallout was dramatic. Futuregrowth was slammed as "anti-transformation" and a stooge of "white capital". Old Mutual, which owns Futuregrowth, was also roasted.So what was Old Mutual’s feeble response? It threw Canter to the wolves, with Macready dubbing his statements as "regrettable" and "unfortunate".Can...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.