Financial Sector Charter. Nedcor is committed to achieving the ideals of transformation and empowerment as set out in the Financial Sector Charter.

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1 Financial Sector Charter Nedcor is committed to achieving the ideals of transformation and empowerment as set out in the Financial Sector Charter.

2 Financial Sector Charter and BEE initiatives The transformation of South Africa s economy from one dominated by a minority to one in which all citizens have a real stake is a philosophy with which Nedcor is intimately involved and welcomes. During October 2003 the Financial Sector Charter ( the charter ) was released to the public as a voluntary transformation charter aimed at implementing BEE in an integrated manner within the sector. The charter is a roadmap, developed by the stakeholders in financial services for the financial sector, that sets clear targets for the implementation of a broad-based black economic empowerment (BEE) strategy to transform the economy. Government welcomed the release of the charter as an important step in the process of redressing racially based income and social inequalities in the country. Nedcor is fully committed to achieving the ideals of transformation and implementing BEE initiatives under the charter within acceptable risk parameters, and has taken a number of steps to ensure this. In January 2004, Nolitha Fakude, the Non-executive President of the Black Management Forum, was appointed to the Group Executive Committee to coordinate Nedcor s implementation of and compliance with the charter. In June 2003 a dedicated committee consisting of representatives from all business units, the Black Economic Empowerment Policy Committee ( BEEPCO ), was formed to assist with the development and management of the integrated BEE strategy. In February 2004 BEEPCO established a set of guiding principles for Nedcor s participation in transformation (see the end of this section). The Black Economic Empowerment Forum has been established to look specifically at deal opportunities in BEE financing. The creation of a BEE unit within Nedbank Corporate was undertaken to assist Nedcor in: increasing its visibility among empowerment stakeholders; creating a focal point for all empowerment financing activities within the organisation; and pursuing a coordinated approach to BEE financing transactions. Our philosophy is to back the people we believe in, and we differentiate ourselves through: strengthening of existing BEE relationships throughout the group; creating new relationships among established and new BEE players in the market; and supporting identified emerging BEE players. It is the intention that the unit will work more closely with other units, with a deal origination focus. Employees will need to be trained on all products offered by the business to enable cross-selling to clients. Where necessary, dedicated employees will be appointed to spend more time with identified BEE clients. 56

3 Nedcor has been a forerunner in empowerment activity in the banking sector and is actively involved in advancing BEE on a number of fronts, including: The Nedcor Foundation has over the years been responsive to the work of the Black Economic Empowerment Commission. Nedcor has been a prominent supporter of the Black Management Forum, an organisation for the advancement of private-sector transformation. The group has also been a longstanding supporter of the South African Graduates Development Association, a practical avenue for promoting managerial and other talent among new African entrants to the formal sector. Nedcor was involved at the inception of the Black Business Council ( BBC ) and is a key financial supporter. The funding of the Nedcor Foundation has been based on a percentage of after-tax profits, which is double the target set in the charter. Through active participation in external bodies the group has been recognised for its role in this critical element of transformation and has received numerous awards: Outstanding Financier for Small Business awarded by the Black Business Forum. Peoples Bank was recognised as South Africa s Progressive Company of the Year by the Black Management Forum in Peoples Bank received an award in 2002 for being the Best Empowered Transaction Deal (from BusinessMap) along with the Empowered Company of the Year award accorded by the Enterprise Development Forum, the Black Business Forum and the Black Business Executive Circle. Direct and indirect Nedcor shareholding Nedcor is committed to realigning the existing shareholding to include a meaningful proportion of black shareholders that will also include employees and management. Direct ownership includes: Peoples Bank Brimstone Consortium and the Progressive African Investment Group acquired 30% of Peoples Bank in a R570 million deal. Quaystone Asset Management BoE Asset Management sold to AKA consortium. Nedbank Capital seed-funded and took a 45% equity stake in a startup corporate finance advisory business Tirelo Capital (Pty) Limited. Laetoli Edward Nathan & Friedland acquired a 40% stake in Laetoli, a black-empowered strategic consulting firm. Indirect BEE ownership of Nedcor shares is estimated at between 12,8% and 14,9%. 57

4 Financial Sector Charter and BEE initiatives continued Equity and ownership Plans are under way to finalise the form and substance of Nedcor s equity partnerships, and this process should be completed by the second half of Empowerment financing Nedbank Corporate and Nedbank Capital have been active over many years in facilitating BEE financing transactions involving ownership transfer to black interest groups. They have been active in all aspects of advisory and legal services, debt financing, equity raising, and working capital support. Nedbank Corporate and Nedbank Capital provided advisory services, and in some cases funding, on the following key BEE transactions during 2003: Total South Africa (Pty) Limited/Tosaco (Pty) Limited; Tsogo Sun Holdings (Pty) Limited; The Bidvest Group Limited/Dinatia Investments Holdings (Pty) Limited; Gold Fields Limited/Mvelaphanda Strategic Investments (Pty) Limited; Sekunjalo Investments Limited Group; and African Rainbow Minerals Gold Limited. Access to financial services This refers to the provision of first-order banking products to individuals who are defined as previously disadvantaged. While Nedcor has an existing presence in this market through Peoples Bank, it is finalising research on its entire client base to identify where new products and services may be offered. This will contribute to reducing the numbers of South Africans without access to financial products and services. Nedcor is also actively participating in collaborative efforts with the other major banks for the provision of first-order banking services and low-income housing. Nedcor believes that collaboration with privateand public-sector institutions is vital to success in this area. The group has recently established a unit within Business Banking focused on increasing its financial support to small and medium enterprises. 58

5 BEE procurement Nedcor is committed to procuring an increasing amount of its total purchases of goods and services from black companies. BEE procurement gained momentum in 2003 with several highlights being achieved: BEE procurement policy finalised in anticipation of the charter Supplier development programmes initiated The amount of BEE spend increased The number of BEE accredited suppliers increased BEE procurement integrated into the group procurement processes The procurement policy and programme are being reviewed to ensure that goals are set in line with the charter s targets. In addition, a supplier development programme has been established with the intention of creating a conducive environment for BEE suppliers to gain access to our procurement spend. The implementation of this policy and the development programmes will be accelerated in 2004 in line with the requirements of the charter. Nedcor s spend figures increased from R67,7 million in 2002 to R215,6 million in 2003, which means a 218% increase in the quantum of spend with BEE suppliers. Admittedly, the figures of 2002 did not reflect the new Nedcor (merged with BoE), whereas those of 2003 do. In terms of the charter, it will be seen that BEE spend over qualifying spend rose from 6,7% in 2002 to 8,8% in The charter sets a target of 50% BEE spend by 2008, which means that in 2004 Nedcor will need to accelerate its BEE spend to between 15% and 20% in order to meet the scorecard requirements. Nedcor has seen an increase in the number of BEE accredited suppliers and will be looking to establish a credible base of diverse procurement opportunities for these suppliers. Apart from a focus on BEE in procurement, Nedcor is also committed to working with suppliers that promote the entire spectrum of social and environmental responsibility in their operations. Finally, Nedcor believes in a holistic BEE process and will be looking beyond the charter in developing and integrating BEE procurement into its processes. Human resources development Detailed information on Nedcor s employment equity position, gender split, skills development, learnership initiatives, and talent management and development can be found in the employee matters section on page

6 Financial Sector Charter and BEE initiatives continued Corporate social investment The Nedcor Foundation s focus area is the upliftment of society s poorest or most disadvantaged sectors through training and education, job creation, leadership development and welfare initiatives, thus falling squarely into the context of black economic empowerment. Projects with the focus on youth, women and people with disabilities are strongly favoured. More information on these activities can be found in the following section on corporate social investment. Nedcor s guiding principles on the Financial Sector Charter Leadership: Nedcor is committed to playing a leadership role in the development and implementation of the charter. Going beyond: We will embrace the spirit of the charter and seek to go beyond the targets and mere compliance. Balance: Nedcor will strive to achieve a balance across the various charter themes. Accountability: Development of programmes for each theme will be the responsibility of identified senior executives, who are the experts in these areas, in consultation with representatives from the business units. BEE strategies: Each business unit executive will ensure that his/her business has a comprehensive strategy on BEE and charter implementation. Education: Education through communication and training (internally and externally) is critical to our success. Strategic Recovery Programme: The broader Nedcor Strategic Recovery Programme must take into account our charter obligations. New business: Nedcor will leverage the charter with a view to achieving broader business growth. We must look for new business opportunities that arise out of the charter. Culture: The charter process must be linked to the organisation s commitment to culture change and way of doing business. Measurement: Measurement of all our charter activities is essential. We must also find ways of measuring the charter s impact on our business strategies. 60

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