‘Investment in education is a transformation imperative, and its good for business’
With capacity limitations the most significant threat to South Africa’s continued economic transformation, the broader Old Mutual Group has intensified the education components of its various social investment programmes in the country.
Speaking in Johannesburg yesterday Old Mutual Chairman Chris Collins described investment in education as a transformation imperative. “Our aim is to help address the skills shortage in South Africa, exacerbated by the recent period of sustained economic growth, and which stands to derail the country’s continued development.
“This approach is in line with Old Mutual’s view that corporate responsibility is the pursuit of commercial success in ways that honour ethical values and respect people, communities and the natural environment.”
Collins was hosting a lunch for the new Old Mutual Chairman’s Scholarship, through which the group has committed £50,000 to sponsor eight African students to study a range of postgraduate qualifications in the areas of finance and economics at the prestigious University of London. This is one of many of the group’s educational projects around the world in which it invests over £1 million a year.
In South Africa, Old Mutual SA, Nedbank and Mutual & Federal spent some R69m last year on social investment projects, with education being the biggest beneficiary. The Nedbank Foundation, for example, focuses on rural school development, with significant investments in providing better learning facilities for some of the country’s most needy communities.
In addition, the Masisizane Trust was launched by OMSA during 2007 using some of the proceeds from the closure of the Unclaimed Shares Trust. This saw some R400m invested in development initiatives that include education and capacity-building projects.
The Financial Education Initiative received R60m and aims to help South Africans improve their financial discipline and knowledge. The Ilima Trust (R50m) aims to assist municipalities to better serve their communities on a sustainable basis, with knowledge transfer delivered by former OMSA staff.
The successful Old Mutual Chairman’s Scholarship candidateswill join an impressive list of South Africans who have studied at the University of London in the past, including Jabu Moleketi, Deputy Minister of Finance, Gill Marcus, Chair ABSA, Brian Molefe, Chief Executive of the Public Investment Corporation and Maria Ramos, Chief Executive of Transnet amongst others.
Old Mutual plc’s director of corporate affairs and group strategy, Nicholas Bicket commented: “South Africa’s future success depends on addressing the skills shortage. This will require innovation, proactivity, collaboration and partnerships between forward-thinking organisations, both public and private, to ensure that young people realise their potential.”
Old Mutual agreed last year with the Centre for Financial and Management Studies at the university’s School of Oriental and African Studies (SOAS) to support eight scholarships for distance learning.The scholarships have been made available on merit to former students in full-time employment, who have demonstrated how postgraduate education would enhance their career opportunities andhelp themcontribute to South Africa’s economic strength.
Under the Old Mutual Chairman’s Scholarship, candidatesapplied for courses to achieve Master of Science degrees in financial management, financial economics and finance and financial law. One additional post-graduate diploma course in economics and one professional course tailored to individual needswere also available.
Theawardholders will study in South Africa under the University of London’s Centre for Financial and Management Studies. Theythencomplete their studies while continuing in full-time employment.
Old Mutual Chairman, Chris Collins, said: “We look forward to continuing our work with the SOAS to provide students with the opportunity of studying at the University of London from within our South African heartland.”
Pictured above right:
Mabothokgong Mathole, Tankiso Moloi, Miranda Pango, Prof Laurence Harris, Mr Chris Collins, Slingsby Mda, Marang Seleka and Darius Cornelissen
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