Old Mutual Limited again recognised as a Level 1 B-BBEE contributor in South Africa

Old Mutual Limited has again been recognised as a Level 1 Broad-Based Black Economic Empowerment (B-BBEE) contributor in South Africa for a third year in a row.

“We improved our overall score by 2.92 points in 2021 to a total of 117.34 out of a possible maximum score of 139.2,’ said Iain Williamson Old Mutual Limited CEO.

The B-BBEE Codes of Good Practice are a form of economic empowerment to distribute wealth across as broad a spectrum of previously disadvantaged South African society as possible. It is one of the most important indicators of Transformation for businesses in South Africa, and it measures progress against a number of criteria, including Equity Ownership, Management Representation, Skills Development and Procurement Spend.

Scorecard highlights
Old Mutual has made major strides in just about every area of the scorecard, which is specific to the financial services sector. These include an improvement in the way that Old Mutual procures from black-owned suppliers, to measures introduced in the Enterprise and Supplier Development and Consumer Education spaces that benefit previously disadvantaged members of society.

Old Mutual has demonstrated a strong commitment to transformation. Here are some notable highlights:

• Old Mutual fully supports and recognises the need for economic transformation in South Africa, and has been committed to both the letter and spirit of Broad-Based Black Economic Empowerment (B-BBEE) since the Act was passed
• Old Mutual’s Board of Directors and Exco are among the most diverse and transformed in the industry both in terms of gender and race, with a growing number of women in top leadership positions, including five dynamic female leaders on Exco

What does this achievement mean?
“It means that we are on the right track to transforming our business in the truest sense of the word, demonstrating in a practical way that Old Mutual Cares for the communities in which we operate,’ concludes Williamson.

“As a management team, we take our responsibility to transform the business and society at large very seriously. And in our 177th year of championing mutually positive futures every day, we are especially pleased with how concerted efforts across the business have culminated in us reaching this significant milestone.”